Sunday, March 13, 2005

How to innovate?

Economist.com | The future of innovation

A padlock that has a word as a serial number instead of numbers!!! SUPER COOL!!!! I bet there are ways in which one can select letters such that every permutation makes sense...

So innovation and design are things which I think about day and night, and I bet many others do as well. I was wondering what kind of 'business models' / 'reward mechanisms' can be designed so that consumers innovate proactively.

Consumer
- gets rewarded for their idea
- is able to purchase the product that meets their needs
Company
- gets the ideas from the end users
- has a ready pool of buyers

As you can see, its a perfect win-win! Certainly everything that I have said isn't revolutionary, but at the same time what I have proposed hasn't quite happened. Thoughts on what are some of the impediments?

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