Excellent article from Mashable on crowdsourcing and how it's changing business as we know it.
"Crowdsourced co-creation can shorten the time it takes to get new products to market and leverage an empowered consumer culture. Here are several factors to consider before investing in a co-creation initiative.
Julie Wittes Schlack is SVP of innovation and design at Communispace. You can follow her on Twitter @jwschlack or read her blog here.
Numerous studies demonstrate that 70-80% of all new products fail. Lack of relevance, lack of differentiation, inappropriate pricing and muddled messaging all factor into a brand’s struggle when launching a new product.
However, the ultimate judgment of new products falls to consumers, who, ironically, are often absent from the development process. That development stage stands the greatest chance of generating transformative new ideas early on, before the brand has made a significant investment.
Over the last decade, the Internet has enabled consumers to help brands drive front-end innovation and generate consumer participation in all stages of a product’s lifecycle. Many brands are investing in “customer co-creation” techniques to avoid late-stage product failures.