Building and Managing an Idea Bank for Success

Having a well-organized idea bank is crucial for success, and it can be done by categorizing ideas into themes, such as product development, marketing, and customer service.

This approach helps to ensure that ideas are not scattered all over the place and can be easily accessed when needed.

A good idea bank should have a clear purpose, such as improving customer experience, increasing revenue, or reducing costs.

By setting a clear purpose, you can focus on ideas that align with your goals and make better decisions.

An idea bank is a centralized system for storing, organizing, and accessing ideas. It's like a digital file cabinet where you can save and categorize your thoughts.

Ideas can come from anywhere, and an idea bank helps you capture them before they slip away. Think of it like a brainstorming session on steroids.

A well-structured idea bank typically includes features like tagging, categorization, and search functionality, making it easy to find and retrieve specific ideas. This helps you avoid the frustration of searching through endless notes and papers.

Ideas can be anything from business proposals to creative projects, and an idea bank allows you to store and develop them in a single place. This makes it easier to collaborate with others and build upon existing ideas.

Building an Idea Bank is a straightforward process that can be done with just a couple of spreadsheets. To get started, you'll need to set up two main elements: details about new fresh ideas and details about your co-writers.

To prepare the idea spreadsheet, simply enter the title "Idea Bank" in bold in Row 1, Column 1, and then enter the titles across the sheet in Row 3. This will give you a solid foundation for capturing all your ideas.

You can use a Cool Score column to highlight your best ideas and categorize them to give you a feel for how they could be used. This is a simple way to set up your Idea Bank, but there are alternative ways to do this, such as using a database like FileMaker Pro or a tool like Notion.

To manage your Idea Bank, it's essential to assign a category to each idea. You can use a two-category system: Candidate and Parked. The Candidate category indicates that you may want to work on the idea soon, while the Parked category means the team has chosen not to work on it right now.

When assigning a category, it's also a good idea to explain the reasoning behind the choice, so you can recategorize ideas later if needed. This will help you review and adjust your Idea Bank as your business priorities change.

Building an idea bank is a straightforward process that can be done using a couple of spreadsheets. There are four steps involved in building an idea bank.

The first step is to prepare the idea spreadsheet, where you enter the title "Idea Bank" in bold in Row 1, Column 1. In Row 3, you enter the titles across the sheet, which include details about new fresh ideas and your co-writers.

Next, you enter your idea details, capturing all your ideas, whether they're lyrical or musical, and from any source, including old notes and voicemails.

After capturing all your ideas, you categorize them to give you a feel for how your best ideas could be used. One way to do this is by using a Cool Score column to highlight the best ideas.

You can also use a database like FileMaker Pro or a tool like Notion to set up your idea bank, but the simplest way is to use a couple of spreadsheets.

Here are the key elements to include in your idea bank:

Once you've entered your ideas, you can categorize them as either "Candidate" or "Parked", depending on whether you want to work on the idea soon or not.

If you're a TROY student with a great idea, the Student Launchpad Program can help you turn it into a reality. You can click the LAUNCH button to schedule a meeting with the director of the IDEA Bank.

The Student Launchpad Program is designed to support students in developing their ideas, and it's a great resource to have. It's a program that can help you make your ideas come to life.

An idea bank is a tool for product managers to assess, refine, and select ideas that align with strategic goals.

It has a designated person responsible for reviewing and adding ideas, who performs initial review and triage when a new idea is proposed.

Unlike a community suggestion forum, an idea bank focuses on evaluating and prioritizing pre-screened ideas, allowing for more structured workflow management.

Features like status tracking and the assignment of tasks for further research and development are often included in an idea bank.

A community suggestion forum, on the other hand, allows any user to submit an idea, and new additions will likely not get any attention from product management until they gather a significant number of votes.

Related reading: Trade Idea

An open suggestion box is a one-way information flow, where anyone can add ideas without any commitment from the team to provide feedback.

The team doesn't have to consider or review the ideas submitted, which can lead to a flood of suggestions that are overwhelming to manage.

In contrast, an idea bank commits the team to at least consider suggested ideas, and one person is responsible for adding ideas to it, acting as a gatekeeper to filter out ideas that aren't worth considering.

On a similar theme: Godmother Ideas

This clear ownership prevents the idea bank from turning into an open suggestion box, keeping the review work manageable for the team.

Ideas in an open suggestion box often don't have a clear status or review process, whereas an idea bank can have additional statuses like "Proposed" and "Pending" to help manage the review process.

Worth a look: Open Banking Platform

An idea bank and a community suggestion forum are both used for collecting ideas, but they differ in terms of curation and workflow management.

Accepting an idea into an idea bank is a weak form of commitment, whereas accepting an idea into a community forum shows no commitment at all.

