Your prize money goes further when it’s distributed among a larger group of winners.
As organisations take their first halting steps towards recovery in this global crisis, they may find that the innovative ideas or capacities they most need aren’t available in-house. They will need to look outward for help from partners and other stakeholders – including their customers and fans. Crowdsourcing competitions may be especially worth considering as part of an open innovation toolkit. By widening the pool of contributors well beyond the focal firm, crowdsourcing compensates for any limitations or biases that may constrain the firm’s innovative vision.
