IDEM: A Prediction Market for Idea Management

Collaborative systems and methods are used within corporate environments to support innovation and management of new ideas. The aggregation of innovation-related information from a community of users is a non-trivial task that requires the use of specialized collaborative systems and methods. In this paper we explore the use of Prediction Markets for community-based idea management and present IDEM, a software system that is used for generating and evaluating new ideas utilizing the concept of Prediction Markets. In addition to trading, IDEM supports users submit new ideas, rate and comment on them. Academic experiments and industrial pilots reveal the perceived usefulness of the system.