Meritocracy of ideas refers to:

A new aged process that is really just a fad. It's nothing to worry about remembering once this class is over.

A democratic process where everyone's ideas are valued and incorporated to develop a truly outstanding outcome.

A process where people are constantly in competition with one another to have the best idea; the winners with the best ideas are celebrated and those who fail are left to consider their inadequacies. It is the ultimate application of survival of the fittest.

A concept that may not necessarily be an entire leadership philosophy per se but is a concept worth considering. Ideas are evaluated in a transparent manner to determine which ones have the most merit. The credentials or credibility of the person offering the idea is of zero consequence, only the quality of the thought.