Perspectives on Innovation

(The quest for a new name for Deutsche Boerse and the NYSE Euronext)

Some months ago the Deutsche Boerse and the New York Stock Exchange merged to become the biggest stock exchange in the world. This is a huge step in creating a global community based on fewer and more cohesive regulations (hopefully!) with a greater degree of transparency.

The new, unnamed company (jointly headquartered in Frankfurt and New York) is now in search of a name, one that represents each individual entity’s histories, nationality, culture and pride. Even though Deutsche Boerse controls 60 percent of the new exchange, there are many who feel that the “NYSE,” because of its age and reputation, should not only be reflected in the new name, but should come first.

Given the significant and high profile role a stock exchange plays in a country’s economy, and in this case two countries, plus the rest of the world, it stands to reason that this cannot be an exercise in frivolity. So what should two prideful old-timers do? They can ask their employees.

Working with Interbrand, Deutsche Boerse and the NYSE Euronext are asking their employees (6,000 plus) to submit their suggestions online to a digital suggestion box. Interbrand will help both sides of the Atlantic to sort, categorize and analyze the submissions as well as help them keep the strategic vision for the new brand at the forefront when deciding on finalists – a logistical task that we at InnoCentive are very familiar with! The goal is to have a name sometime in the summer of 2011.

It will be interesting to see what name is finally chosen. This venture could be a fascinating insight into the minds of the employees and produce some interesting monikers. InnoCentive crowdsources names from our employees – we’ve named conference rooms, the @Work platform, our product phases and even our newsletters! I can admit from personal experience that Interbrand will have a very interesting time sifting through those suggestions!

We recently had a news mention from the unlikeliest of venues – ESPN! I’m sure many of you will say the same thing we did: “ESPN, the sports network? How is that relevant?” Well, innovation is relevant in all avenues of life, and that includes business, leisure and professional sports. This brings us to ESPN, and the author’s interest in innovation, crowdsourcing and prizes.

The author begins the article with “top-tier surfing” contests at Bells Beach and Rio’s Billabong Pro, Lowers Pro’s “MVP,” Nike 6.0’s “Cash for Tricks” and Volcom’s “kick-flip on camera” challenge, where she has witnessed surfers driven to produce some “performance evolution” kicks, flips and other tricks. She notes that besides the adrenaline-rush and the chance to perform in front of their peers, cash prizes do not hurt in encouraging them to come up with innovative new moves. And why stop there she asks. Why not “ask” or crowdsource innovation within the rest of the surfing industry, like seamless, slimmer, resilient wetsuits and environmentally friendly and surfboard materials and a host of other inventions and enhancements.

Hence, the mention of InnoCentive, crowdsourcing and prize-based innovation; while the idea of prize-based innovation isn’t new, she credits the World Wide Web and InnoCentive with accelerating the use of crowdsourcing and cash prizes for “linking regular people with ideas to problems.” Have a read – the article is so well written and you don’t have to be a surfer to understand and enjoy it!

In light of The Economist-InnoCentive Carbon-Capture Challenge, it is interesting to see the various ways sustainable infrastructure can be incorporated into everyday lives. And if ideas for green living occur through crowdsourcing, then the world must surely be heading toward a more self-sustaining way of life. I came across this the article about a crowdsourced contest (for a prize of $70,000) where the participants were asked to design the layout of a “mere” 420 square foot apartment in New York City. The photographs seem to be out of a science fiction movie set in 2323, where everything converts into something else. (more…)