Crowdfunding and Open Innovation Together: A Conceptual Framework of a Hybrid Crowd Innovation Model

Abstract

Crowdfunding and open innovation make great contributions to the entrepreneurship and innovation ecosystem. In this study, we conduct exploratory research to put forward the mechanisms that are developed to benefit from crowds to carry out innovative projects in the context of open innovation and crowdfunding. Our main research problem is whether there is a digital platform that enables both knowledge/technology transfer and project collaboration of entrepreneurs and enterprises on project/idea development. We observe that a hybrid crowd innovation model is needed to create various collaboration and innovation opportunities between entrepreneurs, SMEs, start-ups and corporate enterprises. In this context, we put forth a conceptual framework to show that greater opportunities will emerge in the field of entrepreneurship and innovation if crowdfunding and open innovation hybridize. The main purpose of this study is to propose a conceptual framework within this scope and then to verify the framework by creating a model as a future study.