Ideas are Dimes a Dozen: Large Language Models for Idea Generation in Innovation

13 Pages Posted: 2 Aug 2023

See all articles by Karan Girotra

Karan Girotra

Cornell Tech; Cornell SC Johnson College of Business

Lennart Meincke

University of Pennsylvania; The Wharton School

Christian Terwiesch

University of Pennsylvania - Operations & Information Management Department

Karl T. Ulrich

The Wharton School

Date Written: July 10, 2023

Abstract

Large language models (LLMs) such as OpenAI's GPT series have shown remarkable capabilities in generating fluent and coherent text in various domains. We compare the ideation capabilities of ChatGPT-4, a chatbot based on a state-of-the-art LLM, with those of students at an elite university. ChatGPT-4 can generate ideas much faster and cheaper than students, the ideas are on average of higher quality (as measured by purchase-intent surveys) and exhibit higher variance in quality. More important, the vast majority of the best ideas in the pooled sample are generated by ChatGPT and not by the students. Providing ChatGPT with a few examples of highly-rated ideas further increases its performance. We discuss the implications of these findings for the management of innovation.

Keywords: innovation, idea generation, creativity, creative problem solving, LLM, large-scale language models, AI, artificial intelligence, ChatGPT

Suggested Citation

Girotra, Karan and Meincke, Lennart and Terwiesch, Christian and Ulrich, Karl T., Ideas are Dimes a Dozen: Large Language Models for Idea Generation in Innovation (July 10, 2023). Available at SSRN: https://ssrn.com/abstract=4526071 or http://dx.doi.org/10.2139/ssrn.4526071

Karan Girotra

Cornell Tech ( email )

111 8th Avenue #302
New York, NY 10011
United States

HOME PAGE: http://www.girotra.com

Cornell SC Johnson College of Business ( email )

Ithaca, NY 14850
United States

HOME PAGE: http://www.girotra.com

Lennart Meincke

University of Pennsylvania ( email )

Philadelphia, PA 19104
United States

The Wharton School ( email )

3641 Locust Walk
Philadelphia, PA 19104-6365
United States

Christian Terwiesch

University of Pennsylvania - Operations & Information Management Department ( email )

Philadelphia, PA 19104
United States

Karl T. Ulrich (Contact Author)

The Wharton School ( email )

Philadelphia, PA 19104
United States

Do you have negative results from your research you’d like to share?

Paper statistics

Downloads
7,350
Abstract Views
20,945
Rank
1,752
PlumX Metrics