Wikispeed: an example of institutional innovation .

Started as a one-man team , entering design competitions in 2008 , has become a volunteer team , and now more than 150 people worldwide . Competition in a 100- mile road , legal tools , Wikispeed through institutional innovation model has been able to take a handful of volunteers and innovation faster than its capital adequacy competitors. Open source project has been designed to take advantage of social media , and by adhering to the principle of innovation , with all applicable technical volunteer experts in various fields . The results have been staggering 117 miles of the model is now just $ 25,000 . , Wikispeed so quick to find so many reasons for the success of open cooperation and institutional innovations give the company public use . By focusing on the process and the use of so many different people’s experiences , Wikispeed been able to solve design problems , the traditional method of a small part of the cost . Progress graphene institute Insurance Automotive X Prize , during which they can complete a working prototype for the 100 miles of the car is less than $ 300,000 in funding . In contrast , it took hundreds of millions of other teams entered the competition , you start to see this pattern of economic value.

Bringing any problems , which allows each of them to maximize the capital, talent, information agency’s core innovation . Plasticity and adaptability of the architecture and framework , it is important to cultivate the spirit of innovation inside of each staff member .

Focusing ‘s ability to learn quickly and take advantage of new technologies the cornerstone of institutional innovation . Through these tools as afraid counterproductive , to embrace them as efficient and innovative new business necessity , organizations can learn fundamentally more effective learning and innovation. The business of the market need to organize flexible, innovative and institutional innovation that will help you take full advantage of the resources the best results

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