According to this Harvard Business Review podcast on collaborative innovation, the Internet dramatically drops collaboration and transaction costs thus enabling corporations to orchestrate capabilities more efficiently. Collaborative innovation can yield dramatic results in meaningful new product designs, service delivery models, and customer satisfaction; potentially yielding an endless supply of “good ideas”.
But where do good ideas come from? This video gives a succinct explanation of the basic genesis of good ideas:
Assuming good ideas require a certain period of gestation to manifest, collabortive innovation principles can collapse the time required to let great ideas blossom. MRIS recently took a bold step in collaborative innovation by incenting university students to use MRIS’ data resources to create novel, customer-driven products (in 2009 I suggested that MLS’ follow a similar model). The real estate industry is a perfect industry to employ collaborative innovation principles; it will be interesting to see what the crowd develops for MRIS.
Photo credit: jacreative