Today, the Wall Street Journal published the winners of its Technology Innovation Awards.
[One pet peeve: unfortunately, the shorthand version they use for these awards is just “innovation” — which continues the misplaced notion the innovation = technology and only technology.]
While the title was “technology innovation,” at least one winner was more about a business method than a technology. The e-commerce division winner was Receivables Exchange LLC, based on its online marketplace for small businesses receivables:
Receivables Exchange aims to make it much easier for a company to tap the cash locked in its receivables. A company posts its unpaid invoices on the exchange, which screens the seller to make sure it has a certain minimum revenue and has been in business for at least two years. The screening can be completed within 24 hours and the invoices can be posted the next day. Bidders offer to buy some or all of the posted receivables, and the exchange takes commissions from the buyer and seller.
Not a new technology– but the application of existing technology to a new market.
Maybe next year they can expand the categories or the nature of the award itself into a real “innovation” award — covering all the aspects of innovation.