Fostering innovations for a better society: the role of markets for ideas

Markets for ideas can be defined as a virtual marketplace creating connections and relationships between individuals and organisations selling their ideas and inventions (knowledge solvers) to companies searching for innovative solutions (knowledge seekers). The potential social contribution of markets for ideas is particularly important today, as the collaborative approach of both private and public organisations is considered timely in facing pressing societal challenges. In light of the peculiarities emerging when it comes to developing open social innovations, this paper seeks to investigate how markets for ideas may contribute to foster socially impactful ideas. The objective is to examine if and how specific activities of markets for ideas play a significant role in highlighting the ideas proposed, and in transforming them into successful social innovations. This study outlines options for markets for Ideas as for the actors supported by these markets in developing innovative solutions for a better society.