Innovation Exchange

Last updated
Innovation Exchange Inc.
Type Private
Industry Open innovation services
Founded2006
Headquarters
Toronto, Ontario, Canada
Website www.innovationexchange.com

Innovation Exchange Inc. (IX) was an open innovation vendor. IX operates a website which acts as a platform for companies and non-profit organizations to present innovation challenges to a community of innovators. This community is constituted of individuals as well as small and midsize businesses. In contrast to vendors focused primarily on innovation in the physical sciences, Innovation Exchange fosters product, service, process and business model development. [1] [2] [3] [4]

Contents

Business model

IX's business model takes its inspiration from the work on open innovation and crowdsourcing performed by John Seely Brown (who sits on IX's advisory board), John Hagel III, Henry Chesbrough, Wim Vanhaverbeke, Joel West and Scott E. Page. Open innovation is increasingly seen as a key mechanism for developing innovations. [5] [6]

IX acts as an "innovation intermediary", meaning that it functions to match organizations seeking innovative products, services, processes or business models ("sponsors") with individuals and organizations offering such innovations ("innovators").

The mechanism for this intermediation is a "challenge brief", a short document, typically three to five pages, which provides background information about the innovation being sought and enumerates the elements that a response must include. IX provides consulting services which aid client companies to understand the nature of the innovation being sought, and to articulate that innovation challenge to the community in the form of the challenge brief.

Related Research Articles

Interoperability is a characteristic of a product or system to work with other products or systems. While the term was initially defined for information technology or systems engineering services to allow for information exchange, a broader definition takes into account social, political, and organizational factors that impact system-to-system performance.

<span class="mw-page-title-main">Innovation</span> Practical implementation of improvements

Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services. ISO TC 279 in the standard ISO 56000:2020 defines innovation as "a new or changed entity realizing or redistributing value". Others have different definitions; a common element in the definitions is a focus on newness, improvement, and spread of ideas or technologies.

An organizational structure defines how activities such as task allocation, coordination, and supervision are directed toward the achievement of organizational aims.

<span class="mw-page-title-main">Long tail</span> Statistics

In statistics and business, a long tail of some distributions of numbers is the portion of the distribution having many occurrences far from the "head" or central part of the distribution. The distribution could involve popularities, random numbers of occurrences of events with various probabilities, etc. The term is often used loosely, with no definition or an arbitrary definition, but precise definitions are possible.

A value network is a graphical illustration of social and technical resources within/between organizations and how they are utilized. The nodes in a value network represent people or, more abstractly, roles. The nodes are connected by interactions that represent deliverables. These deliverables can be objects, knowledge or money. Value networks record interdependence. They account for the worth of products and services. Companies have both internal and external value networks.

User innovation refers to innovation by intermediate users or consumer users, rather than by suppliers. This is a concept closely aligned to co-design and co-creation, and has been proven to result in more innovative solutions than traditional consultation methodologies.

Open innovation is a term used to promote an information age mindset toward innovation that runs counter to the secrecy and silo mentality of traditional corporate research labs. The benefits and driving forces behind increased openness have been noted and discussed as far back as the 1960s, especially as it pertains to interfirm cooperation in R&D. Use of the term 'open innovation' in reference to the increasing embrace of external cooperation in a complex world has been promoted in particular by Henry Chesbrough, adjunct professor and faculty director of the Center for Open Innovation of the Haas School of Business at the University of California, and Maire Tecnimont Chair of Open Innovation at Luiss.

Social innovations are new social practices that aim to meet social needs in a better way than the existing solutions, resulting from - for example - working conditions, education, community development or health. These ideas are created with the goal of extending and strengthening civil society. Social innovation includes the social processes of innovation, such as open source methods and techniques and also the innovations which have a social purpose—like activism, crowdfunding, time-based currency, telehealth, cohousing, virtual volunteering, microcredit, or distance learning. There are many definitions of social innovation, however, they usually include the broad criteria about social objectives, social interaction between actors or actor diversity, social outputs, and innovativeness. Different definitions include different combinations and different number of these criteria. Transformative social innovation not only introduces new approaches to seemingly intractable problems, but is successful in changing the social institutions that created the problem in the first place.

