LEGO

Involving the Crowd in Product Development

Even before the term was coined in Wired Magazine in 2006, crowdsourcing was utilized as a way to accomplish goals. The strategy had been used for several hundred years before it was officially given a name, but since being named, crowdsourcing has grown into a huge field, spawning subdivisions of the strategy and being used for a multitude of purposes. Wikipedia is one of the most recognizable and mainstream instances of crowdsourcing, designed to elicit and compile knowledge from the masses. Crowdsourcing has been used in real time to track public transportation and traffic updates with various apps.

From Bankruptcy to Industry Leading Success – The LEGO Story

LEGO has earned the right to celebrate. Not only are kids playing with more mini LEGO people than there are human beings on the planet (Delingpole J, 2009) but in 2015, they were nominated by Forbes as the most powerful brand in the world. For a company which was on the brink of bankruptcy in 2004, the toy maker has made an amazing turnaround. They restructured, hired a new CEO, and forged more licensing partnerships than ever before. Most importantly, they discovered the secret to some of the world’s most successful, low risk innovation strategies.