Wikispeed has adopted an institutional innovation model that has been able to take a handful of volunteers and innovate faster than most of its well capitalized competitors.

1. WIKISPEED AN EXAMPLE OF
INSTITUTIONAL INNOVATION
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What started as a one man team entering a design competition in 2008,
has turned into a volunteer team that now exceeds 150 people all over
the world.
Competing to produce a 100-mpg road legal vehicle, Wikispeed has
adopted an institutional innovation model that has been able to take a
handful of volunteers and innovate faster than most of its well
capitalized competitors.
The open-sourced project has been designed to make use of social
media, and by sticking to its innovation principles, collaborate with all
of the volunteer experts in the various fields of applicable technology.
The result has been staggering, with a 117 mpg model that is now
available for just $25,000.
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3. www.InnovationGrow.com
The reason that Wikispeed has found so much success so quickly has to
do with the open collaboration that institutional innovation affords to
the companies that openly adopt it.
By focusing on the process and leveraging the experience of so many
different people, Wikispeed has been able to solve design problems for
a fraction of the cost of traditional methods.
During the Progressive Insurance Automotive X Prize, they were able to
complete a working prototype for the 100 mpg car with less than
$300,000 in funding.
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Bringing together capital, talent, and information in a way that allows
each of them to be maximized is at the core of institutional innovation.
Making the architecture and framework malleable and adaptable is
important to foster the innovative spirit inside each of the staff
members.
By having access to information through other experts and the vast
knowledge base, through the latest technologies, people can innovate
and get inspired in ways that can solve problems and find solutions at a
blinding pace.
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Focusing on the ability to learn quickly and utilize technology are the
cornerstones of the new institutional innovation.
By not fearing these tools as counter-productive towards efficiency and
embracing them as the new necessity for business innovation,
organizations can learn to learn and innovate in a radically more
effective manner.
The business marketplace requires all organizations to be adaptable and
innovative and using institutional innovation will help you leverage the
resources for the best results.
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6. GROWING BUSINESS WITH INNOVATION
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