Innovation and The Crowd
Respond to the following questions 1-4 (350 words).
- Cite Indigogo website and read about Indigogo.
Understand fully what each website is doing and how it utilises “the crowd”. (https://www.kickstarter.com/,
- Which websites use the crowd to source, and what are they sourcing?*
- Which websites use the crowd to fund, and how are they seeking funding?*
- Is advertising your product using an online platform (such as eBay, Gumtree, adverts on YouTube etc.) instead of a billboard, newspaper, TV or radio the same as crowd sourcing? Why or why not?
* Use a table to layout your answer to these two questions.
Search the English language on-line business media for an article that deals with the crowd (either crowd sourcing or crowd funding) in the field of finance. (350-word response to the following questions 5-6):
* English language on-line business media is any business media source in English that you found on line e.g. The Age newspaper, Smart Money, Entrepreneur.com, Marketing News….etc
Article citation (use Harvard Reference).
- What is the article saying about crowd sourcing or crowd funding?
- How could crowd sourcing, or crowd funding, be applicable to businesses or organisations in finance?
Read the case Crowdfunding: A funding decision for AIRTAME and watch video link https://www.youtube.com/watch?v=E6mWRLNpcOA
(Answer following questions 7-10 in 125 words).
- What are the reasons for AirTame to launch a crowdfunding campaign?
8. What practices did AirTame use to ensure a good start to their crowdfunding campaign?
9. What are the advantages and disadvantages of a rewards based crowdfunding campaign?
10. How should AirTame raise their next round of funding and why?
Other relevant References:
Huston, L., & Sakkab, N. (2006). CONNECT AND DEVELOP. Harvard Business Review, 84(3), 58-66.
West, J.; Gallagher, S. (2006). “Challenges of open innovation: The paradox of firm investment in open-source software”. R and D Management 36 (3): 319
Hutter, K., Hautz, J., Fuller J., Mueller, J., & Matzler, K. (2011) Communitition: the tension between competition and collaboration, Creativity & Innovation Management, Vol 20,(1),
von Hippel, E. and von Krogh, G. (2003) Open Source Software and the ‘Private-Collective’ Innovation Model: Issues for Organization Science.Organization Science, 14, 209–23.
Markers Rubric:
-Citation is error free.
-Content demonstrates a detailed examination of the key elements within the material. Additionally, content objectively evaluates material to form judgements.
– Content uses ideas/concepts/themes within the material to create new ideas. Relates knowledge from several areas to draw new conclusion(s).
– Written responses are free from grammatical, spelling or punctuation errors. The style of writing is persuasive, informative and engages the reader.
