What is it about?
The Danish industrial biotech company Novozymes implemented an internal "idea competition". A selected group of R&D people generated proposals of new product ideas, and screened their colleagues’ inventions through an “idea market.” An idea market is an online tool that simulates a stock market, in which stocks are ideas.
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Why is it important?
The idea competition fulfilled its goals of generating two ideas with high growth potential within a short time, uncovering and recombining old proposals that inventors had not previously been able to advance in the organisation and focusing managerial attention on the selection process.
Perspectives
We often think of crowdsourcing as a way to gather ideas from a large number of customers and potential users. However, the idea works well also with smaller groups of employees, especially when they are located in different sites and cannot easily communicate to one another. Our work also shows that this tool is effective to re-discover and re-combine ideas that passed un-noticed in the formal organisation.
Giancarlo Lauto
Universita degli Studi di Udine
Read the Original
This page is a summary of: Managing Front-End Innovation through Idea Markets at Novozymes, Research-Technology Management, July 2013, Taylor & Francis,
DOI: 10.5437/08956308x5604126.
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