Project description
Crowdsourcing for innovative ideas
Markets are growing and mutating so rapidly that advanced methods currently in use are not always as quick to adapt. At the same time, companies are searching for innovative ideas as well as products to rise above the competition. Crowdsourcing services permit companies to gather information from customers and then carry out the work faster than a single employee. The EU-funded PhantoMinds project proposes a crowdsourcing platform that offers SMEs and large companies a new approach for open, digital and interactive advanced procedures. The platform will support SMEs to use views, abilities and knowledge from the creative community, experts and clients to produce and develop innovative ideas.
Objective
"70-90 percent innovatin flops- The avoidable bad investments of 10 billion euros a year! This is highly related by the
innovation methods in use which are not able to deal with the fast-changing markets nowadays. In the innovation race
between countries and companies, the biggest challenge for companies is to build and identify executable ideas and
innovations, especially ideas and new products their customers want and buy.
PHANTOMINDS is a start-up from Hamburg, which was founded with the goal to become the No. 1 crowdsourcing provider
for collaborative innovation development in Europe. We focus on the needs of companies to respond more flexibly and
quickly to changing markets and conditions. PhantoMinds offers companies an open, digital and iterative innovation process
via a crowdsourcing approach to SMEs and large companies. By doing so, PhantoMinds enables SMEs to use the
crowdsourcing community platform to develop ideas and innovations by using the perspectives, expertise and knowledge
from the creative community and/or in combination with external experts and the company’s clients.We have already
designed and implemented a new module as a ""big data"" solution named ""open innovator/lead user internet screening for
companies"" on twitter, facebook and linkedin.
The key market of our solution is the market for Innovation Management. This market with a volume of 379 M€ in 2017 is developing extremely rapid with a CAGR (2017-2022) of 29%. Our goal is to achieve a mar-ket share of approximately 10% in Europe within the next 5 years, which is about 8,7M€."
Fields of science
Programme(s)
Funding Scheme
SME-1 - SME instrument phase 1Coordinator
20457 Hamburg
Germany
The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.