Innovation Exchange
Innovation Exchange Inc. (IX) is 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 innovation. The company has attracted attention for its blending of open innovation and social networking functionality.
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.
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. The challenge brief is 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.
Read more about Innovation Exchange: Competitors
Famous quotes containing the words innovation and/or exchange:
“Both cultures encourage innovation and experimentation, but are likely to reject the innovator if his innovation is not accepted by audiences. High culture experiments that are rejected by audiences in the creator’s lifetime may, however, become classics in another era, whereas popular culture experiments are forgotten if not immediately successful. Even so, in both cultures innovation is rare, although in high culture it is celebrated and in popular culture it is taken for granted.”
—Herbert J. Gans (b. 1927)
“So long as the law considers all these human beings, with beating hearts and living affections, only as so many things belonging to the master—so long as the failure, or misfortune, or imprudence, or death of the kindest owner, may cause them any day to exchange a life of kind protection and indulgence for one of hopeless misery and toil—so long it is impossible to make anything beautiful or desirable in the best-regulated administration of slavery.”
—Harriet Beecher Stowe (1811–1896)