Crowdsourcing Even Your Business Plan

Open innovation, co-creation and crowdsourcing are becoming trendier and trendier. They are often used as synonyms, in different context; therefore there is a need to define what lies behind these words.  Open innovation is a term defined by Henry Chesbrough, a professor and executive director at the Center for Open Innovation at the University of California, Berkeley. Open innovation is a paradigm that assumes that firms can and should use external ideas in their strategy. It is often correlated to crowdsourcing your business ideas and co-create with your stakeholders (customers, suppliers, partners). Several economists and successful entrepreneurs support the concept of sharing business ideas. For example, Nilofer Merchant in her article Harward Business review “Let your ideas go”, or Patrick Hull in Forbes Magazine “Talk about your idea, it won’t get...

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