Crowdsourcing innovation is the practice of obtaining needed services, ideas, or content by imploring contributions from a large group of people or individual, and especially from an online community, rather than from traditional employees or suppliers. This form of innovation is often used to subdivide tedious work or to fund-raise startup companies and charities, and this process may take place both online and offline.
Published in Chapter:
Open Innovation: Reaching Out to the Grass Roots Through SMEs – Exploring Concerns of Opportunities and Challenges to Attain Economic Sustainability
Copyright: © 2021
|Pages: 34
DOI: 10.4018/978-1-7998-5849-2.ch003
Abstract
While talking about successful entrepreneurship and value addition within an enterprise through innovation, one could comprehend that the innovation paradigm has been shifted from simple introduction of new thoughts and products to accumulation of diversified actions, actors, and agents along the process. Furthermore, when the innovation process is not being constrained within the closed nature of it, the process takes many forms during its evolution. Innovations have been seen as closed innovation or open innovation, depending on its nature of action, but contemporary world may have seen many forms of innovation, such as technological innovation, products/service innovation, process/production innovation, operational/management/organizational innovation, business model innovation, or disruptive innovation, though often they are robustly interrelated.