Exago’s model applies game design techniques and covers most game elements we’ve identified: quests (challenges), points, avatars, badges (opinion leader, etc.) and social interaction with the sharing of knowledge and information. It also promotes collaboration (co-creation, commenting and peer evaluation) and competition (the best ideas are chosen by the crowd) – including a system to reinforce a sense of progression and levelling up among participants.
All participants (investors) have access to the same amount and quality of information. Everyone has the power to influence the evaluation and selection process. The ideation management process becomes democratic and has no hierarchical limitations.
Specifically, our solutions are based on expert services and a software platform that mimics a stock market – an incentive-driven and engaging corporate network that rewards and recognises participants. This market mechanism is supported by a sophisticated algorithm, providing infinite liquidity to the market at any given time. But it’s quite simple and intuitive to participate. It’s inclusive and dynamic. Here’s how it works globally.
Let’s go through it, in more detail:
I. The challenges: The business challenges are defined and communicated to participants. The challenges have to be adjusted to fit the organisation’s needs and participants’ motivations and aspirations.
II. Initial points assigned: All participants start with the same amount of credits (a kind of entry bonus, like in a frequent flyer programme), that they can use in the platform.
III. Gathering points: Everyone can participate by submitting valid ideas and co-creating and adding value to other participants’ ideas. They can also invest in the ideas they believe are the best for the organisation. The more they participate and the more they create value, the higher they score.
IV. Evaluating and selecting the best ideas: It’s a perfectly gamified mechanism. People are driven to be truthful in their choices because if they invest in a bad idea, they lose credits. The collective intelligence of the community is gathered in this way, not only for idea generation but also in co-creation and, above all, through evaluation and selection. The wisdom of the crowd acts to handpick top ideas via participants’ investments.
V. Committee’s approval: At the end of the cycle, the ideas that the crowd believes to be the best are taken for a closing evaluation by the steering committee. The committee decides on their implementation or non-implementation based on the feedback provided to the crowd.
VI. Time to auction: Participants can then redeem the credits they previously earned for real incentives. The redemption process is based on an auction mechanism – again, a gamified system – that recognises those who truly brought more value to the process.
Since people have different needs, the incentives available can address different motivations: from simple Amazon vouchers and charity donations to training in specific areas.
VII. Crowd tasking: After the final evaluation (V), implementation is ready to start. All are invited to join in and be recognised for their added-value participation. Ideas become projects, and successful projects can mean a higher return on investment.
VIII. A new game: A new cycle can begin.
The gamification mechanisms implemented by Exago’s solutions are a demonstrated way to boost management of innovation initiatives within a company or outside of it, delivering real results – be it increasing staff motivation, conquering customer loyalty or crafting new and innovative solutions.
(to be continued)