Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.
+1 212 318 2000
Europe, Middle East, & Africa
+44 20 7330 7500
+65 6212 1000
Most businesses are occasionally confronted by challenges that are surprising, complex, and new. In fact, you are lucky if such problems arise only occasionally; in certain industries and markets, they are much more frequent. It’s likely that you or your employees cannot solve every one of these problems.
That’s where crowdsourcing can be helpful. Crowdsourcing is a way to import talent and creativity to your business by putting potentially thousands or tens of thousands of people to work on your problem. Innocentive, for example, is an organization formed to match problem-seekers with problem-solvers. Some of society’s most complex challenges have been posted on the site and many workable solutions have been suggested.
You can try that on a small scale with your business. You can hold a competition for ideas and reward appropriate submissions. Learn more about crowdsourcing to see if it has applications for your business and then begin your search for solutions. It’s an approach that greatly expands your business’s potential.
Professor of Management
Director, Center for Creativity & Innovation
Want to improve the way you run your business? Entrepreneurs, academics, and consultants from diverse industries offer practical advice on a variety of topics each business day.
To submit a tip for consideration, first check our archive of previous tips to make sure you're not repeating a tip someone has already contributed. Then send the tip to Small Business channel contributor Michelle Dammon Loyalka. Because of the volume of material she receives, she may not respond to each individual.