WHY IT IS IMPORTANT
Today organizations are in constant need to adapt to changing customer needs, market dynamics and disruptive industry shifts. In facing these challenges, companies are subjected both to external turbulence and internal hurdles.
Organizations could boost their internal innovation potential through the integration of external knowledge, capabilities and perspectives – the innovation crowd, able to ideate solutions and challenges existing paradigms from a business, technical or social point of view.
CORE crowd enable companies to accelerate the creation of their innovation ecosystem by plugging-in an engaged innovation crowd to drive innovation at an unprecedented pace.
CORE & COMPANY helps organizations to understand how a crowd initiative can fit existing challenges, by exploring:
- Strategic fit: What do we aim to achieve with Crowd Innovation and how does it fit into our ambitions?
- Operations fit: How can we generate value by using Crowd Innovation? Do we have the necessary competencies to facilitate Crowd Innovation?
- Implementation fit: How do we attract participants and how do we measure success?
CORE & COMPANY then deploys its CORE CROWD platform to the specific challenge(s) through a proven integrated process, aimed at delivering accelerated results while building new capabilities and fostering innovation culture inside the organization.
The process is articulated in 4 phases, each one investigating key questions for the success of the Crowd initiative – but that CORE & COMPANY tailor to the specific need of the organization:
- Define the problem: define the problem that the crowd must solve and set-up the challenge
- Broadcast the challenge: identify and reach a numerous, relevant and diverse crowd
- Attract & engage the crowd: incentives and engage crowd through passive and proactive incentives
- Select solutions: select the best solutions
Throughout the process, CORE & COMPANY manages community and risks:
- Community: continuously engaging, motivating and pushing crowd to collaborate and challenge each other
- Risk: balancing openness of the process with the need of organizations to control the flow of information
The Danish energy company SEAS-NVE wanted to disrupt the energy consulting business model through digital solutions, to find a way to 10x the current business. CORE & COMPANY helped SEAS-NVE to define the business problem and to craft a crowd-challenged focused on business model innovation.
Over an 8-week crowd contest, SEAS-NVE received more than 100 thoroughly developed concept-ideas from users, researchers, students, colleagues and in-depth experts around the world; some bringing real best-practice insights, some leading to real novel ideas and go to market approaches.
SEAS-NVE ended up selecting three winning ideas, paying prizes (less than €5.000) to own the intellectual property rights, and is now working on developing and launching these ideas into new business models.