Nosco Turns Innovation Management Into A Stock Market Game
Nosco is a Danish startup specialized in idea management.
Nosco offers a product they call Idea Exchange, an idea management tool for corporations of any size. With Idea Exchange Nosco promises to help to optimize processes, cut costs, and identify new opportunities by using the collective wisdom of the employees. Idea Exchange is based on the concept of prediction markets. http://en.wikipedia.org/wiki/Prediction_Markets
Prediction markets offer real-time forecasts on selected matters based on the knowledge and information held by the participants. Nosco's Idea Exchange is said to mimic the functionality of a virtual stock market game, but in Idea Exchange instead of stocks there are questions like "will we meet the deadline?" Others can then participate in the game and share their knowledge and expectations by trading; buying in or selling out based on whether they think the deadline will be met or not. This way the current "price" forms a reliable forecast of whether or not the deadline will actually be met.
There can any amount of participants, each having a certain amount of "money" to use in investing. Anyone can create new ideas to be valued in the market, also anonymously, and multiple persons can contribute in creating the same idea.
Organizations could use Idea Exchange for example to help in broadening the design and execution of strategies, and engaging employees in creating constant improvements.
Nosco is a Danish startup specializing in idea and innovation management. The firm offers a product they call Idea Exchange, an idea management tool for corporations of any size. With Idea Exchange Nosco promises to help to optimize processes, cut costs, and identify new opportunities by using the collective wisdom of the employees. Idea Exchange is based on the concept of prediction markets, and it is about buying and selling shares in new ideas.
