Crowdsourcing: How Social Media and the Wisdom of the Crowd Change Future Companies

Johann Füller (), Sandra Lemmer () and Katja Hutter ()
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Johann Füller: Hyve AG
Sandra Lemmer: Hyve AG
Katja Hutter: University of Innsbruck

A chapter in Management of the Fuzzy Front End of Innovation, 2014, pp 243-249 from Springer

Abstract: Abstract Rather than constituting only a new method in the context of innovation that can help foster a business, crowdsourcing represents a new way of structuring and organizing work by relying on the principles of evolution, swarm intelligence and analog knowledge, self-selection, and task distribution and aggregation. More and more companies try to leverage the distributed intelligence of their customers, suppliers, employees, and internet users by setting up crowdsourcing platforms and broadcasting their problems and tasks to the internal and external crowd. Although crowdsourcing has become quite popular, it also faces some difficulties that must be overcome in order to provide value. The lack of a clear task description and problem explanation, of an appealing platform design, solid terms and constrains of participation, or of a fair price structure may create difficulties for companies applying crowdsourcing. But, once they have gained the relevant knowledge, companies can truly benefit from crowdsourcing and develop superior innovations.

Keywords: Swarm Intelligence; Successful Innovation; Individual Output; Task Distribution; Problem Explanation (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-319-01056-4_22

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DOI: 10.1007/978-3-319-01056-4_22

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