CROWDSOURCING FOR VALUE CREATION IN LEAN START-UPS

Pia Erkinheimo, Hannu Kärkkäinen () and Jari Jussila

Chapter 17 in Open Innovation: A Multifaceted Perspective:(In 2 Parts), 2016, pp 423-441 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Lean start-up approach provides both small and larger companies a novel, important and useful way to organise their business development, while reducing related high risks. Traditional start-ups face a multitude of significant challenges and risks. A study by Ghosh (cf. Ref. [1]) showed that as many as 75% of all start-ups fail. Earlier research has preliminarily demonstrated that crowdsourcing has the potential to reduce the risks of failure of start-ups as well as overcome some of the inherent challenges lean start-ups face. The goal of this paper is to explore and understand in more detail the possibilities of crowdsourcing for value creation in lean start-up companies by analysis of interesting pioneering companies. We found that crowdsourcing can significantly improve the leanness and agility of a major part of start-ups' business functions. Major approaches and mechanisms of the various ways that crowds can be used to create value for start-ups and make them lean are presented, and the examples of how pioneering companies have used crowdsourcing platforms in lean start-ups value creation are illustrated.

Keywords: Open Innovation; Innovation Management; Innovation Economics; Crowdsourcing; Living Labs; Ecosystems; Skills and Competencies; Quadruple Helex Model; Communities of Practice; Strategy; Open Data; Multidisciplinary (search for similar items in EconPapers)
Date: 2016
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.worldscientific.com/doi/pdf/10.1142/9789814719186_0017 (application/pdf)
https://www.worldscientific.com/doi/abs/10.1142/9789814719186_0017 (text/html)
Ebook Access is available upon purchase.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wsi:wschap:9789814719186_0017

Ordering information: This item can be ordered from

Access Statistics for this chapter

More chapters in World Scientific Book Chapters from World Scientific Publishing Co. Pte. Ltd.
Bibliographic data for series maintained by Tai Tone Lim ().