Crowdsourcing Business Model Innovation

Successfully adapting existing business models or developing new ones significantly influences a firm?s ability to generate profits and develop competitive advantages. However, business model innovation is perceived as a complex, risky and uncertain process and its success strongly depends on whether or not firms are capable of understanding and addressing their customers? needs. This study explores how crowdsourcing-based search approaches can contribute to the process of business model innovation. Drawing on data from a crowdsourcing initiative designed to develop ideas for new business models in the podcast industry, we provide first exploratory insights into the value of crowdsourcing for innovating a firm?s business model, and discuss which characteristics of crowd-contributors increase the quantity and quality of the outcome.