Employee: Durable Goods
Business Challenge: GE was tasked with gathering ideas and business innovations from across the organization in a timely and efficient way.
Approach: GE commissioned Consensus Point to create an idea market, which is a special form of prediction markets, specifically designed to build competitive advantage by unlocking the intellectual capital of employees, customers and business partners.
The GE “Imagination Market” was launched to leverage GE’s employees’ expertise to identify ideas, as well as to effectively rank them. As part of the program, participants propose ideas and buy and sell securities based on their preferences. Most often, the ideas represent new technology or new product ideas.
Results: Since 2006, GE has deployed Imagination Markets within ten business areas including GE Healthcare and GE Energy. In late 2008, GE executed the first GE-wide Imagination Market which included participation from over 1,400 employees representing 150 business segments from 42 countries.
“The GE Imagination Market helps us answer tough business questions such as ‘What new technology should we be investing in?’ and ‘Which new products should we be developing?’”
– Christina LaComb, Computer Scientist, Computational Intelligence Lab,
GE Global Research