Using Challenge Driven Innovation To Optimise New Product Development

696 words - 3 pages

Using Challenge Driven Innovation to Optimise New Product Development
The era of ‘know it all’ management in creating solutions to problems affecting different sectors of the economy is long gone. Most innovative firms are turning to Cloudsourcing and open innovation to churn out new technologies to the market. These sectors range from the energy, agriculture, reduction of carbon gas emissions to Information Technology among others. Firms have realised that there is a better pool of innovative ideas out there that is cheaper, effective and workable than internal product development procedures. In fact, the internal process may take so long and involve many product and market tests. Unfortunately, a significant number of these ideas fail to solve the market needs.
Popular crowd sourcing strategies
• Cloudsourcing creative work: Firms outsource design, creativity based works such as graphic design, web design, writing, and apparel design works. This delivers great content at a very low cost. Some there are sites where companies post their work for freelancers to bid for the jobs. Examples are ODesk, freelancer.com among others.
• Crowdvoting: There are online firms that use online-based opinions and large group judgements to make decisions. Soft drinks giant Coca-Cola asks the public to vote for logo designs and bottle designs. This method eliminates the need for test marketing of new ideas.
• Contests and prizes: Firms advertise projects with an inducement of some price. This is a great platform for idea generation and discussion of various solutions. This method favours software and device based tech firms. Companies such as Microsoft, Nokia and IBM have used this avenue to get ideas and solutions to some challenges in the industry.
• Crowdfunding: This is a source of funding for projects where firms invite the public to donate small amount of cash to help reach a common goal. It may be a philanthropic action or buying equity. There are tools like kickstarter.com, which helps gets online crowds to donate for creative project. Even if this method has come under fire from some quarters due to the risk of fraud, it has benefitted...

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