Product Development, Web 2.0 Style
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.