What is New Product Development (NPD)

The following chapter investigates an emerging shift in the corporate world that is now more often than ever engaging with the global community of users. Collaborative, open business models promoting user-driven, open innovation strategies are adopted, one of them being framed as crowdcasting - specific crowdsourcing model where corporations broadcast their challenges to a targeted community. A crowdcasting model in the shape of an online ideas competition is demonstrated as a mean of fostering open innovation. In the case study we present Challenge: Future, a student competition that is build upon an online platform adopting crowdcasting principles. Looking at the development, main features of the competition platform, and means of interaction with its user base we present benefits for all sides involved. Further on, the chapter tries to elaborate the ways how crowdcasting models could benefit by tapping even deeper into the new social networks and exploring their potential.