The Power of the Crowd

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Information about The Power of the Crowd
Business & Mgmt

Published on March 18, 2014

Author: StefanLindegaard



Since the term crowdsourcing was coined eight years ago, the idea of tapping the knowledge, opinions, and ideas of the crowd has spread quickly and evolved in interesting ways. Today, every industry has examples of crowdsourcing and how it has helped with their innovation goals. In this webinar, Stefan Lindegaard provides history lessons, a present overview and future predictions on the benefits and challenges that come with crowd sourcing.

You can listen to a recorded version of the webinar here: 15inno by Stefan Lindegaard at LinkedIn Groups Twitter: @lindegaard Hey! Freebookson! The Power of the Crowd #powerofthecrowd

Sharing is the new norm. Many companies do not yet get this and many others struggle on how to make it work, but there is no way around sharing and collaboration when it comes to innovation. This will help bring out better innovation faster and as such this helps the overall society.

#1: Early hype, status today and the future #2: Examples: Work, Innovation and Funding #3: Cases: LEGO, Amazon and Coca-Cola #4: The motivation for people and companies #5: Getting started – and getting to next level

What is crowdsourcing? “Crowdsourcing represents the act of a company or institution taking a function once performed by employees and outsourcing it to an undefined (and generally large) network of people in the form of an open call…” Howe ”Online, distributed problem-solving and production model.” Brabham



7 The hype is over – what happens next?

Lots of early interest – but where is the data? Only 4 ppl of 60 in audience have run innovation challenge! Only 8 expect to run future challenge. Lots of room for potential! #CoDev2014 Already established in B2C because of combined marketing and innovation benefits B2B is slower – less visible, fewer but bigger customers (more OI than crowdsourcing)

Social media is key for crowdsourcing LEGO went out of comfort zone, partnered with another company Do you know your external touch-points? Do you use them properly?

Can crowdsourcing change an industry? Creative processes can becrowdsourced The key is to get community engaged, active Crowds often have a herd mentality – Don’t forget this!

Innovation intermediaries like InnoCentive also work for startups! $ 250,000 already spent – an extension of R&D budget with great results (982 solvers, 78 solutions in 62 days) “It took me 18 months to develop my initial product. With InnoCentive and my second product, the research to prototype took two months.” Mark Bent, CEO, Sun Night Solar

Design, build and sell awesome products together.

Is the real business model facilitation? 1. Develop a community 2. Make it work in chosen area (vehicles) 3. Move into other industries (complex mechanical devices) This can work for startups. What about bigger companies? A way for new business areas?

Differences: B2B less visible due to fewer, bigger customers B2B has longer development cycles B2C closer to customers = more open mindset? B2B has more engineers; B2C has a more holistic approach

Similarities: The real work happens behind the scenes (back- end, execution more important than ideas) Same issues on innovation management (executives, culture, int+ext, communication) Challenge-driven innovation works for everyone Future winners innovate through communities

Benefits – People and Companies

People: - Financial compensation - Learning opportunities - Enjoyable process Companies: - Marketing as well as innovation vehicle - Access to new knowledge pools - More cost-effective than hiring consultants - Experimentation (don’t be left behind)

Crowdsourcing – Marketing or Innovation?

Dell IdeaStorm: 3% My Starbucks Idea: Less than 0,5% Does it really matter? Yes and No! - different objectives, different approaches - impact on internal understanding of innovation LEGO Cuusoo: 6 projects in 2 years

Clear focus (specific challenges) in different approach (challenge+community+funding) Bring great partners together (develop community, provide funding AND knowledge) Very strong communication efforts (many platforms, clear messages) Good execution on ideas (together with partners)

Piloting, trying, failing, learning from failing Siobhan Gomis, InnoCentive - Only way to appreciate power of challenges is to do it (learning experiment) - Engage high level of cross-functions people in team - Know exactly what challenge is (keep it simple, be open) Lisa Inoue, Dow Chemical Lessons from #CoDev2014

Who is more suitable for the job? What is the most suitable form of campaign? What crowd size works the best? Good comments: tform/

Joinmy Innovation MasterClass for corporate innovators! Great Get in touch! 15inno by Stefan Lindegaard at LinkedIn Groups Twitter: @lindegaard Hey! Freebookson!

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