Credition in Business – Innovations with Crowdbusiness

Abstract

It is obvious that all kind of businesses need innovations, as the lifetime of new products or services is steadily becoming shorter and increased competition forces companies to surprise their customers with new products or services more frequently. Innovation management aims to systematically implement innovation in organizations. More specifically, innovation management focuses on how to derive profitable products and services from creative outputs within an organization. The underlying decision-making processes which lead to successful innovations are significantly influenced by beliefs. Most businesses, ranging from start-ups to established organizations, believe that they are making rational decisions. However, the decisions made within an innovation management processes are often based on a subjective assessment of different indicators including gut feeling s and beliefs. Using digital technology allows for the assessment of the beliefs of many people, and the so-called “wisdom of the crowds” supports decision-making in innovation management. This chapter takes a closer look at how to increase transparency and democratization of beliefs that influence decision-making processes within the field of innovation management by systematically taking into account the concept of credition.