Generation and Evaluation of Creative Ideas: A Case Study of an Idea Market for a Life Insurance Corporation in Taiwan
Traditionally, there are many methods to generate and evaluate ideas; however, these methods require specific time and space to gather experts and members in the organization and often the anonymity of idea provider cannot be assured. This would create the problem of insufficient diversity of idea proposals. In addition, the lack of reward-and-punishment mechanism makes it difficulty to objectively evaluate ideas. This paper conducts a case study of a life insurance corporation in Taiwan by applying an ideamarket to encourage idea generation and evaluation to assist the real needs of the corporation. In this case study, the idea market combines the IPO (initial public offerings) and market evaluation mechanism in processing idea proposals. The idea market works efficiently in two stages; it selects the superior ideas at the IPO stage, and then ranks the ideas through market transactions. By analysis of the ex post questionnaire on the responses of participants and decision-makers, the idea market outperforms the traditional decision-making process and voting in terms of idea diversity, feasibility, expected benefits, degree of innovation, degree of consensus, anonymous evaluation environment. This is the first successful case of an application of idea market in Taiwan.