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Crowdfunding and Innovation Management

By Owen Ray, We all know the importance of continuous innovation, and around here we’ve been talking a lot about harnessing the power of the crowd to keep the idea machine running. Crowdsourcing is a great way to generate new ideas and solve tough problems, but it’s only a part of your innovation management process. With all of these ideas and solutions pouring in from the crowd, you’re eventually going to need to pony up some cash to execute on them. Again, involving the crowd to secure funding can not only nab some dough, but it can be in integral piece of the puzzle that helps bolster your innovation process. Engage Your Investors The idea of crowdfunding isn’t just innovative, it’s downright punk rock. Raising money from a crowd of investors — that might get nothing more than a shout-out on Facebook for throwing in $10 — flies in the face of stodgy old banks and shakes off the chains of Wall Street investors, all of which expect you to “make a profit” and “pay them back.” Crowdfunding models do vary, of course. They may be donation, reward, or lending-based investments. And as of September 23rd, the US was able to follow […]

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