SOURCE: Spigit


April 20, 2010 08:02 ET

Spigit to Enable Australian Entrepreneurs to Generate New Businesses at the Australian Innovation Festival

Innovation Software From Spigit Powers Online Idea Generation Site at Australian Innovation Festival

PLEASANTON, CA--(Marketwire - April 20, 2010) -  Spigit, the leader in innovation management software, today announced that it is powering a social media innovation event for the ninth annual Australian Innovation Festival, a month long festival backed by the Australian government that's focused on advancing innovation and entrepreneurship. This is the first time that an online event using an advanced Web 2.0 platform has been run at the Festival to source and evaluate top ideas from entrepreneurs that can be turned into real business opportunities.

The Spigit platform allows citizens to submit their innovative ideas to build sustainable businesses for the future, the theme of the conference, with sophisticated analytics, virtual currency, and idea markets to make the process fun yet highly focused. Through Spigit's innovation management platform, Australian citizens can submit their innovative ideas beginning April 26 at in four different categories: "Sustainable Environments"; "The Connected World"; "The Recovering Economy"; and, "A Better Future for our Children."

Participants earn virtual currency and build reputation scores through submitting promising ideas and investing in the ideas of others. The idea markets and analytics determine the winners in a transparent process. Once the Australian Innovation Festival concludes, ideas in each category with the most investment dollars from registrants are awarded access to advisors and investors to continue to develop the idea for possible funding and real world implementation. We have gained the support of leading Patent Attorneys Griffith Hack; Innovation think tank the Hargraves Institute; and UTS Business School's Knowledge hub Business21C to participate in assisting the award winners toward successful exploitation of their ideas. Additionally, successful investors will be able to trade their virtual currency for innovation related goods or services from the site rewards center.

"We have chosen the Australian Innovation Festival, as the premier innovation event on the Australian Calendar, to showcase the power of Web 2.0 platforms to accelerate the progression of ideas to tangible results" said Laurence Lock Lee of Optimice. "Some of the most innovative ideas in the world have resulted from open innovation environments, and the Spigit platform is a natural fit, as it is itself an extraordinarily innovative way to create, evolve and then find the very best ideas in an openly innovative environment."

Spigit works with some of the largest and most innovative companies across the globe. Spigit's presence at the Australian Innovation Festival builds on recent customer engagements in Australia and New Zealand, as companies around the globe begin adopting Spigit for innovation.

"As the world is looking for new and innovative ways to help stimulate economic growth, people are turning to technology to discover the next billion dollar new business idea," said Paul Pluschkell, CEO and co-founder of Spigit. "The Spigit platform will enable participants in the Australian Innovation Festival to tap into the collective intelligence of entrepreneurs and inventors to determine which ideas are most likely to make an impact on business, lives and countries."

The site will be open for the duration of the festival starting on Monday, April 26 until Sunday May 30, 2010. To access the site, please visit

About Australian Innovation Festival
The Australian INNOVATION Festival celebrates the development and implementation of new ideas and applauds better ways for operating across all industries. The Australian INNOVATION Festival was established to celebrate Australian innovation. Its vision is to increase public awareness of the importance of innovation and entrepreneurship through a renewed emphasis on the three pillars of economic growth - excellence in research, development and commercialisation.

About Spigit
Spigit is the leading provider of purpose-built innovation software connecting employees, customers and business partners for idea management and insight discovery. Using enterprise-grade social technology and behavioral science techniques, Spigit's software taps into the collective intelligence within an organization and transforms it into actionable, predictive information. By incorporating incentives, idea graduation, idea trading and real-time analytics, Spigit allows companies to get the most out of their key assets. Our technologies are used by the largest and most innovative companies in the world including: Pfizer, AT&T, Southwest Airlines, Allstate, AAA, and Lloyds TSB. Spigit currently powers innovation projects at numerous Fortune 2000 companies and has been named Best of Software Interop 2008 and is listed on the AlwaysOn Global 250 list, the power list of the top 250 private global technology companies. For more information, visit

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