Algorithm for Idea Landscaping and Prioritization

Abstract

In a competitive world as ours, knowledge management has become a crucial part of innovation in organizations. Further, with the trend of open innovation being practiced throughout the different hierarchies of an organization, the inflow of knowledge has been higher than ever. The inbound open innovation principles by Chesbrough have been replicated across many large companies in practice where ideas for new products, processes or businesses come from external sources such as customers, suppliers, different departments, and competitors. However, prioritizing these ideas or concepts are based on subjective experience and intuition of decision makers. This research aims to eliminate subjectivity for prioritization and selection of ideas and concepts. It proposes a systematic method of idea landscaping, prioritization, and screening to aid in decision making thereby reducing time, bias in decision-making and risk in innovation failures.