Utility of crowdsourcing for the evaluation of business ideas and their market potential in the context of creation of a business plan

Inhaltsverzeichnis (Table of Contents)

• Introduction
• Motivation
• Problem definition
• Research question and objectives
• Structure and methodology
• Framework and theoretical background
• Crowdsourcing
• Evolution
• Term and definition
• Concept
• Delimitation from other terms
• Open innovation
• Open source
• Process
• Motivation of the crowd
• Types
• Intermediaries platforms
• Company owned platforms
• Collective Knowledge
• Market places for own ideas
• Public initiatives
• Opportunities and Risks
• Opportunities
• Risks
• Interim summary
• Business plan
• Definition and purpose
• Evolution
• Structure and content
• Executive summary
• Business model
• Market and competitor analysis
• Objectives and strategies
• Service and product portfolio
• Marketing and distribution
• Management, Human Resources and organization
• Opportunities and risks
• Financial planning
• Consultants, guides and tools
• Critical review
• Interim summary
• Empirical Investigation
• Method of data collection
• Survey
• Design of survey
• Population and sample of the survey
• Execution of the survey
• Evaluation and presentation of data
• Interpretation and results
• Initial stages for implementation of crowdsourcing
• Utility of established provider
• Creating a new crowdsourcing platform

Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)

This Master's thesis critically examines the utility of crowdsourcing for evaluating business ideas and their market potential within the context of creating a business plan. The goal is to analyze the opportunities and risks of integrating crowdsourcing techniques into the business plan development process. This involves a detailed exploration of the theoretical foundations of both crowdsourcing and business plan creation, including their historical evolution and current practices.

• The evolution and application of crowdsourcing in various fields
• The benefits and limitations of crowdsourcing for evaluating business ideas
• The integration of crowdsourcing methodologies into business plan creation
• The critical analysis of established crowdsourcing platforms and their suitability for business plan development
• The potential for creating a new crowdsourcing platform tailored to the specific needs of business plan development

Zusammenfassung der Kapitel (Chapter Summaries)

• Introduction: This chapter sets the stage for the thesis, outlining the motivation behind the research, the problem definition, and the specific research question and objectives. It also provides a brief overview of the structure and methodology employed in the study.
• Framework and theoretical background: This chapter provides a comprehensive overview of the theoretical foundations of crowdsourcing and business plans. It examines the historical evolution, key definitions, and various types of crowdsourcing, alongside a detailed analysis of business plan structure, content, and purpose. Additionally, this chapter delves into the opportunities and risks associated with both crowdsourcing and business plan development.
• Empirical Investigation: This chapter presents the research methodology used to investigate the utility of crowdsourcing in the context of business plan development. It focuses on the design, execution, and evaluation of a survey conducted to gather empirical data on the subject. The analysis and interpretation of the gathered data are also discussed in this chapter.
• Initial stages for implementation of crowdsourcing: This chapter explores the practical implications of the findings from the empirical investigation. It examines the feasibility of utilizing existing crowdsourcing platforms for business plan development and explores the possibilities of creating a new platform tailored to this specific purpose.

Schlüsselwörter (Keywords)

The thesis focuses on key concepts like crowdsourcing, business plan development, market potential evaluation, and idea generation. It explores the theoretical foundations of both crowdsourcing and business planning, including their evolution, types, and practical applications. The research utilizes empirical data gathered through a survey to analyze the utility of crowdsourcing for business plan development. This includes analyzing the opportunities and risks associated with this approach, examining the feasibility of existing crowdsourcing platforms, and considering the development of a new platform tailored to business plan development.

What is Crowdsourcing?

Crowdsourcing is the process of using the collective intelligence and knowledge of a large group of people (the "crowd") to solve problems or evaluate ideas, often via the internet.

How does Crowdsourcing help in creating a business plan?

It can be used to evaluate the market potential of business ideas, gather diverse perspectives, and refine strategies through the collective judgment of independent individuals.

What is "The Wisdom of the Crowds"?

This phenomenon, described by James Surowiecki, suggests that large groups of people are often smarter and better at making decisions than individual experts due to statistical effects and diverse information.

What are some famous examples of Crowdsourcing?

Well-known examples include Wikipedia, the Firefox web browser, and the Linux operating system, all of which rely on collective participation.

What are the risks of using Crowdsourcing for business?

Risks include potential lack of quality control, intellectual property concerns, and the challenges of managing large amounts of distributed data.

What is an "audience joker" in this context?

The text uses the "Who wants to be a Millionaire?" audience joker as an analogy for Crowdsourcing, showing its high success rate (90%) compared to individual experts (54%).