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Fostering open innovation

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Fostering open innovation

  1. 1. UNIVERSITA’ DEGLI STUDI DI BRESCIA FACOLTA’ DI ECONOMIA CORSO DI LAUREA IN ECONOMIA E GESTIONE AZIENDALE Fostering open innovation with the power of the crowd di Elisabetta Roncalli ANNO ACCADEMICO 2012/2013
  2. 2. Fostering open innovation with the power of the crowd Source: Kickstarter.com , 2014 Kickstarter surpasses $1 billion in crowdfunding pledges  5.7 backers from 224 countries  57.000 projects fully funded 3 March 2014
  3. 3. Fostering open innovation with the power of the crowd Democratizing innovation From Radical Push Closed To Incremental Pull Open
  4. 4. Fostering open innovation with the power of the crowd Source: Chesbrough H., Brunswicker S., May 2013 Empirical research context: open innovation and firm performances
  5. 5. Fostering open innovation with the power of the crowd Potential and limits of an open innovation strategy at a firm level “There is an inverted U-shaped curve relationship between open innovation and firm performances” Druid Conference 2013
  6. 6. Fostering open innovation with the power of the crowd Personal re-working Critical factors of open innovation
  7. 7. Fostering open innovation with the power of the crowd Can users really compete with professionals? Source: Poetz M. K., Schreier, 2009. User ideas score higher on average in terms of novelty and customer benefit, but lower in terms of feasibility.
  8. 8. Fostering open innovation with the power of the crowd Crowdsourcing analysis How can an organization apply collective intelligence through crowdsourcing to create a competitive advantage? Definition Specific goal “Crowdsourcing is the act of taking a job traditionally performed by a designated agent and outsourcing it to an undefined, large group of people in the form of an open call”. Howe, 2006 Business model Three elements: 1) An open call; 2) The crowd; 3) The use of internet;
  9. 9. Fostering open innovation with the power of the crowd The diffusion of crowdsourcing “Crowdsourcing is crossing the chasm” Geoffrey Moore Source: crowdsourcing.org
  10. 10. Fostering open innovation with the power of the crowd The diffusion of crowdsourcing Crowdfunding in Italy Source: Italian crowdfunding Network
  11. 11. Fostering open innovation with the power of the crowd case-history Source: news.eyeka.net Crowdsourcing can really pays-off compared to more traditional ways of developing marketing strategies. The community of over 260,000 consumer-creators across 150 countries. • 500.000 video views; • Award for the “Best social idea”; • +1.8% market share. • The highest View-Through- Rate throughout the campaign; • The lowest cost-to- conversion at 54% against historical average. • Cost saving of 92% against average agency fees
  12. 12. Fostering open innovation with the power of the crowd Who does really benefit? Crowdsourcing Co-creation  Outsourcing a task to the crowd;  One-to-many activity;  Main goal: reducing cost and time-to- market;  The crowd creates a great idea for you;  Winning is the reward;  Short-term involvement.  Creating shared value with the crowd;  One-to-one activity;  Main goal: creating engagement;  The crowd works with you to make a good idea great;  Engagement is the reward;  Long term involvement along product life cycle. Personal re-working
  13. 13. Giffgaff and the Payback system Excellent customer service:  130,000 questions asked  100% of the questions were answered by the community;  The average response time for questions is within just three minutes.  The top earning giffgaffer earned over £13,000, and he is using that to pay University; Source: Giffgaff.com Fostering open innovation with the power of the crowd
  14. 14. Co-creation is the new frontier Fostering open innovation with the power of the crowd Coca-cola - Freestyle dispenser McDonald’s -“My Burger Campaign”
  15. 15. Final insights What does it mean today? Customer Order Decoupling point. Source: Corniani M., 2008. Fostering open innovation with the power of the crowd
  16. 16. Thank you for your attention Fostering open innovation with the power of the crowd

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