Tech Firm Helps the Fortune 1000 Crowdsource Innovation Through Virtual Idea Tournaments

by | May 11, 2017

CorpU’s strategy activation platform now inspires teams across the enterprise to contribute and evaluate peer insights to influence corporate strategy

PHILADELPHIA, PA–(Marketwired – May 11, 2017) – CorpU today announced the launch of an “Idea Tournament” module within its cloud-based strategy activation platform. Piloted in the fall by Fortune 1000 companies, including Dow Chemical, Owens Corning, Staples, and Keysight Technologies, CorpU Idea Tournaments are designed to help organizations tap insights from an increasingly global workforce, and encourage all employees to share ideas to solve complex business challenges. Participants can collaborate, through structured dialogue, to quickly quantify the value of new ideas, evaluate their feasibility through peer review, and decide which are best to implement.
“Our high potential leaders participated in an Idea Tournament to propose new revenue opportunities. Their ideas will play a central role in shaping our planning to achieve 2017 goals,” said Mark Wallace, Senior Vice President, Worldwide Sales of Keysight Technologies. “The tournament generated the kind of energy and enthusiasm that characterizes the cultures of aggressive, innovative startup companies.”
Despite the growth of online collaboration tools, most companies struggle to extract new ideas and innovation from their workforce. According to a recent report from Accenture, 28 percent of senior executives said their companies did not have measures to track innovation, and another 13 percent used qualitative rather than quantitative measures. CorpU’s Idea Tournaments give structure to the noisy process of digital collaboration by generating new ideas and real-time insights from stakeholders across their enterprises. The CorpU platform then provides executives with analytics tools to help understand how new strategies or initiatives are perceived in the field — and decide which ones are best to activate.

Tournament Stages

CorpU Idea Tournaments, which typically take place over a one week Innovation Sprint, unfold in three primary stages:

  • Contribution – Participants explain one idea that will improve their department’s efficiency and results. They estimate the value that this idea will bring to the organization through a structured process, and determine the feasibility of implementing this idea in the next 12 months.
  • Evaluation – Each participant then evaluates their colleagues’ ideas, and rates up to five submissions, based on quality, value, and feasibility.
  • Insights – Each participant then sees two sets of results. The first illustrates the rating and rank of the idea she/he submitted. The second illustrates the top 50% of ideas submitted based on peer ratings, also referred to as “winning ideas.”

“The very best CEOs know that the collective genius of their teams is a company’s greatest competitive advantage,” said Alan Todd, chief executive officer of CorpU. “We’re borrowing concepts familiar from consumer apps to surface new ideas, unique data and actionable insights that give executives a disciplined yet engaging way to foster a culture of innovation, and drive business excellence.”
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About CorpU
CorpU is the strategy activation company. We believe that great technology coupled with best practices can unlock the collective genius of teams to accelerate the speed of business. Over four million executives worldwide rely on our platform to solve complex challenges and execute strategy informed by structured dialogue and deep analytics.

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