Innovation Management Platform

Innovation Management Platform Success Stories [2024]

Pat Walls

•

Updated: September 26th, 2024

Want a practical way to streamline and manage your company's innovation processes? Consider starting an innovation management platform.

This platform serves as a digital toolkit for organizations to capture, develop, and implement new ideas efficiently. Users can submit ideas, collect feedback, and track progress in real-time, helping businesses foster a culture of continuous improvement.

Innovation isn't just a buzzword—it's the lifeblood of staying competitive in today's fast-paced market. By offering a structured environment for brainstorming and executing ideas, your platform can become an essential asset for companies looking to innovate.

If you're passionate about technology and organizational development, building an innovation management platform could be a rewarding venture. All you need is a solid understanding of both software development and business strategy to get started. Dive into this niche and watch your platform become a critical tool for companies aiming to lead in their industries.

In this list, you'll find real-world innovation management platform success stories and very profitable examples of starting a innovation management platform that makes money.

1. IdeaScale ($9M/year)

Rob Hoehn, Co-Founder of IdeaScale, came up with the idea for the crowdsourcing software after hearing the question from business contacts: "How are we supposed to get answers to the questions that we don’t know to ask?" With a background in programming and freelancing, Rob and his team developed IdeaScale to help organizations gather and transform ideas into innovative products, policies, and campaigns. Now, ten years later, IdeaScale has grown to almost $750,000/month and is committed to ethical business practices, including being the first idea management software company to go carbon neutral.

How much money it makes: $9M/year
How many people on the team: 53

How We Launched A $750K/Month Idea Management Software

IdeaScale, a B2B SaaS company with a focus on innovation, has grown to almost $750k/month by listening to its customers, investing in inbound search optimization, and prioritizing customer retention and support.

Read this case study

Read by 7,328 founders

2. Idea Drop ($2.4M/year)

Charlie de Rusett, CEO and Founder of Idea Drop, came up with the idea for the business while running his previous company, Yellowball. He realized that there was a lack of user-friendly software for capturing and implementing ideas within teams, so he decided to build his own web-based prototype. After seeing the positive impact of the ideas generated within his own team, Charlie saw the potential for Idea Drop to revolutionize idea management for businesses of all sizes and sectors.

How much money it makes: $2.4M/year
How much did it cost to start: $50K
How many people on the team: 25

How We Designed A $200K/Month Idea Management Software

UK-based Idea Drop is a software-as-a-service (SAAS) allowing businesses to identify, refine and execute innovative ideas through its platform, which is already being used by MT, Ericsson, and the Kent Police Force, offering a public challenge facility allowing clients to crowdsource ideas, with one Covea idea implemented via the platform estimated to save the company £2.5m over five years.

Read this case study

Read by 7,595 founders