Idea Crowdsourcing

Business Idea: Start An Idea Crowdsourcing in 2024

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Updated: September 18th, 2024

Monthly Revenue

$200K

Have a game-changing idea but lack the manpower to bring it to life? Idea crowdsourcing might be the business venture you need. Essentially, idea crowdsourcing connects problem-solvers with those seeking innovative solutions, leveraging the collective intelligence of a crowd to drive creativity and problem-solving.

This business revolves around creating a platform where companies post challenges and individuals or teams submit their ideas in response. You facilitate the process and earn money through platform fees or success-based commissions. It's not just about generating ideas but about bringing diverse perspectives together to solve real-world problems and stimulate innovation.

Starting an idea crowdsourcing business involves setting up the platform, recruiting both companies and problem-solvers, and maintaining a robust system for evaluating and rewarding contributions. It’s a model that provides mutual benefits—businesses get fresh ideas, and solvers can earn rewards and recognition. It's a compelling venture for those passionate about innovation and community-building.

Examples Of Successful Idea Crowdsourcings

Successful idea crowdsourcing businesses and case studies

How We Designed A $200K/Month Idea Management Software

UK-based Idea Drop is a software-as-a-service (SAAS) allowing businesses to identify, refine and execute innovative ideas through its platform, which is already being used by MT, Ericsson, and the Kent Police Force, offering a public challenge facility allowing clients to crowdsource ideas, with one Covea idea implemented via the platform estimated to save the company £2.5m over five years.

$200K Monthly Revenue

$50K Startup Costs

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