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USING CROWDFUNDING AS PART OF THE PRODUCT DEVELOPMENT PROCESS

Part of: Design Innovation, Information and Knowledge

Published online by Cambridge University Press:  11 June 2020

H. Forbes ,
J. Han  and
D. Schaefer
H. Forbes*
Affiliation:
University of Liverpool, United Kingdom
J. Han
Affiliation:
University of Liverpool, United Kingdom
D. Schaefer
Affiliation:
University of Liverpool, United Kingdom
*
*hannah.forbes@liverpool.ac.uk

Abstract

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Crowdfunding is the process of taking a project in need of investment and asking a large group of people to supply the investment. It allows organisations to sell their product before production, reducing the risk of new product development. Organisations such as Tesla and General Electric have used crowdfunding successfully but crowdfunding is yet to be explored as part of a formalised product development framework. This paper includes the business case for commercialising new products with crowdfunding and presents crowdfunding as part of a product development and commercialisation framework.

Keywords

crowdfundingcrowdsourcingproduct developmentopen innovationbusiness models
Type
Article
Information
Proceedings of the Design Society: DESIGN Conference , Volume 1 , May 2020 , pp. 1245 - 1254
Creative Commons
Creative Common License - CCCreative Common License - BYCreative Common License - NCCreative Common License - ND
This is an Open Access article, distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives licence (http://creativecommons.org/licenses/by-nc-nd/4.0/), which permits non-commercial re-use, distribution, and reproduction in any medium, provided the original work is unaltered and is properly cited. The written permission of Cambridge University Press must be obtained for commercial re-use or in order to create a derivative work.
Copyright
The Author(s), 2020. Published by Cambridge University Press

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