Even before the term was coined in Wired Magazine in 2006, crowdsourcing was utilized as a way to accomplish goals. The strategy had been used for several hundred years before it was officially given a name, but since being named, crowdsourcing has grown into a huge field, spawning subdivisions of the strategy and being used for a multitude of purposes. Wikipedia is one of the most recognizable and mainstream instances of crowdsourcing, designed to elicit and compile knowledge from the masses. Crowdsourcing has been used in real time to track public transportation and traffic updates with various apps.
In 1946, Soviet inventor and science fiction writer Genrich Altshuller developed a methodology called TRIZ. It became known as “the theory of inventive problem-solving” and was based on a simple premise: across different disciplines and applications, the same challenges occur again and again. Unfortunately, people keep solving nearly identical problems from scratch. The main lesson from TRIZ is this: if you understand how your innovation challenge is similar to someone else’s, you can reapply solutions that already exist, instead of reinventing the wheel time and again.
Over the last few years, innovation has become a ubiquitous branding tool. Whether you are a blue-chip company or a local start-up, innovation has entered the everyday lexicon of CEOs and administrative staff. Compared to prior marketing trends, innovation is not a passive buzzword—it is critical to the success of your company.
“Eureka!’, Archimedes famously howled, while running butt naked through the streets of Syracuse. Soaking in his bath tub, the bearded Greek inventor had just discovered a new method of determining an object’s volume. Funnily enough, this well-known story captures two myths about innovation. One: it’s the work of a sole – and usually slightly eccentric – inventor. Two: chance has a part to play. For businesses, the reality is vastly different. Indeed, turning ideas into revenue requires quite a bit more than just ideation and luck.
Like taking vitamins or exercising daily, Tom Kelley, General Manager of IDEO, points out that fostering lifelong creativity depends on instituting good, healthy mental habits. This first habit on his list of five encourages thinkers to become hyper-aware of their environment, and to notice the common and everyday with new eyes. Capture fresh ideas and don’t be afraid to use them later, he insists.
The financial landscape is changing and the crowd is uniquely suited to help banks and other financial institutions solve some of the challenges they face. In this article, we look at five tech trends and how they’re changing how financial institutions interact with their customers.
At IdeaScale, we define prolific innovators as organizations that have moved more than half of their ideas to the final stage. This doesn’t necessarily mean that every suggested idea became a value-generating, implemented reality. This means that the completed ideas had each been investigated, responded to, and a decision was made to move forward or not. But of course, at least a portion of those completed ideas generate measurable constructive outcomes.
The human vocabulary with millions of words is adequate to explain all of our expectations and experiences, even those which are imagined. Why not harness the power of language to discover new products and services? Author Shanta R Yapa shares the Innovation Tautogram technique, which can be used as an individual or a group exercise.
In the current digital arena, social networks have touched the lives of almost every human being on earth, allowing us to share life’s novelties with friends and loved ones. However, social networks are not restricted to sharing and commenting on pictures, but giving rise to innovation among individuals to help make our world a better place.
How can mind mapping help businesses elevate performance and strive towards innovation? Every entrepreneur or business professional will agree that an exceptional business performance is what drives the company and exemplifies a solid base for success, amongst great competition and fast moving markets, always hungry for innovation and groundbreaking products or services.
Creativity as a concept remains hard to pin down. Many view the ability to find creative solutions as the pinnacle of creative leadership. Artists, designers, visionaries and thought leaders are all admired for the power of their ideas, i.e. for their creativity. Creativity is a well-researched topic, covered in many popular science and business economics books. Yet we continue to struggle with the mystique created around the topic, and the intimidating notion that this is a territory reserved for the so-called “Creatives”.
You are not able to stand still in this fast paced business environment, but most of the time innovation fails. Innovation process-expert Robert Cooper shows that of every seven new product/service projects, about four enter development, 1.5 are launched, and only one succeeds. Innovation is so difficult to master, indeed. I love to share with you five reasons why innovation goes wrong and give you ten ways to reduce your failure rate of innovation.
Have you ever shared new big ideas at work? What happened…? Did they give you a standing ovation? Did someone bake you a cake to celebrate? Did you get promoted? Or I am a little too optimistic?
Entrepreneur and investor Chinedu Echeruo urges aspiring entrepreneurs to not look for ideas, but to discover new ideas through activity and action. Rather than seeing creativity as an abstract concept, Echeruo argues that it be used as a tool to unleash value in the world.
There has been a lot of buzz around designing new and innovative business models. But what does it mean to design a new business model? How do you apply design thinking to business model innovation?