One of my favorite books is Patricia Seybold's Outside Innovation
For example, the hip online clothing retailer, Karmaloop, gets about 40% of its brand ideas from its customers. Of course, the biggies -- like International Business Machines Corp. (NYSE: IBM), Cisco Systems, Inc. (Nasdaq: CSCO), salesforce.com, inc. (NYSE: CRM), Intel Corporation (Nasdaq: INTC) and Dell, Inc. (Nasdaq: DELL) -- also operate idea sites.
In the case of Cisco, the company has established the I-Prize competition so as to find the next billion-dollar idea. The company says it may invest up to $10 million into the winning idea.
So what can your company do to benefit from other people's ideas? Let's take a look:
Use Web 2.0: Let's face it, people like to interact in the online world, such as with ratings, comments, reviews, and tagging. This makes things fun but also helps to create better content and community.
Rewards: So what if few people don't participate? Well, you can find ways to provide incentives. That is, you might think of having weekly or monthly prizes for the best ideas. Prizes don't have to be extravagant. A simple Starbucks Corporation (Nasdaq: SBUX) gift card can be a nice gesture.
Be Prepared: At the same time, what if you get a flood of ideas?
"To make things work," said Matthew Greeley, the founder and CEO of BrightIdea.com, "you better be prepared to respond, otherwise you will lose the essential trust."
What platform? There are a variety of systems you can use to operates your idea site. Perhaps the easiest approach is to have a forum discussion page. However, you will not get the Web 2.0 features.
But, there are web-based systems that are especially designed for harnessing and managing ideas, such as BrightIdea.com. And yes, the company offers a small business version of its Webstorm product.
Tom Taulli is the author of various books, including The Complete M&A Handbook
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Reader Comments (Page 1 of 1)
2-25-2008 @ 10:22AM
haveittodayray said...
New ideas to make money are everywhere. Today, anyone no matter what your age can start their own home business. Does not matter whether you are 18 or 80. The Internet and Web 2.0 has opened up opportunities for everyone, that is willing to be coachable and trainable, and learn a few new skills. I did, at 64, replaced my entire corporate income and more, have more time freedom and quality of life then I have had for the past 35 years. Simply visit 6figuresandmore.com or haveittodayray.com and find out you can have too. Used to work over 70 plus hour work weeks in retail management and now work 20-30, if you can call it work from my computer or laptop from home and earn 6 figures.
There are millions of baby boomers, franchise owners, franchise seekers, small business owners, teachers, real estate brokers, mortgage brokers and more millions joining the Internet daily, looking to find an entrepeneurial home based business, you can too, simply visit 6figuresandmore.com. You do not have to reinvent the wheeel, for your success its here already. Warm Regards and God Bless.
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2-25-2008 @ 2:54PM
Bigman said...
the thing about sharing ideas... is people will steal your idea.... and clame it as their own.... I have hundreds of new ideas to improve products, new products, and new businesses... and if you share them with other people... they will take them and make money off you. You will sit their with your foot in your mouth when you see your idea become the next hot thing... and you make $1,000 dollars off it when it makes another person Millions... im 21 and an entrepreneur but it is hard for me to trust others when it comes to money.
2-25-2008 @ 3:44PM
richard said...
one way safegaurd your idea.write down your ideas and plans,have them notorized and mailed back to you.but don't open the letter,it now is a legal document and will prove when you came up with the idea.
2-25-2008 @ 3:14PM
Mediaman said...
Like many readers, I too, have had ideas over the years that I have "sat on" because I didn't trust anyone not to steal them, and didn't now how to get them to market, or didn't have the capital to understake the next step-the patent or whatever. There must be a place you can trust to review ideas and concepts in confidence that will help entrepreneurs get to the next level. Readers who know of such places or services, even individuals, would do all entrepreneurs a great service if they would "wiki" this problem and offer a solution or referrals to all of us.
2-25-2008 @ 3:21PM
GW said...
I've already stolen most of Bigman's ideas -- and he's right, I've made MILLIONS off them.
Keep up the good work, Bigman. I need to buy a new Ferrari next week.
Thanks, suckah!!!
2-25-2008 @ 3:42PM
vegasboy said...
I too have ideas, however ideas cannot be copyrighted therefore the trust factor enters in. I have found that contacting a large company like Bayer is run around city. I've created web sites like www.neverforgetlasvegas.com and tried the affiliate route to riches, but I think the right idea placed in the right hands is the way to create riches...so how do you do that?
2-25-2008 @ 5:36PM
dee said...
FYI sixfiguresandmore.com is a rip off. stay away from that site!!! be careful out there.
haveittodayray is not a good person to listen to.
4-22-2008 @ 2:33PM
Al Smith said...
My wife and I are bird feeders and we have found out that the price of black oil sunflower seed has gone way out of price for us. I sent Wal-Mart a request last week asking if they could use their buying power as the worlds largest retailer to purchase this product and sell it to the general public for a reasonable price. The last bag I bought was around $12.00 per 50 Lbs.-it is now $22.00!!
Thank you!