Crowdsourcing has long been recognized as an effective tool for creating new and exciting consumer products. A growing body of evidence, however, indicates that this approach has a capacity of successfully addressing the most daunting challenges facing humanity.
It is common knowledge that large legacy companies are often inefficient in creating new products and services. This doesn’t mean, however, that they should not ever aspire to innovate like nimble startups.
Necessity is the mother of all inventions. In this new age of hyper online sharing, we can find some exciting, innovative solutions to our problems, and in very creative ways from our social networks and the hive mind.
Over the past decade, crowdsourcing has become a popular open innovation tool helping organizations solve their biggest problems. While the adoption of crowdsourcing hasn’t been easy; one thing is clear: it is here to stay, and in this article, I attempt to predict what it’ll look like in 10 years.
Open Innovation has become an indispensable tool to speed up corporate innovation. And yet, widespread adoption has been slow as the implementation of open innovation programs encounter barriers. This article will review some of these barriers along with recommendations on how to overcome them.
The rapidly changing business landscape has made it impossible for organizations to stay competitive while relying only on internal R&D. To maintain pace, organizations must include elements of open innovation in their organizational innovation toolboxes, but “closed” innovation hasn’t disappeared.