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A large number of ideas makes a standard prediction market approach impractical.
The Idea Pageant is particularly suited to accelerating the front end of the innovation process, when ideas are plentiful, but truly good ideas are few.
Participants are given tokens to bet on various ideas or projects.
Green tokens are rewarded when an idea is deemed a success, red tokens are rewarded when the idea is deemed a failure.
At regular intervals, existing bets are frozen and a new set of tokens is allocated to each participant to bet in the next betting period.
A consensus about which ideas are most likely to succeed quickly emerges.
Participants may also propose new ideas using a built-in Wiki.
When ready, those new ideas are entered into the pageant where they compete with all the other ideas for the bettors' tokens.
- Very intuitive - no learning curve;
- Search and filter ideas by popularity (green-red), date, or topic;
- Choose how many tokens of each kind are distributed to participants, how regularly, and how many of each kind may be bet on a single idea;
- Very simple administration of the idea wiki, and one-click operation to enter a new idea into the pageant;
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