Electronic participation (e-participation) refers to the use of ICT in facilitating citizen participation in government-related processes, encompassing areas such as administration, service delivery, decision-making, and policy-making. As such, e-participation shares close ties with e-government and e-governance participation. The term's emergence aligns with the digitization of citizen interests and interactions with political service providers, primarily due to the proliferation of e-government.

<span class="mw-page-title-main">Crowdsourcing</span> Sourcing services or funds from a group

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Co-creation, in the context of a business, refers to a product or service design process in which input from consumers plays a central role from beginning to end. Less specifically, the term is also used for any way in which a business allows consumers to submit ideas, designs or content. This way, the firm will not run out of ideas regarding the design to be created and at the same time, it will further strengthen the business relationship between the firm and its customers. Another meaning is the creation of value by ordinary people, whether for a company or not.

Crowdcasting is the combination of broadcasting and crowdsourcing. The process of crowdcasting uses a combination of push and pull strategies first to engage an audience and build a network of participants and then harness the network for new insights. Those insights are then used to shape broadcast programming. These insights and concepts can include new product ideas, new service ideas, new branding messages, or even scientific breakthroughs. These insights are extracted from participants' submissions.

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Communities that support innovation have been referred to as communities of innovation (CoI), communities for innovation, innovation communities, open innovation communities, and communities of creation.

Crowdsourcing software development or software crowdsourcing is an emerging area of software engineering. It is an open call for participation in any task of software development, including documentation, design, coding and testing. These tasks are normally conducted by either members of a software enterprise or people contracted by the enterprise. But in software crowdsourcing, all the tasks can be assigned to or are addressed by members of the general public. Individuals and teams may also participate in crowdsourcing contests.

Government crowdsourcing is a form of crowdsourcing employed by governments to better leverage their constituents' collective knowledge and experience. It has tended to take the form of public feedback, project development, or petitions in the past, but has grown to include public drafting of bills and constitutions, among other things. This form of public involvement in the governing process differs from older systems of popular action, from town halls to referendums, in that it is primarily conducted online or through a similar IT medium.

<span class="mw-page-title-main">Local Motors</span> American motor vehicle manufacturing company

Local Motors was an American motor vehicle manufacturing company focused on low-volume manufacturing of open-source motor vehicle designs using multiple microfactories. It was founded in 2007 by John B. Rogers Jr and had headquarters in Phoenix, Arizona. The company's lineup before its closure included the Rally Fighter and their 3D-printed Strati and Swim vehicles. The company developed vehicles using 3D Printing and utilized vehicle designs provided by the online community. In 2016, the company introduced an autonomous electric-powered shuttle named Olli.

<i>Open Data Now</i> 2014 book by Joel Gurin

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Open source is source code that is made freely available for possible modification and redistribution. Products include permission to use the source code, design documents, or content of the product. The open-source model is a decentralized software development model that encourages open collaboration. A main principle of open-source software development is peer production, with products such as source code, blueprints, and documentation freely available to the public. The open-source movement in software began as a response to the limitations of proprietary code. The model is used for projects such as in open-source appropriate technology, and open-source drug discovery.

References

  1. A Better Moustrap Canadian Business Online, September 29, 2008. Retrieved 19 September 2008. Archived May 22, 2011, at the Wayback Machine
  2. Innovation Exchange = Crowdsourcing + Collaboration + Business Innovation Open Innovators.net, June 4, 2008. Retrieved 20 June 2008.
  3. User Generated Intelligence...Innovation Exchange Passage Communications, May 20, 2008. Retrieved 20 June 2008.
  4. Patty Seybold's Outside Innovation Blog, July 29, 2008.
  5. Big Firms Eye 'Open Innovation' for Ideas NPR.org, 27 May 2007. Retrieved 18 June 2008.
  6. The Love-in Economist , 11 October 2007. Retrieved 18 June 2008.