As the pressure to remain profitable in a tough economy mounts, companies are turning to open innovation techniques, such as idea marketplaces, as a source of new ideas. Reaching out to an idea marketplace doesn't mean you don't have smart people in your organization, it just means you are actively seeking innovation from outside of the 'four walls.' Many firms have engaged with idea marketplaces and been very pleased with results. But many others are concerned about the potential risk of "open innovation."

At this fall's PCC Summit, I am moderating a panel with three energetic CEOs from leading innovation solution companies: InnoCentive, NineSigma and YourEncore. During the discussion, we're going to explore topics such as:
. What is an idea marketplace?
. What are the best practices for using an idea marketplace as a source of innovation?
. What techniques from idea marketplaces can organizations adapt make their own innovation programs more effective?

Has your organization used any of these idea marketplaces as part of your innovation strategy? If so, what has been your experience? Did you get the return you expected? Would you use an idea marketplace again? I'd like to hear your thoughts.

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For the past three years, we have been examining (what we call) Knowledge Innovation Zones (KIZ). In the process, we have discovered a plethora of new knowledge markets, idea marketplaces being one form. You can find others (e.g., knowledge banks, innovation stock markets, IC exchanges, knowledge auctions, prediction markets, and more) by visiting the Kaieteur Institute portal: http://www.kikm.org/portal/... This is certainly an idea whose time has come - one leading to rapid business model innovation...and on a global scale. This should be a valuable session with timely insights.