Open innovation in crowdfunding context: Diversity, knowledge, and networks

Abstract

Open innovation is an essential phenomenon in the crowdfunding context. This conceptual piece tends to offer an integrative discussion of three important mechanisms upon which stakeholders of a crowdfunding platform conduct open innovation and value co-creation in crowdfunding sites. These mechanisms include: diversity, knowing, and networking. We argued that: 1. diverse demographic attributes facilitate multiple-party value co-creation; 2. knowledge of platform stakeholders improves quality of ideas; 3. networking positively impacts on open innovation performance. With such discussions, a theoretical foundation for future research is built and more research issues are stimulated.