A process approach to harnessing crowd-sourcing for new product development. (1st January 2013)

• Record Type: Journal Article
• Authors: Jagoda, Kalinga; Maheshwari, Bharat; Roy, Daniel
• Is Part Of: International journal of technology marketing. Volume 8:Number 4(2013)
• Page Start: 395
• Page End: 410
• Publication Date: 2013-01-01
• Subjects: crowd sourcing -- new product development -- NPD -- Mini War Gaming -- case study; Technology -- Marketing -- Periodicals; 338.476
• Languages: English
• ISSNs: 1741-878X

Abstract

Small businesses face several difficulties in raising money for financing their new product development (NPD) efforts. This paper, through a case study, explores and examines the process of using crowd sourcing for financing NPD projects. We analyse the innovative steps taken by a small business to formulate and execute a successful crowd funding campaign. Crowd funding illustrated in this case as a NPD funding approach is a derivative of crowd sourcing. This approach if run successfully, can provide small businesses not only a chance to both display their ideas to their customers and supporters but also receive financial support from them for NPD through small contributions.