According to Forbes, 85% of global brands have crowdsourced in the last 10 years!
There are tons of benefits from crowdscourcing with few negatives.
Whilst large business benefit from their brand and scale in crowdsourcing initiatives, there are ways for all businesses, small or large to benefit from it. If you are wondering HOW can I use crowdsourcing for my company, this article will help.
Global brands and innovation searches
There are a number of examples of global brands harnessing crowdsourcing to find innovation and technology for their businesses.
Lego is one of the best success examples of a company who embraced crowdsourcing to
help generate new products. The company allows people to submit designs for new Lego
products which others can vote for. The ideas with the most number of votes gets moved
to production and the creator receives a 1% royalty on the net revenue. This crowdsourcing
both generates new ideas and tests the market.
Unilever has established the Unilever Foundry https://foundry.unilever.com which enables
startups and innovators to collaborate with Unilever. Examples of successful projects
include beacon technology in ice cream cabinets through to customers personalising their
own marmite jars.
These are numerous examples which would be quoted. Perhaps the best-known example is
Airbnb where the whole business model is based on crowdsourcing.
Finding Technology if you aren’t a global brand
You don’t need the scale or brand of the likes of Coca Cola and Lego to benefit from
crowdsourcing. Some well know UK companies have established incubators to provide
innovation ideas such as John Lewis with its Jlad initiative https://jlab.co.uk/#innovation.
Incubators are gaining in popularity but there are costs associated with running them.
There are a number of platforms that help companies utilise crowdsourcing. One example
is qmarkets which can assist companies engage with its employees and stakeholders for
If a company is looking to understand how existing technology can help their business,
www.introstream.com is a simple to use platform focused on this area.
The platform is an index of B2B technology solution providers which is free to search. If a
company is unsure of what technology solutions could help their business, the IntroStream
Challenge provides a solution to this problem.
A Company creates a challenge which is posted to the platforms Members who are all B2B
technology solution companies. These Members respond to the challenge with short
tailored ideas setting out how their technology could help the business. The service is free
to use and helps businesses understand what solutions are available to help their business.
Technical innovation over the past few decades has been staggering. To remain competitive
is today’s changing business landscape, companies need to identify innovation and new
technologies. Crowdsourcing is one tool increasing in popularity to help companies achieve
this as there can be huge benefits with low risk.