Harnessing the Power of Crowdsourcing while
Open innovation and crowdsourcing provide an excellent business model for driving innovation in certain circumstances. The right approach will allow your business to maximize the potential of new products, services, or ideas while limiting the potential downside for your business.
Many companies today choose not to spend the massive amounts of time and resources needed to do their own in-house research and development. By allowing outside individuals to take on these tasks, in exchange for either a set compensation or a portion of the future profits, everyone wins. This type of business practice, however, does introduce a number of potential legal challenges that need to be addressed.
Our open innovation practice will help you draft contracts, create licensing agreements, establish joint ventures, and review any other work that needs to be done in order to minimize the risk for everyone involved. Attorney Chris Clark is the co-founder of sendinthecrowd.com, which is a blog about open innovation and crowdsourcing. If your business uses open innovation or crowdsourcing, please contact us to learn more about how we can provide you with the legal protections you need.