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Lab.Coop Wins Inaugural Management Innovator Award

This year’s Management Innovator Award was won by Lab.Coop, a team with an unconventional approach to organization governance. The Budapest-based Society of Management Innovators announced the results of the international competition on December 16.

The winning entry for the Management  Innovator Award.

The Society of Management Innovators launched the Management Innovator Awards in May of 2016 with the aim of celebrating and sharing the most innovative leadership, organization governance, and human resource management practices.

In total, 22 projects were submitted in the first round, some from countries as far off as Brazil and Malaysia. Eight projects made it to the second round, where the international jury picked the top three winners. Another two projects won the Budapest Business Journal Special Award and an Audience Award.

Knowledge sharing 

“Our main objective was to collect and share real-life case studies that represent the latest trends of innovative management practices,” explained Anna Márkus, program director of the awards. “The best applications represented topics such as innovation management, engaging leadership, strategic controlling as well as multigenerational management practices,”

Besides a detailed description, each project was presented in a two-minute video, available to the public on the award website, where visitors could also vote.

Employees of venture builder Lab.Coop receive stock shares in exchange for investing certain parts of their benchmark market salaries, helping the founders of the company ensure growth and that the most talented software developers join and stay at the company. The management approach is based on Holacracy, a system which involves sharing decision-taking authority among all employees, complemented with radical transparency (even in regards of salary information). Employees can spend 20% of their time on individually designed personal development activities, which means a EUR 2,000/year/employee investment. The results speak for themselves: within one year, [Norbi, please highlight this] the number of partners at the company increased from six to 20. Lab.Coop has started building three new companies in the last few months.

Central European Business School won second place with its revolutionary approach to leadership development, co-developed with Professor Mihály Csíkszentmihályi. An on-line simulation game allows participants to live through the “flow” state, experience its positive effects on their performance as well as learn how to consciously apply it in business environment. They make classic leadership decisions, while managing an imaginary company. At the end of the game they receive precise development feedback on their performance, the individual and organizational effect of their decisions and the flow-state of their co-participants.

A gamified learning platform developed for BP by Games for Business won third place. Fuel Station Ville allows employees to develop their company-specific knowledge through an individually designed development program. They can test their knowledge, build their network, participate in the operations of the knowledge sharing platform and can proceed in their talent development program. Participants receive feedback about their performance in multiple ways. The game has a special reward system and employees may receive presents as well.

Leadapreneur won the Audience Award with its Corporate Innovation Accelerator project. Leadapreneur believes innovation should be practiced rather than taught. It presented a three-phase year-long innovative organizational development and culture change project that enables companies to generate innovations rapidly, resulting in measurable business development.

The special award of the Budapest Business Journal went to the transparent salary system of Neticle Technologies. The leaders of the media monitoring and analysis startup are strongly committed towards fairness, openness and transparency. Their salary system treats employees on an equal footing; compensation consists of a base salary and a performance-based bonus that are all transparently published on the intranet. Bonuses may represent 10-50% of the base salary. Thanks to transparency, tensions have decreased, trust has been enhanced, and performance increased at the company.