Lean start-up companies by means of crowdsourcing

Abstract

Lean start-up approach provides both small and larger companies a novel, important and useful way to organize their business development, while reducing related high risks. Traditional start-ups face a multitude of significant challenges and risks. A study by Ghosh showed that as many as 75% of all start-ups fail. Earlier research has preliminarily demonstrated that crowdsourcing has the potential to reduce the risks of failure of start-ups, as well as overcome some of the inherent challenges lean start-ups face. We argue that crowdsourcing can significantly improve the leanness and agility of start-ups’ business functions.

Keywords

• lean start-up
• crowdsourcing
• innovation
• open innovation .