How GE Plans to Act Like a Startup and Crowdsource Breakthrough Ideas
April 11, 2014 By Liz Stinson
ABSTRACT:
It was a triumph of crowdsourcing—for a nominal price, GE used the knowledge of someone they would have never otherwise met to innovate its way out a design problem. It was also a proof of concept for the engineering behemoth’s new innovation strategy. Under Immelt, GE has invested a sizable chunk of its annual $6 billion R&D funds into taking advantage of a simple, internet-enabled truth: Now, more than ever, it’s possible to connect with people around the world, so why not take advantage of that to solve some engineering problems?
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