BrightIdea and Xpree are collaborating to deliver prediction market benefits to users of the BrightIdea Innovation Management Platform. Prediction markets have long been a way to determine the outcome of certain events or metrics (who will win the election etc). A prediction market works by aggregating knowledge from an employee or customer crowd using a betting mechanism and typically provides exceedingly accurate forecasts.  Xpree's clients have seen forecast error reductions of upto 50%.

We are exploring how we can use prediction markets to determine how an idea will perform in the real world.  If we greenlight this innovation ... How much will it cost to develop? When will it really launch? How much will it sell in the first year? These and other questions can be answered to help an organization predict outcomes in order to analyze and filter innovations.  In addition, by establishing realistic expectations of key metrics (time to market, sales forecasts etc), budgets and targets can be set to maximize success.  Learn more about this approach at http://www.xpree.com/our-solutions/open-innovation-markets

We need to hear from you ! Will functionality like prediction markets be valuable to you? Will it help you better manage your innovation management processes in your BrightIdea System? 

If you're interested in learning more about this collaborative effort, please contact Paul Tran at ptran@brightidea.com.

As BrigthIdea clients, we want to ensure that we continue to build and foster partnerships that bring value to our system. Thanks for your feedback.