Some companies are changing their model for picking out the best new ideas to develop. In most industries, the typical path of a new product begins in the R&D department and is led by senior staff. But that’s beginning to change, said USC Marshall School of Business chaired professor Ann Majchrzak, who noted that companies are starting to realize that the R&D department “might not be the best predictor of what is a good idea.” Instead, some companies are experimenting with internal crowdsourcing, which lets any employee pitch an idea. Read more

Marketing platform Mailchimp just launched its own entertainment division, Mailchimp Presents, to produce short-form original series, movies and podcasts with a focus on the common experiences and struggles of entrepreneurs and small business owners. “These folks are often isolated, thinking about work all the time,” said Sarita Alami, production lead of Mailchimp Presents, and the company’s senior manager of brand marketing. “We have this great opportunity to create content that resonates with them in a way that hopefully reminds them that they’re not alone.” Read more

Mastercard, PayPal Holdings, Uber Technologies and Visa are among the more than a dozen companies that have agreed to back Facebook’s new cryptocurrency, codenamed Project Libra. Each company will invest $10 million and be part of the Libra Association, a consortium to control the virtual currency, said sources. The invested money will fund the currency, which will be linked to a collection of government-issued currencies to make it more stable. Facebook has been developing the project in secrecy for over a year. Read more

The U.S. government banned Huawei Technologies to target the company’s 5G telecom equipment, but it’s also had the unintended consequence of crippling the Chinese company’s smartphone business. Huawei is the manufacturer of the world’s No. 2 smartphone, and its business will likely be affected without access to components and software. The ban is also expected to impact other companies, including U.S.-based Broadcom, which says it will suffer a $2 billion hit from not being able to sell to Huawei. Meanwhile, Huawei has made it known that it would invest heavily in countries that welcome its products. Read more

Social giant Facebook revealed that its strategy for building viewership of Facebook Watch is paying off, saying it is experiencing “big momentum” for the platform with original shows such as Jada Pinkett Smith’s “Red Table Talk” and “Sorry for Your Loss” with Elizabeth Olsen. Facebook Watch, since its launch two years ago, has a global daily user base of 140 million people who each spend an average of 26 minutes per day watching videos, nearly double from 75 million daily users in December who watched 20 minutes daily. Facebook has inked a series of partnerships and has more original content on its way. Read more