Crowdsourcing Gone Wrong
The Harvard Business Review website posted an article which noted that “For those who believe in the promise of open innovation, the 2009 startup Quirky was an exceptionally exciting company. Yet, in September 2015, Quirky went bankrupt. As proponents of open innovation, we have examined Quirky’s initial failure in great detail (the company relaunched earlier this year). We have interviewed Quirky executives and studied each of the company’s product offerings, publicly available product reviews, and their development process. Far from indicating that using external talent for R&D is a doomed business ploy, our autopsy revealed four major lessons from Quirky’s downfall that can help companies harness the power of successful open innovation and avoid its very real pitfalls.”
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