Idea Crowdsourcing

Idea Crowdsourcing Success Stories [2024]

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Updated: September 6th, 2024

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.

In this list, you'll find real-world idea crowdsourcing success stories and very profitable examples of starting a idea crowdsourcing that makes money.

1. Idea Drop ($2.4M/year)

Charlie de Rusett, CEO and Founder of Idea Drop, came up with the idea for the business while running his previous company, Yellowball. He realized that there was a lack of user-friendly software for capturing and implementing ideas within teams, so he decided to build his own web-based prototype. After seeing the positive impact of the ideas generated within his own team, Charlie saw the potential for Idea Drop to revolutionize idea management for businesses of all sizes and sectors.

How much money it makes: $2.4M/year
How much did it cost to start: $50K
How many people on the team: 25

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.

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