Idea selection and Information Aggregation Markets

Abstract

Several methods and software tools exist for evaluating new ideas in corporate environments, which provide significant help to decision makers when selecting the most promising suggestions for innovation. In this paper, we identify five criteria for assessing idea evaluation methods (number and type of ideas, number and motivation of evaluators, type of feedback) and we use them to review prominent methods (multi-criteria analysis, statistical analysis, qualitative research, rapid prototyping, feasibility studies and Information Aggregation Markets). We identify Information Aggregation Markets as a prominent new method and we present a novel system that implements the concept of Information Aggregation Markets as well as early results from its evaluation.