In a nice post, BookmarkDevil paraphrases Guy Kawasaki and Michael Axelin's suggestions for using social media to drive innovation. Social networking sites - e.g., Facebook, MySpace, Twitter, and their ilk - are used primarily for non-commercial purposes; after all, there is a reason that they are called social networking.
But these tools also have commercial applications, and companies are increasingly trying to capitalize on them. The applications include marketing and consumer outreach, new product development, team collaboration, online brainstorming and innovation, and more.
As every business leader knows, innovation is critical to success, and social networking offers multiple tools for any organization to become more innovative. For executives who want to know more, BookmarkDevil's post is a good place to start.