Crowdsourcing New Product Ideas under Consumer Learning

By AEJune 29, 2012Articles, Entrepreneurship

Crowdsourcing initiatives are becoming a popular tool for new idea generation for firms. Although such initiatives are widely adopted in many different industries, the number of ideas generated often decline over time, and the implementation rates (percentage of posted ideas that are implemented by the firm) are quite low.
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AngelouEconomics works with numerous professional and business associations in building dozens of unique economic impact studies among other types of projects including site selection projects as well as strategic economic development projects. Some projects examine the effects of statewide policy measures, such as the Texas Bathroom Bill or ban on Sanctuary Cities. Other projects measure the contribution of member networks in terms of jobs, wages, and total economic output like this study for Prospera, a nonprofit organization specializing in providing bilingual assistance to Hispanic entrepreneurs in Florida. Economic impact studies are effective tools for quantifying and illustrating the value of individual professional and business associations. They are versatile, as they can illustrate the value or impact of a specific policy or quantify the economic contribution of your members to the local, regional, and nationwide economies. We also know entrepreneurship inside-out. We achieved our own entrepreneurial success by forming the International Accelerator (IA). Our program attracts over 1,500 applicants from around the world and selects 10-12 startups each year to fund and accelerate their growth in the US market.

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Crowdsourcing New Product Ideas under Consumer Learning

Previous PostTranching, CDs, and Asset Prices - How financial innovation can cause bubbles and crashes

Next PostBuy Local - The Geography of Venture Capital

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