Future Perspectives

The future business paradigm is going to change from competition to cooperation. Factors supporting collaboration are observed as trust, common goals for cooperation, and existence of cooperation mechanisms, while barriers are related to three factors such as lack of trust, risk–benefit evaluation, and lack of common goals for cooperation. Therefore, the challenges ahead include triangulation of people, business, and governance. This chapter argues that crowdsourcing has no exclusivity to meet this challenge by overriding the market competition. The co-creation of customer value is critical in helping firms achieve a competitive advantage through crowd-based business models and social marketing strategies that influence not only customer satisfaction and loyalty. In view of the above perspectives, this chapter discusses optimistically the ways to harness collective intelligence and develop crowd entrepreneurship as an alternative to conventional business modeling. This chapter also discusses the pros and cons of interactive planning process and the importance of collective innovations as a process for companies to ensure consistent growth in business amidst increasing market competition.