Authors: Kalinga Jagoda; Bharat Maheshwari; Daniel Roy
Addresses: Bissett School of Business, Mount Royal University, Calgary AB T3E 6K6, Canada ' Odette School of Business, University of Windsor, Windsor On N9B 3W9, Canada ' Bissett School of Business, Mount Royal University, Calgary AB T3E 6K6, Canada
Abstract: Small businesses face several difficulties in raising money for financing their new product development (NPD) efforts. This paper, through a case study, explores and examines the process of using crowd sourcing for financing NPD projects. We analyse the innovative steps taken by a small business to formulate and execute a successful crowd funding campaign. Crowd funding illustrated in this case as a NPD funding approach is a derivative of crowd sourcing. This approach if run successfully, can provide small businesses not only a chance to both display their ideas to their customers and supporters but also receive financial support from them for NPD through small contributions.
Keywords: crowd sourcing; new product development; NPD finance; mini war gaming; case study; NPD funding; financial support.
International Journal of Technology Marketing, 2013 Vol.8 No.4, pp.395 - 410
Available online: 06 Sep 2013 *Full-text access for editors Access for subscribers Purchase this article Comment on this article