www.globalnpsolutions.com/idea-incubator/

1 Idea Insights from GNPS

Crowdsourcing in Innovation

Episode 15-22

www.globalnpsolutions.com/idea-incubator/

2 Idea Insights from GNPS

Crowdsourcing

• Becoming more popular due to internet

• Used to raise money with small donations to fund business

• Crowdsourcing is playing a role in Open Innovation

www.globalnpsolutions.com/idea-incubator/

3 Idea Insights from GNPS

What is Crowdsourcing?

• Outsource a problem instead of :• Using traditional in-house employees• Contracting to known parties

• Example:• Goldcorp couldn’t find the gold• Shared exploration databases with the public• Big profit!

www.globalnpsolutions.com/idea-incubator/

4 Idea Insights from GNPS

Types of Crowdsourcing

• Primarily two categories of crowdsourcing for innovation

• Tournament-based• Open call to solve problem• Prize awarded for best answer

• Collaboration-based• Participants often self select• Contributions shared from expert viewpoint

www.globalnpsolutions.com/idea-incubator/

5 Idea Insights from GNPS

Advantages of Crowdsourcing

• Helps tap greater pool of talent for innovation

• Higher value solution at lower cost

• Market share benefits• Solution providers have vested interest

• Gain access to technology

www.globalnpsolutions.com/idea-incubator/

6 Idea Insights from GNPS

Disadvantages

• Crowdsourcing may have a few drawbacks

• Solution may not be value-added• Average participants lead to average solutions

• Intellectual property concerns

• Time consuming to classify ideas

www.globalnpsolutions.com/idea-incubator/

7 Idea Insights from GNPS

For More Information

• See the full post at the Idea Incubator Blog• www.globalnpsolutions.com/idea-incubator/• Free registration

• Contact me!• 1-281-280-8717• info@globalnpsolutions.com• 2323 Clear Lake City Blvd., #180-177 Houston, TX 77062

Click here