Wisdom of Firms versus Wisdom of Crowds
Assist. Prof. Dr. Serkan GÜNES

Abstract
As firms desire to stay competitive, many of them have recently opened their innovation to tap into external sources (mostly consumers) and to export ideas for the sake of raise in profits and talents. For this purpose, several open innovation models with impressive success stories have emerged. On the other hand, as open innovation promise benefits, the tools of open innovation are destructive if they are not also used to support internal sources as industrial design and overall strategic goal. This study aim to provide first, a critical review of the rudiments on open innovation models (connect & develop, co-creating value, global brain and crowdsourcing). Second, the main features of these models and their mechanism are compared with their similarities and differences. The paper ends with a discussion of the position of conventional industrial design practice in open innovation models and their possible side effects.

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