Lecture

Open Innovation and Crowdsourcing

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Description

This lecture explores the concept of crowdsourcing through examples like the Longitude Prize and design contests. It delves into harnessing innovation from individuals and firms, discussing cognitive framing, resources, and the desire for social good. The lecture also covers the different types of crowds, online crowd organizations, and strategies for leveraging crowdsourcing in business.

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Related concepts (22)

New product development

In business and engineering, product development or new product development (PD or NPD) covers the complete process of bringing a new product to market, renewing an existing product or introducing a product in a new market. A central aspect of NPD is product design, along with various business considerations. New product development is described broadly as the transformation of a market opportunity into a product available for sale. The products developed by an organisation provide the means for it to generate income.

Community building

Community building is a field of practices directed toward the creation or enhancement of community among individuals within a regional area (such as a neighborhood) or with a common need or interest. It is often encompassed under the fields of community organizing, community organization, community work, and community development. A wide variety of practices can be utilized for community building, ranging from simple events like potlucks and small book clubs, to larger–scale efforts such as mass festivals and building construction projects that involve local participants rather than outside contractors.

Community organizing

Community organizing is a process where people who live in proximity to each other or share some common problem come together into an organization that acts in their shared self-interest. Unlike those who promote more-consensual community building, community organizers generally assume that social change necessarily involves conflict and social struggle in order to generate collective power for the powerless. Community organizing has as a core goal the generation of durable power for an organization representing the community, allowing it to influence key decision-makers on a range of issues over time.

Virtual product development

Virtual product development (VPD) is the practice of developing and prototyping products in a completely digital 2D/3D environment. VPD has four main components: virtual product design (3D shape, 2D graphics/copy) virtual product simulation (drop test, crush test, etc.) virtual product staging (retail space planning, consumer research and behavior analysis) digital manufacturing (process planning, assembly/filling virtualization, plant design).

Product design

Product design as a verb is to create a new product to be sold by a business to its customers. A very broad coefficient and effective generation and development of ideas through a process that leads to new products. Thus, it is a major aspect of new product development. Product design process: the set of strategic and tactical activities, from idea generation to commercialization, used to create a product design. In a systematic approach, product designers conceptualize and evaluate ideas, turning them into tangible inventions and products.

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