Crowd Innovation: The Philosopher’s Stone, a Silver Bullet, or Pandora’s Box?

Matzler Kurt ()
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Matzler Kurt: Professor of Strategic Management, University of Innsbruck, Austria

NIM Marketing Intelligence Review, 2020, vol. 12, issue 1, 10-17

Abstract: All kinds of organizations have tapped into crowds to find individuals who can help them solve problems and develop innovations. Crowdsourcing makes it possible to attract a highly diverse audience that approaches innovation challenges from new angles. To develop groundbreaking innovations, companies are after exceptional ideas – and those are more likely to be found in large crowds rather than small internal groups. Furthermore, participants in crowd projects select the challenges they are really interested in themselves, due to which their motivation and engagement levels tend to be high. In collaborative crowdsourcing projects, new and better ideas can emerge when crowds share information freely, build on other ideas and are able to accumulate and recombine different concepts. Despite these advantages there are risks: costs and effort might be underestimated, or organizations might fail to control their crowds. And the crowd can sometimes also be wrong. Managers need to carefully analyze which solutions they seek and whether their problems can be solved through crowdsourcing. Not all innovation needs are suitable for open innovation, but crowdsourcing can have remarkable success if applied wisely to the right challenges.

Keywords: Crowdsourcing; Innovation; Open Collaboration; Contests; Outliers (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:gfkmir:v:12:y:2020:i:1:p:10-17:n:2

DOI: 10.2478/nimmir-2020-0002

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