Innovation Exchange

Infobox_Company
company_name = Innovation Exchange Inc.
company_type = Private
foundation = 2006
location_city = Toronto, Canada
key_people = Stephen Benson - CEO
Mark Hadfield - CTO
Brynly Hawkins - COO
industry = Open Innovation Services
homepage = [http://www.innovationexchange.com www.innovationexchange.com]

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. [ [http://www.canadianbusiness.com/columnists/andrew_wahl/article.jsp?content=20080929_198722_198722 A Better Moustrap] Canadian Business Online, September 292008. Retrieved 19 September2008.] [ [http://www.openinnovators.net/innovation-exchange-crowdsourcing-collaboration-business-innovation/ Innovation Exchange = Crowdsourcing + Collaboration + Business Innovation] Open Innovators.net, June 42008. Retrieved 20 June2008.] [ [http://passagecommunications.blogspot.com/2008/05/user-generated-intelligenceinnovation.html User Generated Intelligence...Innovation Exchange] Passage Communications, May 202008. Retrieved 20 June2008.] [ [http://outsideinnovation.blogs.com/pseybold/2008/07/what-low-cost-innovation-techniques-should-you-be-using-right-now.htm/ What Low-Cost Innovation Techniques Should You Be Using RIGHT NOW??] Patty Seybold's Outside Innovation Blog, July 292008.]

IX’s business model takes its inspiration from the work on open innovation and crowdsourcing performed by John Seely Brown, John Hagel III, Henry Chesbrough, Wim Vanhaverbeke, Joel West, and Scott E. Page (Brown sits on IX’s advisory board). Open Innovation is increasingly seen as a key mechanism for developing new innovations. [ [http://www.npr.org/templates/story/story.php?storyId=10480377 Big Firms Eye 'Open Innovation' for Ideas] NPR.org, 27 May2007. Retrieved 18 June2008.] [ [http://www.economist.com/specialreports/displaystory.cfm?story_id=9928227 The Love-in] Economist.com, 11 October2007. Retrieved 18 June2008.]

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 in length, 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.

Other companies offering open innovation services include InnoCentive, [http://www.fellowforce.com Fellowforce] , NineSigma, [http://www.yet2.com yet2.com] , and YourEncore.

References

External links

* [http://www.innovationexchange.com/ Innovation Exchange]
* [http://www.johnseelybrown.com John Seely Brown]