Contemporary Issues in Entrepreneurship and Innovation: Assignment 2B

This assignment response addresses questions related to crowdsourcing and crowdfunding platforms, focusing on the websites Innocentive and Experiment. The student analyzes how these platforms utilize the crowd for sourcing innovative ideas and securing funding for scientific research. The response differentiates between crowdsourcing and crowdfunding, using eBay as an example. The assignment also includes a citation using the Swinburne Harvard style and constructs open-ended questions about the reading material, exploring themes of capital growth, funding plans, market effectiveness, and the importance of innovation in the Australian market. The student provides detailed explanations to each of their questions, demonstrating an understanding of the concepts.

Running head: QUESTION ANSWER
QUESTION ANSWER
Name of the University:
Name of the Student:
Author Note:

1QUESTION ANSWER
1. Choose one of the eight websites and cite it.
The first website that is chosen is the official website of “Innocentive”, and the official
website of “experiment”.
InnoCentive. (2020). Home -- InnoCentive. [online] Available at:
https://www.innocentive.com/ [Accessed 10 Jan. 2020].
Experiment - Moving Science Forward. (2020). Crowdfunding Platform for Scientific
Research. [online] Available at: https://experiment.com/ [Accessed 10 Jan. 2020].
2. Which websites use the crowd to source and what are they sourcing?
Innocentive uses the crowd sourcing attribute, and their product is providing aspect of
innovation or innovative ideas to the organizations. The innocentive provides
organizations, who pro- actively incorporates innovation into their conducts with ideas
and thus, they help the organizations to solve their technical and business related and
science related problems, as well as provide the small business organizations an open
forum where they can join together and introduce themselves to the world and get
connected with the open market. The organization searches for problem solvers, and
these problem solvers essentially belong from the industry, but at the same time they can
be form outside the industry as well, and according to the founding member, the people
outside of the industry can come up with more fresh and innovative ideas.
3. Which websites use the crowd to fund and how are they seeking funding?
Experiment is using the crowd finding aspect. Experiment is an online platform which
welcomes and requests for sources for discovering and researching, and further sharing

2QUESTION ANSWER
these scientific researches. The organization or the start- up is rather new in orientation,
and it is consisted of a team of scientists and technologists and designers. They are
essentially the aspirant students of science backgrounds, who want to approach the world
and nature and its mysteries in a different approach. They believe in everyday discovery,
and the mission of the organization is to democratize science, by providing opportunities
to the passionate scientists, whose talents are hidden or have remained unacknowledged.
The organization invites a number of other institutions and organizations to join them and
help them with the funding process, and a number of organizations have come forward.
For example, Backers help directly with the funding projects. Therefore, the Experiment
is a funding platform, generating funds and providing them to the students and the
scientists.
4. If I put something for sale on eBay, am I crowd funding or crowd sourcing? Explain your
reasoning for your answer.
If I put something on the eBay to sale, it is of course Crowdsourcing. I am putting up a
product and asking for people who are interested or might get interested, to come up, and
claim it with a price. Therefore, it is crowdsourcing. I am enlisting a product or a number
of products, and thereupon asking for payment only if one is willing to buy these
products, therefore, the act of selling something in eBay is essentially crowdsourcing.
5. How many words is your response?
The above response is of 139 words.
Module- 4:

3QUESTION ANSWER
1. Cite the reading using the Swinburne Harvard style.
swinburne.edu.au. 2020, Swinburne Harvard style guide | Referencing | Library | Swinburne
University | Melbourne, viewed 15 January, 2020,
<http://www.swinburne.edu.au/library/referencing/harvard-style-guide/>.
2. Which example did you follow to cite this reading?
I followed the Snooks and Co. 2002 style of reading.
3. Construct four open-ended questions about any of the important messages, themes,
concerns or features that stood out to you in the reading. Ensure to include answers
with an explanation for each of your questions.
The first question, considering the theme and the underlying messages of the projected book is,
What are the current status of growth of capital in the country regarding start- ups? - In order to
understand the rate of success and growth of a start- up, it is important to understand the current
growth of the considered industry. There are a number of factors that determine the growth of the
industry, therefore, before initiating the plan, the entrepreneurs must develop an understanding of
the growth factors of the industry.
The second question is, what are the future funding plans? – This is another important factor that
must be considered while developing a plan. All the entrepreneurs consider the current
investment plans, and therefore determine the aspects of funding if the initiative fails. However,
considering the funding factors even upon the success of the initiative, also must be reviewed
and understood.

4QUESTION ANSWER
A third question is, is the considered industry effective considering the current market of the
country? – It is important to know, if the considered industry chosen by the entrepreneurs will be
effective and fruitful for the same, considering the market trends. It is important, in order to
understand the growth prospective and the risks involved in the country.
The last question is, how important is innovation considering the market trend of Australia? –
There are 354,520 new businesses that had been introduced in the country in the last five years.
Therefore, if an entrepreneur is developing a new industry then it is important to include
innovation within the products and the services.

5QUESTION ANSWER
References:
Experiment - Moving Science Forward. (2020). Crowdfunding Platform for Scientific Research.
[online] Available at: https://experiment.com/ [Accessed 10 Jan. 2020].
InnoCentive. (2020). Home -- InnoCentive. [online] Available at: https://www.innocentive.com/
[Accessed 10 Jan. 2020].
startupaus.org. (2020). Crossroads: An action plan to develop a world-leading tech startup
ecosystem in Australia. [online] Available at: https://startupaus.org/document/crossroads-2017/
[Accessed 14 Jan. 2020].
swinburne.edu.au. 2020, Swinburne Harvard style guide | Referencing | Library | Swinburne
University | Melbourne, viewed 15 January, 2020,
<http://www.swinburne.edu.au/library/referencing/harvard-style-guide/>.