Open innovation, crowdsourcing and crowdfunding are terms that you may came across for the the first time during the class. Here are two great videos that explain those terms and show the way they can be used in real life.

The first one is an interview of Dwayne Spradlin, CEO of Innocentive Inc., a company that emphasizes on open innovation. He provides some definitions, raises questions such as ” should companies see their laboratory as their world or the world as their laboratory” and explains why firms have to innovate during this economy downturn.

http://www.youtube.com/watch?v=GrHcVikkH3k

Furthermore, you can enter the company’s website (https://www.innocentive.com) and see how much they stress the consumer benefits that we already discussed in class.

The second video concerns crowdsourcing and crowdfunding; it does a really good job in explaining the term and illustrating their history.

http://www.youtube.com/watch?v=-38uPkyH9vI

Enjoy and have a great weekend!!

George