Product Development, Web 2.0 Style

First they transformed media. Now, blogs, YouTube-style video sites and other Web 2.0 technologies are poised to change the way products are designed and manufactured.

CrowdSpirit is a website that attempts to harness the "wisdom of crowds" to develop new consumer products. Through "crowdsourcing," site members can vote on concepts to develop, decide on specifications, and even select funding options. Members can also participate in testing, marketing and product support.

Currently, CrowdSpirit is focusing on consumer electronics in a price range below $200. The concept is in its infancy, with key strategies such as how to compensate members for their efforts still to be decided.

Source: Springwise