What is crowdsourcing? How is crowdsourcing useful in new product development?
What will be an ideal response?
Crowdsourcing refers to throwing the innovation doors wide open and inviting broad communities of people — customers, employees, independent scientists and researchers, and even the public at large — into the new product innovation process. Many companies are now developing crowdsourcing or open-innovation new product idea programs. Rather than creating and managing their own crowdsourcing platforms, companies can use third-party crowdsourcing networks, such as InnoCentive, TopCoder, and jovoto. For example, organizations ranging from Audi, Microsoft, and Nestlé to Swiss Army Knife maker Victorinox have tapped into jovoto's network of 50,000 creative professionals for ideas and solutions, offering prizes of $100 to $100,000. Crowdsourcing can produce a flood of innovative ideas. It enables companies to rely not only on one source or another but on extensive innovation networks that capture ideas and inspirations from multiple sources.
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