A designated person typically reviews and adds ideas to an idea bank, performing some initial review and triage when a new idea is proposed.

In a community suggestion forum, any user can submit an idea, and new additions will likely not get attention from product management until they gather a significant number of votes.

Unlike a community suggestion forum, an idea bank focuses on evaluating and prioritizing pre-screened ideas, serving as a tool for product managers to assess, refine, and select ideas that align with strategic goals.

Features like status tracking and task assignment for further research and development are often included in an idea bank, allowing for more structured workflow management.

The two modes of collecting user feedback can be combined, with the idea bank being a subset of the community suggestion forum.

An idea bank is a low-commitment repository of ideas, where the majority will never get implemented.

A backlog, on the other hand, is a high-commitment pipeline where the team is expected to work on the majority of items.

Backlog items are usually more homogeneous and need to be refined, evaluated, and structured for implementation.

Items in the idea bank can vary greatly in scope, from quick fixes to months of work, and from minor conveniences to major pain points for customers.

It's not necessary to assign a clear user objective or goal to an item in the idea bank, or estimate the complexity of the work required to implement it.

Idea banks allow teams to delay research, refinement, and consolidation for inessential feedback.

In addition to the Idea Bank, there are several related tools that can help you brainstorm and refine your ideas. The Community Suggestion Forum is a great place to get feedback and suggestions from others.

You can also use the Research Engagement Platform to gather more information and insights from experts and stakeholders. This platform can help you validate your ideas and identify potential areas of improvement.

The ICE Score is another useful tool that can help you evaluate and prioritize your ideas. It assigns a score based on the Impact, Confidence, and Effort required to implement each idea.

If you're looking for a quick reference, here are the related tools mentioned earlier:

As you start building your idea bank, keep in mind that it's essential to have guiding principles in place. A clear and well-defined purpose will help you stay focused on what matters.

Your idea bank should be a dynamic and ever-evolving repository of concepts, with new ideas constantly being added and old ones being refined or discarded. This is why it's crucial to establish a regular review process to ensure your idea bank remains relevant and effective.

By following these guiding principles, you'll be able to create a robust and adaptable idea bank that serves as a valuable resource for your team or organization.

Transparency is key, and it's essential to be honest and open in all interactions, just like the company that prioritizes clear communication with its stakeholders.

Clear goals and objectives are crucial for success, as seen in the example of the team that set specific, measurable targets and achieved remarkable results.

Effective decision-making requires considering multiple perspectives, just as the organization did when it brought together experts from different departments to inform its strategic choices.

Empathy and understanding are vital in building strong relationships, and it's great to see companies that prioritize employee well-being and create a supportive work environment.

Accountability is essential for growth and learning, and it's inspiring to see individuals who take ownership of their mistakes and use them as opportunities for improvement.

The 2025 Pike County Empowerment Series is a great example of how to empower local communities. This program offers $10,000 to a project that creates a clear, positive impact in Pike County.

Participants have the opportunity to attend workshops on identifying community needs, structuring and budgeting, and marketing and presentation skills. These workshops will help participants develop the skills they need to create a successful project.

Submit an application by March 31st, 2025, to be considered for the program. Finalists will be notified by April 7th, 2025.

Finalists will then submit a video pitch by May 4th, 2025, and attend an award ceremony on June 13, 2025. The award ceremony will be a great opportunity for participants to network and share their ideas.

Projects must address a local need, demonstrate measurable community impact, and provide a six-month progress report. This ensures that the projects are making a real difference in the community.

Student-Made Troy is a unique outlet for TROY students to sell their products. The store is located at the IDEA Bank and is also available online.

Troy students can now showcase their talents through the Student-Made Store, which features products from creators, artists, boutique owners, designers, and more. This opportunity is a result of the partnership between the Troy University IDEA Bank and the Student-Made Store.

The store is student-run, aligning with the IDEA Bank's mission to support student entrepreneurs. It's the first of its kind in the nation.

The IDEA Bank offers a range of activities that allow young entrepreneurs to explore their ideas beyond the academic curriculum. Special workshops and niche brainstorming sessions are designed to spark creativity and inspire new ideas.

Faculty, staff, and community members are involved in the IDEA Bank's operation, providing valuable insights and guidance to student entrepreneurs. Mentorship-matching is also available to pair students with experienced mentors who can offer support and advice.

Guest speakers from various industries share their expertise and experiences, giving students a deeper understanding of the opportunities and challenges associated with their ideas. Community collaboration is also encouraged, allowing students to work together and learn from one another.

Real-life projects are a crucial aspect of the IDEA Bank's operation, giving students the opportunity to apply their knowledge and skills in a practical setting. The goal is to provide a support system that students need to develop and apply their ideas.