Title: Strategy for crowdsourcing competitions- aligning seeker, solver and supporter efforts

Author (s):: Kiran B.S.

Journal: Strategic Direction

Month and Year: October 2019

Abstract: Purpose: The paper presents the pros and cons of crowdsourcing competitions and highlights the importance of strategy and collaborative efforts. The study identifies the key stakeholders of crowdsourcing and its critical elements (7Ps) that need to be mapped and managed efficiently for obtaining innovative solutions. Design/methodology/approach: The paper draws its insights from the explorative research conducted over a two-year period (2016-18). Qualitative interviews held with competition organizers, participants and innovation intermediaries (Innocentive, Nine Sigma, Skild) provided the primary data. Secondary data came from literature survey and the study of archival documents and competition websites. The study was conducted as a part of doctoral research. Findings: Crowdsourcing competitions can help organizations to discover innovative solutions by tapping the power of collective intelligence. However, they need to envision and execute these collaborative initiatives strategically and synergistically. Proper design, managerial buy-in and orchestrated efforts by the triumvirate ‘Seekers, solvers and supporters’ are critical to derive the desired outcomes. Research limitations/implications: These findings are the resultant outcomes of an exploratory research. Further investigation can help companies to identify the relative importance of the critical elements identified in the study. Future research on the best practices can amplify the prospects of finding innovative solutions through crowdsourcing competitions. Practical implications: Crowdsourcing competitions cannot be used impulsively and indiscriminately. Managers have to carefully align the motive and incentive of different actors. Attention to design and the critical factors identified in the study can enhance the prospects of getting qualitative and innovative submissions from the crowd. Social implications: Crowdsourcing competitions have great potential to find innovative solutions for many stubborn global problems. When designed and driven rightly, it can expand the solution mix and accelerate the discovery process. Originality/value: The paper highlights the need to converge the efforts for diverse stakeholder in crowdsourcing competitions. There are actionable insights for managers in form of 7 Ps- Purpose, Problem, Prize, Platform, Promotion and Partners. When aligned effectively, it can yield innovation dividends to all. By focusing on these vital factors, companies can fine-tune their crowdsourcing strategy and make the initiative more engaging and create value for all the actors. © 2019, Emerald Publishing Limited.

Document Type: Article

DOI: https://doi.org/10.1108/SD-05-2019-0097