Using Challenge Driven Innovation to Optimise New Product Development

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Using Challenge Driven Innovation to Optimise New Product Development
The era of ‘know it all’ management in creating solutions to problems affecting different sectors of the economy is long gone. Most innovative firms are turning to Cloudsourcing and open innovation to churn out new technologies to the market. These sectors range from the energy, agriculture, reduction of carbon gas emissions to Information Technology among others. Firms have realised that there is a better pool of innovative ideas out there that is cheaper, effective and workable than internal product development procedures. In fact, the internal process may take so long and involve many product and market tests. Unfortunately, a significant number of these ideas fail to solve the market needs.
Popular crowd sourcing strategies
• Cloudsourcing creative work: Firms outsource design, creativity based works such as graphic design, web design, writing, and apparel design works. This delivers great content at a very low cost. Some there are sites where companies post their work for freelancers to bid for the jobs. Examp...

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