Leading companies are using open innovation to speed up product development and create true customer intimacy. Open innovation can be a critical factor in driving competitive advantage. It meets three criteria: it's open (all opinions are valued); it's measurable (business metrics back it up) and it is self-regulating, (companies become the stewards of their active constituents). More
Examples
P&G wants to develop 50% of its products via crowdsourcing by 2010. More
Netflix increased the effectiveness of its movie recommendations service by nearly 10% for just $1 million offered in a contest. More
Goldcorp – a Canadian mining company – increased its market value from $100 million to $9 billion via the “Goldcorp Challenge”. More News
Crowdsourcing and Its Impact on New Product Development
Crowdsourcing has clearly arrived and is here to stay. Corporate executives should seek to explore ways to leverage an untapped treasure trove of knowledge from all available sources: outside subject matter experts, employees, customers, consumers, and even the general public...
