Crowdsourcing for Device Manufacturers in the Convergent Media Industry

Jaeheung Yoo, Kibaek Lee and Munkee Choi
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Jaeheung Yoo: Department of Internet Business, Kosin University, Republic of Korea
Kibaek Lee: Korea Advanced Institute of Science & Technology (KAIST)
Munkee Choi: Korea Advanced Institute of Science & Technology (KAIST)

Communications & Strategies, 2013, vol. 1, issue 89, 73-93

Abstract: Crowdsourcing has been distinguished as an effective means of open innovation for collecting creative ideas from people who have various degrees of expertise and diversity in knowledge. Online platforms enable open innovation using the crowd in an efficient way in terms of cost and time management. Manufacturers in the convergent media industry have recently adopted crowdsourcing activities because understanding the variety of customers' hidden needs and identifying new market opportunities has become more critical to maintain a competitive edge in the market. However, it is difficult to empirically verify the effect of crowdsourcing activities on the market success of these device manufacturers. As such, this paper attempts to validate the effectiveness of crowdsourcing through qualitative studies including a literature review and case study analyses. As a result of the evaluations, several practical guidelines on how to integrate crowdsourcing into new product development processes are suggested for firms.

Keywords: crowdsourcing; convergent device; open innovation; new product development; user innovation. (search for similar items in EconPapers)
JEL-codes: O32 (search for similar items in EconPapers)
Date: 2013
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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