Innovating with the in‐crowd

Abstract

PurposeThe purpose of this paper is to review the latest management developments across the globe and pinpoint practical implications from cutting‐edge research and case studies.Design/methodology/approachThis briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context.FindingsIn the early eighteenth century, an English carpenter and clock maker, John Harrison, was awarded a phenomenal sum of money – £15,000 – when he made a great scientific and technological breakthrough. Harrison invented the marine chronometer which determined ships' longitude at sea. The Longitude Prize was established after the likes of Edmond Halley and Isaac Newton had failed to come up with a solution. Recalling the story in the Harvard Business Review, Kevin J. Boudreau and Karim R. Lakhari make the point that this is really an early example of what we now call crowdsourcing – getting ideas or creating new products and services by enlisting the help of a large body of people.Practical implicationsThe paper provides strategic insights and practical thinking that have influenced some of the world's leading organizations.Originality/valueThe briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy‐to‐digest format.