Prof. Satish Nambisan Quoted in News Report on Cisco’s I-Prize Competition
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A recent news report on Cisco Systems’ I-Prize competition, a global competition to come up with the networking giant’s next $1 billion business, includes quotes from Lally School Professor, Satish Nambisan.
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A recent news report on Cisco Systems’ I-Prize competition, a global competition to come up with the networking giant’s next $1 billion business, includes quotes from Lally School Professor, Satish Nambisan.
Prof. Nambisan, an expert on innovation networks and the author of The Global Brain, notes that well-developed internal business processes are crucial to the ultimate success of Cisco’s external innovation efforts. “While the Internet and Web 2.0 technologies are great facilitators, what a company ultimately does with an idea is the true test of success.” Prof. Nambisan explains that many companies collect ideas, but don't generate changes within the organization necessary to move a lucrative concept through the company. "Without the proper cultural and business process adjustments, winning teams end up walking into what we call ‘The Valley of Death,’ and their ideas die from a lack of organizational support."
Chosen from over 1000 entries, the winning I-Prize team will receive a $250,000 prize, plus the chance to join Cisco as leader of the new business venture. Cisco plans to invest up to $10 million over the next three years to fund the project.
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