The Institute for Business and Information Technology (IBIT) is pleased to announce the release of The IBIT Report – Crowdfunding: Tapping into the Wisdom (and Wealth) of Crowds authored by Gordon Burtch, Temple University, Anindya Ghose, New York University, and Sunil Wattal, Temple University.
This report examines a new application of crowdsourcing focused on the generation of funding for ideas initiated by others. While news articles and reports on crowdfunding have cited the success of numerous campaigns, the majority of efforts have actually failed. A better understanding of the design of campaigns and the management of the required platform can result in success. The report discusses opportunities, benefits, and pitfalls and demonstrates how the crowdfunding marketplace has the potential to be an innovation hub and improve open innovation practices. The report also provides suggestions on how businesses can leverage crowdfunding concepts, how to conduct a crowdfunding campaign, and how to influence contributor behavior.