Crowdsourcing in Small and Medium Sized Enterprises

Crowdsourcing in Small and Medium Sized Enterprises

Natasha Katuta Mwila (Monash University, Australia)
DOI: 10.4018/978-1-4666-3886-0.ch064
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Abstract

In as much as caution must be taken to avoid hyper inflating the advantages of open innovation and crowdsourcing, the relevance of the concepts cannot and must not be dismissed. The purpose of this chapter is to elucidate on the major challenges faced by SMEs in crowdsourcing and the hindrance this presents in open innovation. For this reason, solutions and recommendations are provided to these challenges.
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Background

The commonly known nature of innovation practices, that of being a strategic management tool that needs to be closely guarded, is changing. Being open is no longer an option and crowdsourcing lends itself to the open nature innovation ought to have. Crowdsourcing is an emerging theory of innovation and innovation management (Von Stamm & Trifilova, 2009). Innovation remains the key to the sustainability of an organisation, particularly SMEs, and open innovation and crowdsourcing largely contribute to the extent to which this sustainability is achievable (Von Stamm & Trifilova, 2009). Crowdsourcing is all about collaboration and not working in isolation (Anderson, 2010).

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