In a recent Business Innovation Factory profile Jim Lavoie, CEO of Rite-Solutions, talks about his innovation model and how he encourages his 150 employees to participate in continuous innovation. Rite-Solutions has set up a stock market for ideas, and the employees use the wisdom of crowds to help management determine the ideas and process solutions that have the best chances for success. By tapping the creativity and collective intelligence of the entire workforce Lavoie is pushing Rite-Solutions forward and churning out innovative and useful new products that have a place in the market.
The ACS Springboard model is similar, but less interactive. If we were able to engage the mass of the employees in an open market more people would be interested in participating and contributing. Rite awards successful ideas by compensating those that invested in them, and it allows employee-investors to work on projects they have invested in to ensure their success. Clearly they have found a way to make their employees care about the success of their various projects as well as their company as a whole.