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Crowdsourcing Business Ideas: How to Do It

When you think of crowdsourcing, the first thing that probably comes to mind is fundraising — dozens (or hundreds) of individuals pooling together small amounts of money that add up to a big payoff for the business or organization. But crowds can offer another valuable resource: innovation. Small businesses that crowdsource ideas and solutions through contests, consumer voting and other online interactions can stretch their limited resources and get the results they want quickly, efficiently and affordably.

“The beautiful thing about crowdsourcing is that it’s usually low risk,” said Griff Hanning, founder of socially minded crowd-publishing platform, CausePub. “It costs next to nothing to figure out if your ideas are worth pursuing or need changing. Figuring this out early in the game could save you thousands of dollars later on.” 

What can the crowd do for your business? Here are some of the benefits of offering an open invitation to innovate, and a few tips to keep in mind for crowdsourcing success.

Read the full article, including thoughts from Vision Critical’s Stephen Benson, on Fox Small Business Center