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Crowdsourcing For Value Creation In Lean Start-Ups

In: Open Innovation A Multifaceted Perspective: Part II

Author

Listed:
  • Pia Erkinheimo
  • Hannu Kärkkäinen
  • Jari Jussila

Abstract

Lean start-up approach provides both small and larger companies a novel, important and useful way to organise their business development, while reducing related high risks. Traditional start-ups face a multitude of significant challenges and risks. A study by Ghosh (cf. Ref. [1]) showed that as many as 75% of all start-ups fail. Earlier research has preliminarily demonstrated that crowdsourcing has the potential to reduce the risks of failure of start-ups as well as overcome some of the inherent challenges lean start-ups face. The goal of this paper is to explore and understand in more detail the possibilities of crowdsourcing for value creation in lean start-up companies by analysis of interesting pioneering companies. We found that crowdsourcing can significantly improve the leanness and agility of a major part of start-ups' business functions. Major approaches and mechanisms of the various ways that crowds can be used to create value for start-ups and make them lean are presented, and the examples of how pioneering companies have used crowdsourcing platforms in lean start-ups value creation are illustrated.

Suggested Citation

  • Pia Erkinheimo & Hannu Kärkkäinen & Jari Jussila, 2016. "Crowdsourcing For Value Creation In Lean Start-Ups," World Scientific Book Chapters,in: Open Innovation A Multifaceted Perspective: Part II, chapter 17, pages 423-441 World Scientific Publishing Co. Pte. Ltd..
  • Handle: RePEc:wsi:wschap:9789814719186_0017
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    Keywords

    Open Innovation; Innovation Management; Innovation Economics; Crowdsourcing; Living Labs; Ecosystems; Skills and Competencies; Quadruple Helex Model; Communities of Practice; Strategy; Open Data; Multidisciplinary;

    JEL classification:

    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • Q55 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Technological Innovation

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