Idea challenges: Giving a Voice to New Business Opportunities
How many ideas fluctuate within your organization without enriching your portfolio or becoming business projects? The vast majority of them are never even voiced, why bother when nothing happens right?
Engagement programs are a valuable path to change that dynamic. At Imaginatik, we have developed eight sustainable strategic processes to achieve engaging in ideas and taking them beyond idea to action. Idea challenges is one of them and a good starting point to involve employees in improving your innovation pipelines, or even attracting external ideas and innovation practitioners.
Around for a long time, Idea challenges are a well-defined and standardized innovation tool, present in crowdsourced idea collection campaigns or contests. Still, is this the most suitable engagement program for your innovation outcomes? That's the first question any organization must ask. If the goal is to address very focused business objectives or innovation problems during a limited time frame, or even moving away from your core business, the answer is: Yes, it is.
But many other aspects need to be considered: Have you thought of the organization and logistics of such a program? And the right people to deal with it? Are you prepared to collate, shift, evaluate and transform thousands of ideas into business opportunities?
For almost twenty years, Imaginatik has been helping the world’s most respected brands answer questions like these to build sustainable innovation practices. One of our findings is that implementing tools such as idea challenges are first steps in changing innovation behaviors within companies. Engagement programs are a path that needs to be aligned with the outcomes to drive, normally combining two or more of these tools.
If you are interested in knowing about our eight programs of engagement or in building a strategic innovation capacity most suitable to you, ask us for more information!