Prof. Toubia teaches New Product Development at Columbia Business School. His research and academic experience ranges across the areas of new product development, including adaptive experimental design, preference measurement, conjoint analysis, and idea generation. Prof.Toubia used the InnovateUs Idea Prediction Market™ to pick the best new product idea within the class submissions. This process was used to demonstrate to the class how prediction markets are being effectively utilized within businesses today.
Teams comprising of 4 students each were asked to submit New Product Ideas. These teams reviewed and discussed all the product ideas and, finally, invested their virtual money in the idea they thought was the most likely winning submission.
This is how the InnovateUs Solution was used:
Submitting the Ideas
InnovateUs Idea Templates™ were used to gather relevant information about the product ideas. These ideas were submitted into the InnovateUs Idea Market™. In this first phase, these ideas were available to all teams for review and discussions.
In the selection phase, the teams invested virtual money on the products they thought would succeed. Rating, Thumbs Up/Down, and Comments were used to gather additional feedback and refine the ideas.
Idea Analysis & Recommendation
At close-of-market, Idea Analyzer™ was used to perform a range of analysis on the prediction results. The leading idea led the other ideas by a significant margin. The second, third and fourth ideas predicted narrow margins of success amongst each other. Teams were able to view and report the final results studying them through different perspectives.
The InnovateUs Idea Market™ was used as an effective peer-rating system to pick the best product idea within the student body. The tools produced a result that would have eventually been true in the real world. Even in a small group, the InnovateUs Prediction Market™ demonstrated the value of collective wisdom. Prof. Toubia plans to continue using the InnovateUs tools in his classes to further the understanding of this still nascent discipline and offer his feedback and enhancement directions to InnovateUs.