Crowd Sourcing and Innovation

Crowd sourcing has become one of the marketing industry buzz words over the past few years, but what exactly is meant by the term "crowd sourcing"? In layman's terms, crowd sourcing is the act of taking a job traditionally performed by a designated employee and out-sourcing it to a large group of people in the form of an "open call."

Many companies and organizations see crowd sourcing as problematic and as a poor source for innovation. A common view point is that if you share a problem with the masses, you will receive hundreds, maybe even thousands of responses, most of which are completely unusable and not applicable to the problem at hand. Granted, there may be a few innovative ideas that result, but it is extremely time consuming to extrapolate the most useful information and ideas from a true "open call."

So, if there's a chance that companies will receive unusable information and ideas, why would companies and corporations ever use crowd sourcing? The answer is quite simple. If done correctly and efficiently, crowd sourcing can be overwhelmingly successful.

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Volumetric Modeling - Impact on Innovation

Innovation is necessary in keeping up with current trends, developing new products, and staying ahead of the game. Innovation is not possible without first knowing what your market is and is not, and where it is and is not. Volumetric Modeling is being used to aid innovation by simulating real world consumer purchasing behavior. Volumetric research is usually carried out via surveys of customers and potential customers with the goal of finding out just how much , and how often they use a product or product genre, and how much they are willing to pay for it. Keeping up with current trends, volumetric research can easily and cost effectively be conducted through use of the Internet.

The goal with volumetric research is to identify the marketing variables in these realistic scenarios, and be able to identify which variable may be hindering the product. Using the research data, a company can determine whether their new innovative product is up to market standards. If it is not, volumetric research eases the process of innovation by taking the guesswork out what is hindering your product/service from potentially doing well in the market, even before market entry. Thus, this process saves costs down the road by making corrective action in development stages, as compared to after product placement.

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Harrison Hayes Creates Angel Fund to Invest in Emerging Life Science Firms

Based on our broad contacts throughout the life sciences industry, we have made the decision to put together an Angel Fund that will invest up to $250,000 per transaction in emerging life science technology companies. We will invest in firms whose technologies and products are applicable across a wide range of segments including human healthcare therapeutics and diagnostics/devices; health/wellness; agricultural biotechnology; material science and industrial biotechnology (biomaterials/bioprocesses).

We employ a flexible investment approach to working with management and vendors and aim to align interests to the benefit of all. In our deals, management will have a significant financial stake in the company.

Harrison Hayes' success is founded on building long-term relationships with entrepreneurs and portfolio companies. Over two decades of experience identifying, validating and backing emerging trends and technologies will provide our portfolio companies strategic advantages essential to success.

Please contact us at for an initial review. The further evaluation of the business proposals will be based on supporting technical materials such as an executive summary, business plan or investment memorandum.

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Challenges of Innovation: Disruptive, Revolutionary and Evolutionary New Offerings

While many pharmaceutical and medical device firms are faced with the challenge of filling their new product pipelines, internal obstacles within the company may prevent a consistent and organized culture for innovation.

In a recent study conducted by Harrison Hayes, we spoke to forty (40) "innovation thought leaders" from pharmaceutical and device companies. These individuals are generally recognized within their respective companies as the leaders of innovation and change. As a result of this survey, we uncovered several key hurdles.

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We Love Monocle!

If you have not checked out Monocle, a periodical self defined as a "Briefing on Global Affairs, Business, Culture and Design", you owe it to yourself to pick up a copy. This is a stylish, innovative magazine which is an insightful read to any student of global trendspotting.

Perhaps the best way to define Monocle is a visually stimulating "Economist" with style and global swagger. Check out the Table of Contents for the Upcoming September issue.

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