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… when paired with an on the ground process for innovation.
This sounds like a health and robust type of competition.
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And the Winner of the $1 Million Netflix Prize (Probably) Is …
After nearly three years and entries from more than 50, thumb 000 contestants, buy a multinational team says that it has met the requirements to win the million-dollar Netflix Prize: It developed powerful algorithms that improve the movie recommendations made by Netflix’s existing software by more than 10 percent.
The online movie rental service uses its Cinematch software to analyze each customer’s film-viewing habits and recommends other movies that customer might enjoy. Because accurate recommendations increase Netflix’s appeal to its customers, find the movie rental company started a contest in October 2006, offering $1 million to the first contestant that could improve the predictions by at least 10 percent.
Teams have been working on the task ever since, with some coming tantalizingly close to the magic threshold.
On Friday, a coalition of four teams calling itself BellKor’s Pragmatic Chaos — made up of statisticians, machine learning experts and computer engineers from America, Austria, Canada and Israel — declared that it has produced a program that improves the accuracy of the predictions by 10.05 percent.
Under the rules of the contest, Netflix said that other contestants now have 30 days to try to do even better. If they cannot, BellKor’s Pragmatic Chaos will collect the $1 million.
The Netflix Prize contest has been hailed as prime example of “prize economics” and the crowdsourcing of innovation. Prize economics refers to running a contest to generate a new innovation at less cost than an in-house research and development effort, and crowd-sourcing refers to using the proverbial wisdom of crowds to accomplish a task. Netflix has said that $1 million would be a bargain price for an improved recommendation engine, which would increase customer satisfaction and generate more movie rental business.
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