Crowdsourcing Essential Factors For Successful Crowdsourcing In Product Innovation In Web 2 0
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Crowdsourcing. Essential Factors for successful Crowdsourcing in Product Innovation in Web 2.0
Bachelor Thesis from the year 2014 in the subject Business economics - Offline Marketing and Online Marketing, grade: 1,3, Westfälische Hochschule Gelsenkirchen, Bocholt, Recklinghausen, language: English, abstract: At large, innovation is a key factor for the success and persistence of organizations in today's business. In order to develop successful innovation, information of two kinds is needed; information based on customers' and the market's needs, as well as information on how to transform the gained knowledge into corresponding products (Diener and Piller, 2011). The paradigm of Crowdsourcing can be applied to obtain both kinds of essential information enabled through direct interaction with customers and takers, providing an enhanced inflow of intelligence. The work at hand deals with Crowdsourcing and particularly crowd-based product innovation. Crowdsourcing is a relatively new conceptualized paradigm, which is why the literature does not offer countless research papers on the topic and the market is not overloaded with companies applying the concept, although the theory is very promising. Nonetheless, not all companies who have ventured the step towards Crowdsourcing have experienced positive outcomes: on the contrary, some encountered rants from the crowd, as well as image losses (Papsdorf and Voß, 2009). The first purpose of this work is to illustrate how broad the term Crowdsourcing is and what opportunities it offers for businesses by providing an overview of the common forms. a further purpose is to depict where, in what form and how those activities take place. The cornerstones for a successful outcome are already set at the beginning of a project, whereby this paper describes single decisions to make along a Crowdsourcing process and their influence on the project's course, in order to understand how and why each decision during the process can be determining. thus marking a third purpose. The focus of this third purpose is on Crowd Innovation leading to the primarily purpose, namely to identify and name essential factors for the success of a crowd product innovation project in Web 2.0. These factors will demonstrate which steps and rules have to be followed by a company to implement prosperous Crowdsourcing activities in this field.
The Relevance of Crowdfunding
Nadine Scholz shows that crowdfunding potentially shortens the development cycle of new products, thus enabling an earlier market entry. Hence, crowdfunding serves as a multifaceted early-stage support instrument for innovation implementation facilitated by the crowd's resources. It not only provides upfront cash for product development and production, more importantly it enables a firm to show traction through the validation of the market demand that is based on the crowd's function as information multiplicator generating public exposure and feedback.
The PDMA Handbook of Innovation and New Product Development
THE PDMA HANDBOOK OF INNOVATION AND NEW PRODUCT DEVELOPMENT State-of-the-art overview of all aspects of new product development from start to finish The Product Development and Management Association (PDMA) Handbook of Innovation and New Product Development provides an exceptional review of cutting-edge topics for both new and experienced product development leaders, and academics interested in emerging research, offering a comprehensive and updated guide to the practices, processes, and tools critical to achieving and sustaining new product/service development success in today’s world and delivering valuable information on the fundamentals as well as emerging practices. This edition is completely revised to include 32 new and refreshed chapters on topics including: Creating Successful Innovation, Sustainable New Product Development (NPD), Digital Transformation of NPD, the Changing Role of Design Thinking, Market Forecasting, and much more. In The Product Development and Management Association (PDMA) Handbook of Innovation and New Product Development, readers can expect to find specific information on: What separates the winners from the losers when it comes to new products, plus what drives new product success from a holistic standpoint Effective front end innovation practices, portfolio management for product innovation, and identifying significant new business opportunities Obtaining customer needs for product development, harnessing user research for product innovation, and making market analytics work for you Design thinking, artificial intelligence and new product development The 4th edition of The Product Development and Management Association (PDMA) Handbook of Innovation and New Product Development is an essential reference for anyone with responsibility for product development activities, from novices looking for fundamentals to experts seeking insights on emerging concepts and is relevant for all functions and all industries. The Product Development and Management Association (PDMA) is a global community connecting thousands of members whose skills, expertise and experience power the most recognized and respected innovative companies in the world. PDMA’s unique triad of members include product development and management practitioners, academics, and service providers in a variety of industries and knowledge areas, including new product process, strategy innovation, market research, tools and metrics, organizational issues and portfolio management.