“Unsung” business strategy: Exploring crowd sourcing practices among Malaysian SMEs (original) (raw)

Journal of Contemporary Management CBM: An Integrated Crowd-sourcing Business Model

The paper provides a crowd-sourcing business model (CBM) that integrates the useful components of both crowd-sourcing and business models. The model includes the business strategy that a company decides to implement in accordance with the company's scope, market perspectives and competitors that are important to differentiate their own products. Another component of the crowd-sourcing business model is the workflow management that involves the resources management and the task management. The resource management involves the tools the financial resource and the human resource that ar e needed to achieve the business goal. The resource management influences the task management that is assigned and execute by internal staff and/or by the crowd. The final outcome of the value co-creation process is the definition of a new business strategy for products/services placement and/or new product development efforts.

How to invent a new business model based on crowdsourcing: the Crowdspirit® case

2008

Chesbrough's work on open innovation provides a theoretical framework to understand how firms can access external knowledge in order to support their R&D processes. The author defines open innovation as a paradigm that assumes that firms can and should use both external and internal ideas and internal and external paths to market. He considers that Crowdspirit team: (1) The emergence of the Crowdspirit business model; (2) The value creation process related to profiles of crowdspirit community of contributors (3) The challenging of the company's initial business model and (4) The creation of a new business model successively open and closed models. In the discussion we summarize the main strategic issues that emerged during the work on Crowdspirit's strategy with its managers, and interpret them on the basis of existing literature on open innovation. This leads us to complete

Crowdsourcing based business models: In search of evidence for innovation 2.0

2012

Open innovation has gained increased attention as a potential paradigm for improving innovation performance. This paper addresses crowdsourcing, an under-researched type of open innovation that is often enabled by the web. We focus on a type of crowdsourcing where financial rewards exist, where a crowd is tasked with solving problems which solution seekers anticipate to be empirically provable, but where the source of solutions is uncertain and addressing the challenge in-house perceived to be too high-risk. There is a growing recourse to crowdsourcing, but we really know little about its effectiveness, best practices, challenges and implications. We consider the shift to more open innovation trajectories over time, define crowdsourcing as an open innovation model, and clarify how crowdsourcing differs from other types of 'open' innovation (e.g. outsourcing and open-source). We explore who is crowdsourcing and how, looking at the potential diversity and core features and variables implicated in crowdsourcing models.

CBM: An Integrated Crowd-sourcing Business Model

The paper provides a crowd-sourcing business model (CBM) that integrates the useful components of both crowd-sourcing and business models. The model includes the business strategy that a company decides to implement in accordance with the company's scope, market perspectives and competitors that are important to differentiate their own products. Another component of the crowd-sourcing business model is the workflow management that involves the resources management and the task management. The resource management involves the tools the financial resource and the human resource that ar e needed to achieve the business goal. The resource management influences the task management that is assigned and execute by internal staff and/or by the crowd. The final outcome of the value co-creation process is the definition of a new business strategy for products/services placement and/or new product development efforts.

The application of crowdsourced processes in a business environment

2018

The recent shift towards a polycentric perception of business making requires the involvement of stakeholders in an organization’s management. This is a starting point for looking at the idea of crowdsourcing as an innovative business model. The inclusion of stakeholders in the process of developing new products or services forms a general foundation of this notion. Entrepreneurs take advantage of crowdsourcing ventures due to the delegation of tasks to stakeholders in the form of an open call. Crowdsourcing interacts dynamically with interconnected society of today. This trend is symbolized by the turn from a consumer to prosumer and from a content consumer to content creator. The chapter exemplifies the types of crowdsourcing with reference to recent research outcomes. Additionally, it presents crowdsourcing incentives and tackles the problem of ethical and legal risks that face crowdsourcing.

Leveraging Crowdsourcing Practices in Small and Medium Enterprises (SMEs)

Journal of Entrepreneurship Education, 2018

The growing Internet of Things (IoTs) and Technology Web 2.0 create a new business landscape. Furthermore, the recent growth in Information Communication Technology (ICT) has triggered SMEs to venture into crowdsourcing practices. Thus, the study attempts to explore the crowdsourcing practices among selected Malaysian SME’s. The study employed qualitative method by conducting interview session among SMEs business owners in order to validate the benefits of crowdsourcing that has been practiced by the SMEs in their organizations. The findings indicates that, leveraging crowdsourcing practices serves several benefits to SMEs such as cost saving, brand visibility, problem solving, generate novel ideas and so forth. The study contributes to the understanding of the crowdsourcing practices, add to the body of knowledge on crowdsourcing and serves as a fundamental for future research. In terms of managerial perspectives, the results could provide guidelines and promoting SMEs to embark th...

Using Crowdsourcing to Expand the Resource Base of Business

The article shows the essence of crowdsourcing as a modern management technology, as the basis for innovative business models and as a way of expanding the resource base of business. It figures out the structural elements of crowdsourcing, the advantages and disadvantages of crowdsourcing and problems associated with the use of crowdsourcing technology.

Crowdsourcing Strategy of Information Society

E-Services [Working Title], 2019

In the modern information society, it has become possible to develop new business models that utilize ICT (information and communication technology) in various industrial fields, industries, and business sizes and types. Crowdsourcing is attracting attention as a new business model in this society. In crowdsourcing, business persons are using Internet websites (crowdsourcing platforms) to generate orders for new business activities, such as “order work to an individual” and “require job orders”. In addition, through the utilization of crowdsourcing, the lifestyle of workers is also changing with the provision of new job opportunities. In other words, crowdsourcing offers a new working style to a wide range of people. Thus, the spread of crowdsourcing has created new options for how individuals work and live. In the modern information society, crowdsourcing is a new business model that links a business person (orderer) and a worker (contractor) through a website. In this paper, we ou...

Strategic Crowdsourcing as an Emerging Form of Global Entrepreneurship

Handbook of Research on Entrepreneurship in the Contemporary Knowledge-Based Global Economy, 2016

Entrepreneurs are looking for effective ways to internationalize their business ideas. Online crowdsourcing platforms enable them to access vast resources held by geographically scattered individuals with different backgrounds who are outside an organization's boundaries. Entrepreneurs leverage knowledge and services from a crowd (an undefined group of web users) through an open online call for solution. Presented analysis will help to understand better the relationship between crowdsourcing business model and global entrepreneurship. Crowdsourcing process goes beyond achieving an efficiency-driven economy stage. The new venture reflects better competitiveness and economic-development performance.