Motorola uses a prediction market to gather new ideas from employees and predict their success based on how willing individuals are to buy "stock" in them. They launched a system called ThinkTank in 2003 to collect potential innovations using software from Consensus Point. Employees are given $100K in virtual dollars to vote on ideas at $10 per share.
Perhap association members (as well as staff) could participate in a similar effort to stimulate innovations and involve more people in the decision process. I would suggest that a committee or panel review the finalists, assess scope/cost and make final recommendations to the board. Perhaps members could also vote for programs and services to retire to make way for these new activities.
Has anyone tried this or something like it? Read more about Motorola's use of prediction markets in CIO article by Kirstin Burnham.
Tagged: Prediction Markets Associations Innovation Consensus Point
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