As organizations move through later phases of the innovation process, costs and risks increase. Our Foresight platform can help mitigate risks in these later innovation phases and enable your crowd to efficiently and quickly prioritize the best investments that will yield the highest return for your company. In a later stage of Brightidea’s crowdsourcing solution, the ability to accelerate innovation provides a key competitive advantage.

We’re excited about having a successful case study of our open API for Foresight, and we’re also excited about partnering with an industry leader to be able to offer a comprehensive solution to an important customer need in an increasingly complex world, where successfully managing ideas is more important than ever. If you’re as excited as we are, we hope you’ll want to know more.

Several weeks ago, the CMO of a company I am involved with in Europe sent me a note pointing out that an agency was offering “hundreds of marketing ideas” to help the company build its business for only $25,000. “Surely we can’t lose; it’s worth a shot,” he said. Two days later, back in the U.S., I found myself discussing the merits of the “executive creative director versus the crowd” with the head of an advertising agency and a journalist.

What are the facts? Well, there are literally hundreds of companies on the Web and in the real world that wield the power of the crowd. The idea is relatively simple: Usually the process involves issuing a brief, which is then submitted to the “crowd,” which then offers ideas for free. Each person who contributes hope that his or her idea will be used. The winner takes all, (in most cases a relatively low fee) and for the client: an idea. Maybe my colleague is right: It would appear the buyer couldn’t lose.

Jez Frampton, the author, then presents what appears to be a cautionary tale about the crowd:

It is the ability to select and profitably execute an idea that delivers greatest value to the organization. This supports the old adage that success is 5% inspiration, and 95% perspiration. It is a strong argument for the ‘editor’ otherwise known as the creative director, and for a well-managed and controlled process. These happen to be two things that are notably absent from crowd-based approaches.

Our guess is that Mr. Frampton is possibly not aware of the potential for crowd-driven idea management. Maybe he hasn’t seen a demo of Foresight, our prediction market platform that is capable of comprehensive idea management.

Experience so far would suggest that the crowd can certainly speed the “exploration” of an idea. It can add richness and context. it can create fast and efficient stimulus for consumer research and could (if my creative director friend gets it right) become a useful “extra head” in the room. It could certainly change the shape (and the operating approach) of the creative side of the marketing sector, but will it replace the need for the expert partner? That remains to be seen.

We’ve seen it. Because we have Foresight. And so does Motorola, where we’ve been helping them manage ideas with great success (which CFO.com recently noticed).

Mr. Frampton ought to send his CMO friend our way. We could help him out with idea management as his “expert partner.”