Title: Enhancing innovation: the role of idea markets in evaluating ideas

Authors: Dimitris Brachos, Konstantinos Kafentzis, Konstantinos Samiotis, Eythymios Bothos

Addresses: Department of Business Administration, University of Pireaus, 80, Karaoli & Dimitriou str, 185 34 Pireaus, Greece; Management Science Laboratory, Athens University of Economics & Business Evelpidon 47A & Lefkados 33 str, 8th floor, 113 62 Athens, Greece. ' IMC Technologies S.A., Fokidos 47 str, 115 27 Athens, Greece. ' Research & Innovation, Planet S.A., Apollo Tower, 64, Louise Riencourt str, 115 23 Athens, Greece. ' Information Management Unit, National Technical University of Athens (NTUA), Iroon Polytechniou 9 Zografou 157 80 Athens, Greece

Abstract: Undoubtedly, innovation is a key driver of industrial and firm competitiveness, as it is one of main sources of achieving a sustainable competitive advantage (Damanpour, 1991; Damanpour and Gopalakrishnan, 2001). Literature views collaboration and common innovation infrastructure as the most important triggers of innovation and creativity (Damanpour, 1991). The process of idea management includes the generation, collection, development, evaluation and selection of new ideas, whereas common innovation infrastructure includes the mechanisms in place for supporting research, the cumulative |stock| of technological knowledge, and the materiality of idea work upon which new ideas are developed and commercialised. This paper emphasises in the process of idea evaluation introducing idea markets (IM) as a new dominant collaborative tool for creativity and innovation. The purpose of this paper is to empirically test the overall performance and feasibility of the idea market for evaluating new ideas in real-world settings.

Keywords: idea markets; idea evaluation; innovation; creativity; collaboration.

DOI: 10.1504/IJSSM.2009.030516

International Journal of Sustainable Strategic Management, 2009 Vol.1 No.4, pp.434 - 450

Published online: 20 Dec 2009 *

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