1522 crowdsourcing in innovation
TRANSCRIPT
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1 Idea Insights from GNPS
Crowdsourcing in Innovation
Episode 15-22
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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
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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!
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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
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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
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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
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7 Idea Insights from GNPS
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