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Definition

Idea Bank

Definition (1):

Idea bank (or vault), which is a physical or digital repository for storing ideas. An example of this bank would be a password-protected location on a firm’s intranet that is available only to qualified employees. It may have a file for ideas that are being actively contemplated and a file for inactive ideas. Other firms do not have these banks but instead, encourage employees to keep journals of their ideas.

Definition (2):

An idea bank is a vastly available shared resource, generally, a website, where people discuss, exchange, polish, and post new ideas. Some of these banks are used for developing new technologies or inventions. Several companies have internally installed these banks for gathering the information from their employees and improving their idea generation process. Some of these banks use a voting system for estimating the value of an idea. In many cases, these banks may be more humor-based instead of being serious.

The main concept behind an idea bank is that when a large group of individuals collaborate on the generation of an idea or on a project that ultimately said idea or project will achieve perfection in the people’s eyes who gave efforts on it.

 

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