Analysis of a Firm

Topics: Kleiner Perkins Caufield & Byers Pages: 3 (861 words) Published: February 25, 2013
We make invention accessible.

* Quirky – Brain Child of Ben Kaufman a Social Entrepreneur. Quirky is a platform for product ideas that are not generated as part of formal Business and Technology incubation process. But it is a platform where anyone can present his/her idea by paying consideration of USD 10. Basically many people get ideas while actually delivering the tasks and Quirky brings such people together. * It uses crowdsourcing to develop the product, by engaging participants in collaborating on every aspect of product creation – from ideation, design, naming, manufacturing, marketing, to sales. It’s sort of similar a social network for product development. * What is crowdsourcing? Crowdsourcing is a process that involves outsourcing tasks to a distributed group of people. This process can occur both online and offline.[1] The difference between crowdsourcing and ordinary outsourcing is that a task or problem is outsourced to an undefined public rather than a specific body, such as paid employees. * How does Quirky work?

Here’s how it works. Quirky lets users submit their product idea for $10. Users can also vote, rate, and influence other people’s product ideas. Every week users can post ideas on quirky to be rated by the quirky community. After a seven day evaluation period, the Quirky community chooses one product from the pool of submitted ideas to move forward through the process. Quirky’s community engages and contributes to every part of the product’s development, weighing in on everything from naming to logo selection to packaging. The part of the process is to encourage feedback from Quirky members to improve the product. They call it “community curation”. It’s a great idea especially if it leads to better products. Taking it further, Quirky has this notion of influence. You earn influence by submitting ideas or commenting on products, and influence converts into a proportion of the profit from those objects that you...
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