LG Open Innovation Insights
In a previous blog entry, I discussed how LG Electronics used crowdsourcing and open innovation to help design the next generation phone. One of the individuals at LGE associated with the competition was kind enough to answer some questions I had.
How many solutions were provided?
835 submissions from 324 individual creatives.
What % of the solutions were deemed “good?” (I was looking to get a sense of the “signal to noise” ratio)
I would say maybe around 25%. A lot of ideas had some “nugget” of insight that we can investigate or test further even though the whole concept itself was not new.
What was the process you used to evaluate and select?
We had 4 criteria that all judges scored on. Round 1 judges review all 800+ concepts and narrowed them down to the top 100 for Round 2 judges to review. Round 3 judges only reviewed the top 43 concepts.
What was the selection criteria?
The criteria was a weighted average of the following:
40%: Need Fulfillment
- 1 point: There is no need for this type of product
- 3 points: People like this idea but would not pay extra for it
- 5 points: People want this idea and would pay to have it
- 1 point: Many products like this already exist
- 3 points: Idea gives a fresh viewpoint on an idea LG previously explored, but did not implement
- 5 points: Idea is completely unique & has never been explored by LG or other manufacturers
- 1 point: Not feasible with any known existing technology
- 3 points: Feasible, but some technology limitations make it difficult
- 5 points: Idea is feasible without any major technology hurdles
10%: Polish & Appeal
- 1 point: Idea & supporting graphics are hard to understand
- 3 points: Idea is ok to understand but is missing usage scenarios
- 5 points: Idea is easy to understand & has usage scenarios
This is a great example of open innovation in action. Thanks LG for sharing this information with us.
P.S. The winners of the competition are Rishi Bhalerao, Eric Staffin, and Susanne. Susanne was closest on the first two questions. Eric was closest on the last. And Rishi gets a prize for the most fascinating analysis.