Wells Fargo’s Strategy to Filter Out Innovative Ideas
September 26, 2008 by Raj Sheelvant
Glen Grosslight senior VP of the Technology Information for Wells Fargo writes about an unique way to enable the employees to innovate. They have used a stock exchange concept in which team members trade shares on innovative ideas. Hence a ‘free market’ for ideas and innovation was born. (Read more at Wells Fargo Uses Market To Filter Out Innovative Ideas). First a small selection team evaluated ideas submitted by team members against specific criteria, and then placed ideas on the market for trading. Based on hundreds of team member ‘innovation investors’, the innovation ideas’ stock values went up and down just like the ‘regular’ stock market. Later a second market based on targeted challenges was set forth by the Wells Fargo’s six technology councils. Team members submitted innovative solutions to the challenges from these councils, and these were traded on. Top five ideas were sent to into a single elimination “playoff round” where traders (internal Wells Fargo employees) invested in these top ideas to choose the ultimate winning idea.
Free market approach towards generating ideas is an interesting way to involve the employees to prioritize and identify ways to innovate. It gets the employees excited and gets them involved in solving problem. This is a creative way to implement collaboration strategy. This is also an excellent way to manage knowlege.
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