Dr. Evans Baiya breaks down the three things you need to manage your ideas: an Idea Factory, an Idea Bank, and an Idea Portfolio.
Episode Transcript:
Innovation is an economy. Every economy needs a currency, the form of exchange, the way of showing when the value is up or when the value is down. And in innovation, the currency is ideas. So, for innovation, ideas are cash. What do you do with this cash that we have? We need an idea management system. An idea management system is composed of these three major subsystems: an Idea Factory, an Idea Bank, and an Idea Portfolio. So, what are they? An Idea Factory says this: this is where we manufacture or come up with ideas. This is the source. And the source is people. The ongoing idea generation from every person—every person that you come across has the ability to come up with ideas. The next one is the Idea Bank. Now we have all this cash, where do you put the cash? We need a bank. What I want you to do is develop just the discipline of, I have an idea, I now can capture it, I know where it is, and I know where I can involve other people with it. The last one is an Idea Portfolio. What is an Idea portfolio? Now we have this money in the bank, we have to invest it so that it not only can bring higher returns but can be of use to the rest of the economy. And that is how you start creating your own innovation economy.
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