This past February, Crawford & Company President & CEO Jeffrey Bowman challenged global Crawford employees to submit their best ideas for new products or services that would annually and individually generate $1,000,000USD in new revenue through the i3 (Ideas + Innovation = Income) Campaign. The employee response to the crowdsourcing effort was terrific! At the end of the submission period for ideas there were 209 ideas, 238 online comments offering advice on the ideas, and 1,242 votes from around the globe.
After rigorously evaluating the ideas, comments, and votes, seven contributors were invited to submit business plans for their ideas. Ultimately Philip Finkle, SVP of Business Development –Broadspire; and Joe Hersko, liability claims administrator – Broadspire; were selected to present their plans to Crawford’s Global Executive Management (GEM) Team in hopes of winning the grand prize of thousands of dollars.
After thorough review of the business plans by the GEM, Philip was announced the winner of the 2013 i3 Campaign! As the grand prize winner, he will receive an initial payment, and when his winning submission idea has been developed and approved to launch, he will receive another payment. In recognition of Joe Hersko’s hard work and actionable business plan for his concept, he was also awarded a financial prize.
The other i3 idea submissions that did not become finalists will still contribute to the company. Many i3 ideas have already been identified as candidates for Crawford’s New Product Introduction program and may end up being piloted. With the success of the i3 program, Crawford plans to continue looking internally for more innovative ideas that can benefit its clients.
Has your company crowdsourced new ideas for products or services? Share your crowdsourcing experience below!