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Whitewater, Wis. April 1, 2021- Whitewater businesses and brands can now transform ideas into measurable growth with the help of Ideawake, a company providing an easy to use innovation platform combined with programs, services, and expertise that supports your innovation program from idea collection to measured results.
Ideawake’s Software-as-a-Service (SaaS) idea management platform enables employers to solicit and crowdsource ideas of employees, customers and vendors to reduce costs, generate additional revenue and engage employees. It also evaluates and selects the best ideas while managing the implementation of those ideas. Ideawake is a Milwaukee-based, Wisconsin C-corporation that came to the Whitewater University Innovation Center in 2016.
As the cornerstone facility to the 130-acre technology park, the 38,000 square-foot Whitewater University Innovation Center operates primarily as a mixed-use business incubator strategically built with support from the City of Whitewater, the Whitewater Community Development Authority and the University of Wisconsin-Whitewater. With the support of their partners, the Whitewater University Innovation Center’s Mission is to create and foster durable businesses and jobs through a close alignment of UW-Whitewater’s research and educational competencies and the resources of the City of Whitewater. The Technology Park serves as a foundation for a diversified and robust regional economy through the attraction of new residents, utilization of UW-Whitewater faculty, staff and student expertise and the retention of alumni talent.
Coming to the Innovation Center allows Ideawake to benefit from the technology park and the resources available through the university. Partner and Head of Strategy, Coby Skonord, created the company in 2013 right out of college here in Whitewater. The company originally started by helping over 400 products become a tangible item including packaging and shipping, all from a simple concept. It quickly pivoted into crowdsourcing concepts to separate good ideas from those that may not succeed.
Ideawake’s software taps the collective wisdom of employees, customers and vendors to discover the 5% of ideas that will drive 95% of new business results.
Many local businesses can now utilize the Ideawake service to better decipher what their consumers and employers are looking for within their own businesses, making an idea tangible and obtainable. The submitter can view the process along the way, seeing their idea come to fruition.
The process is easy, first, companies launch challenges related to cost reduction, revenue growth and employee engagement. Second, the employees post ideas under challenge topics in exchange for points and peer recognition. Next, the employees vote on the best ideas and recommend revisions. When this is completed. the best ideas are reviewed for feasibility and assigned to cross functional teams for implementation.
“Many companies have very skilled employees who know their jobs inside and out,” said Mark Johnson, Whitewater University Innovation Center Executive Director. “Taking the knowledge and feedback from those who perform their daily tasks can be incredibly helpful to streamline work productivity. This valuable service can benefit our local business owners and we are proud Ideawake has chosen to come to Whitewater.”
Ideawake targets the 64,183 companies between 250 - 5,000 employees with its SaaS idea management platform. This results in a total addressable market of $2.16 billion.
In addition, over the last 24 months Ideawake has built a niche in the healthcare space by combining their idea management software with a full-service idea implementation package. This results in a total addressable market of $75.12 million.
The Whitewater Community Development Authority welcomes companies to the community who can help their neighboring businesses grow and learn about themselves.
“When a business like Ideawake wants to become part of community, we welcome them with open arms,” said Cathy Anderson, Economic Director for the City of Whitewater. “Having a business with a platform that allows other local businesses to grow and understand their own employee’s needs, how could we lose? We are excited to see Ideawake help more businesses capture and implement fresh, new ideas.”
To learn more about Ideawake, contact Coby Skonord at (262) 352-0907 or email email@example.com.
Ideawake1221 Innovation Drive, Suite #200Whitewater, WI 53190www.ideawake.com
The City of Whitewater provides efficient and high-quality services which support living, learning, playing and working in an exceptional community. Visit www.whitewater-wi.gov for community information and updates.###