Social network driven innovation
AbstractThis paper explains how the increasingly popular social network driven ideation works for some companies, and how this can be expanded to encompass the complete crowdsourcing innovation process (beyond simple ideation). In a contemporary context, businesses that are unable to keep up with innovations are simply overrun by those who are more efficient at this. This results in the dilemma that confronts all innovating companies in the 21st century: while innovation is critical for survival of a company, internal R&D is an inefficient approach to innovation. As a result of this dilemma, today?s innovative companies generally conduct little or no basic research on their own. They mostly innovate using the research discoveries of others. Some of these companies promote ideation forums on social networks to gain ?memes? for innovative ideas. This first step in the crowdsourcing innovation process can be expanded to include all the remaining steps of the innovation process, up to marketing and selling the product or service, as these all originate from ?crowdsourcing ideation?.
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Bibliographic InfoPaper provided by globADVANTAGE, Polytechnic Institute of Leiria in its series Working Papers with number 47.
Date of creation: 04 Oct 2009
Date of revision:
social network driven innovation; ideation forums; crowdsourcing ideation; crowdsourcing innovation process; memes; mavens; connectors; influencers; nanostories; flash mobs; job to be done;
Find related papers by JEL classification:
- M0 - Business Administration and Business Economics; Marketing; Accounting - - General
- M1 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-10-10 (All new papers)
- NEP-INO-2009-10-10 (Innovation)
- NEP-KNM-2009-10-10 (Knowledge Management & Knowledge Economy)
- NEP-MIC-2009-10-10 (Microeconomics)
- NEP-NET-2009-10-10 (Network Economics)
- NEP-SOC-2009-10-10 (Social Norms & Social Capital)
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