Almost without exception, great companies are based on the successful exploitation of a good idea.

Thomas Edison's light bulb became General Electric, Alexander Graham Bell's telephone became AT & T, Henry Ford's invention of the production line helped build the Ford Motor Co, Larry Page & Sergey Brin invented an algorithm that forms the foundation of Google, Nils Bohlin invented the safety belt found in every car. The list is endless.

In the past, the 'closed' innovation model (doing product development 'in-house') served organizations well, but more recently several factors have undermined this model. The trend is toward an 'open' innovation model (looking to individual inventors and researchers for their ideas).

One of the main factors driving this trend is the increased mobility of the workforce. Bill Joy, founder of Sun Microsystems, is quoted as saying, 'Not all the smart people in the world work for you'. With the increased desire by individuals to work for themselves, you could even now say 'Not all the smart people in the world work for anyone at all, besides themselves'.

It is becoming more difficult for businesses to retain their knowledge base of skilled, creative people, which impacts on their capacity to innovate. People with the skills and knowledge to innovate move about between employers, or go on to freelance.

Because of this, it has become essential for businesses to use ideas from both inside and outside their organization to create and capture value for the business.

More recently, social media platforms are becoming a new source for innovative ideas. Consumers are providing ideas for products and services through these platforms. As importantly, social media are also providing a valuable mechanism to rate, critique and improve on good ideas.

New Ideas Daily is a leading social media platform for promoting innovation and helping businesses profit from it.

Participating subscribers, who are individuals from all walks of life, share their knowledge and experience by giving their opinion on the market potential of new ideas featured in New Ideas Daily sourced from recent provisional patent filings.

The ideas featured are by private innovators from around the world.

The feedback by participating subscribers, often topic experts, adds significant value to New Ideas Newsletters, helping entrepreneurs and businesses spot new ideas from outside their organizations that can provide them with new opportunities for growth.

New Ideas Daily plays an important role in increasing awareness amongst businesses and the general public of the importance of innovation and how it benefits us all.

We inspire people to innovate by showing that success is possible.