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Lean start-up companies by means of crowdsourcing

Research output: Contribution to journalLetterScientificpeer-review

Details

Original languageEnglish
Pages (from-to)17-20
Number of pages4
JournalJournal of Innovation Management
Volume3
Issue number2
Publication statusPublished - 10 Jul 2015
Publication typeA1 Journal article-refereed

Abstract

Lean start-up approach provides both small and larger companies a novel, important and useful way to organize their business development, while reducing related high risks. Traditional start-ups face a multitude of significant challenges and risks. A study by Ghosh showed that as many as 75% of all start-ups fail. Earlier research has preliminarily demonstrated that crowdsourcing has the potential to reduce the risks of failure of start-ups, as well as overcome some of the inherent challenges lean start-ups face. We argue that crowdsourcing can significantly improve the leanness and agility of start-ups’ business functions.

Keywords

  • open innovation, crowdsourcing, lean start-up, innovation

Publication forum classification

Field of science, Statistics Finland