GE?s Healthymagination Challenge Is Crowdsourcing

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At Consensus Point, we applaud the fact that GE has turned to “crowd sourcing” as in integral part of the R&D process. We have a long and successful history of working with GE business units in their “Imagination Market” to harness the market intelligence of their employees to identify new innovative services and products.

Now, GE has reached out to the market intelligence of their consumers by launching GE’s Healthymagination Challenge. Their $100 million investment in R&D and social business stands to change the ways that enterprises innovate in today’s globally connected economy. In a recent article from Forbes.com, “GE’s $1 Billion Cancer Project: Raising the Bar on Social Business“, Forbes points out that GE is choosing to forego traditional ROI metrics as they invest $100 million in an effort to promote a new culture of innovation. In many ways, they are putting their money where their mouth is and are taking a giant leap forward to support a new model for innovation.

For those companies that choose to look to the crowd as GE has done, there has to be an understanding of the tools needed to achieve success. Prediction markets and preference markets are examples of just such tools. Backed by powerful algorithms, prediction and preference markets provide structure for the innovation process. They are extremely useful for capturing ideas, sorting ideas, and for engaging a diverse audience in a social dialogue about those ideas. Without such tools, companies can quickly become overwhelmed when they open their innovation pipeline up to the crowd.

At Consensus Point, we offer not just the tools but also a consultative approach that has led our clients to success. To learn more about our work with GE or about our innovation process, we invite you to explore our site.



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