Innovation expert Ron Price explains different tools for idea management and how they apply in the innovation process.
Episode Transcript
How does idea management fit into innovation? This is Ron Price, co-author of The Innovator’s Advantage. Innovation is the creation of new value, which is defined by those who benefit from the value. All of this is triggered by ideas, the true currency of innovation. To grow the innovation economy, we must increase the number and management of ideas. There are three main tools for doing this: first, idea factories; second, idea banks; and third, idea portfolios. Idea factories are you and everyone else. Quantity is most important in the idea currencies. Idea banks are where we store and organize our ideas—lots and lots of them. And, idea portfolios are combinations of ideas, often new combinations that result in new insights and set the stage for new products, new services, new processes, new positions in the marketplace, and whole new paradigms. So until next time, keep innovating!
