Entrepreneurship and Innovation Assignment - University Name

This assignment solution delves into the concepts of entrepreneurship and innovation, addressing key questions related to crowdsourcing and crowdfunding. The solution analyzes several companies, including 99designs, Innocentive, Quirky, and others, to illustrate how they utilize crowdsourcing and crowdfunding models. It differentiates between crowdsourcing and crowdfunding, providing examples like posting advertisements on eBay. Furthermore, the solution includes answers to questions regarding the importance of capital for startups, current trends among Australian founders, and the significance of quality in the early stages of startups. The assignment also incorporates Harvard referencing, providing examples and citing sources like 99designs.com and Goodman & Paolacci (2017). The solution explores the Global Talent Scheme (GTS) and its importance for startups and provides word count details.

Running head: ENTREPRENEURSHIP AND INNOVATION
Entrepreneurship and Innovation
Name of the Student:
Name of the University:
Author note:

1ENTREPRENEURSHIP AND INNOVATION
Part 1:
Answer to Question1:
99designs.com. (2020). Logos, Web, Graphic Design & More. | 99designs. [online] 99designs.
Available at: https://99designs.com.au/ [Accessed 3 Jan. 2020].
Answer to Question 2: The companies who are using the crowdsourcing technology are:
Sl.
No.
Company Crowdsourcing
1 99designs Crowd sources design ideas form various
part of the world.
2 Innocentive Different innovation technologies.
3 Quirky Crowd sources products created by the
real people. The ideas created by the
individual is transformed into the reality
with the help of the website.
4 Threadless Crowd sources T-Designing with the
help of people all around the world.
These are trending all around the world
and the people can connect to the website
easily and provide their ideas.
5 Zooniverse Different ideas from the researchers with
the help of the practical experiences.
Answer to Question 3:
SL.
No.
Company Crowd-funding
1 P&G The funds are raised for the people in
need by posting advertisement on
internet and other social media platform.
2 Experiment Funds upcoming scientific researches
around the world. The scientific
researches around the world requires
enormous amount of funding which is
generated with the help of these websites.
3 Kickstarter Collects funds for the researches in all
fields starting from the science, arts,
commerce, humanity and many more.
Often the websites that are available
generates funds for the scientific

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researches only. This website provides
funds to all sorts of researches.
Answer to Question 4:
Whenever I post an advertisement on the e-bay application, I am doing a crowd sourcing.
This is because, I am trying to put the product on the website to sell it. I am providing all the
necessary information regarding the product on the website. The main idea of the crowdsourcing
is to provide information regarding a product to the consumer gains information from the internet
regarding the product. I am acting as the source of the crowd sourcing. The term crowd sourcing
is used by the people to make them aware of the facts related to any research or any product
(Goodman and Paolacci 2017). The concept of the crowd-funding is a completely different.
Crowd-funding is a mean by which the fund is raised regarding any project or research which is
not applicable over here (Kuppuswamy and Bayus 2017).
Answer to Question 5:
The number of words used for the purpose of this response is One Hundred and Thirty
One (131).

3ENTREPRENEURSHIP AND INNOVATION
Part 2:
Answer to question 1:
Gruszka, A. and McCauley, A. (2020). Crossroads 2020. [online] Crossroads 2020. Available at:
https://crossroads.startupaus.org/ [Accessed 3 Jan. 2020].
Answer to question 2:
The example that has been taken under consideration for the assignment is a Harvard
referencing example that is gathered from the online sources.
For example:
Goodman, J.K. and Paolacci, G., 2017. Crowdsourcing consumer research. Journal of Consumer
Research, 44(1), pp.196-210.
Here the authors name, the year of publishing the journal, the journal name, volume and
page number are aligned together in the line with appropriate punctuations. This format is known
as the Harvard referencing style and is used for citation of the article: Crossroads: An action plan
to develop a world-leading tech startup ecosystem in Australia (13.9 MB).
The tool used for the purpose of the citation is the ‘cite this for me’ application.
Answer to question number 3:
 What is the importance of the capital for a start-up company?
Ans.: For establishment of any business, capital is the main requirement. Without
investments in proper areas and departments, finance is required along with proper
planning. It is very difficult for the private companies to invest in the early stages of the

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investment. The early stage investment is often known as the seed capital and it is one of
the most important aspect of the start-up business.
 What is the trending amongst Australian founders at the present?
Ans.: The Australian founders at present are interested in re-investment in the start-up
business as they are extremely beneficial now a days. The profit gained by the start-up
organizations are often more. Thus investment in such companies is considered to be the
smart business investments by the founders.
 What is the importance of improving the quality in the initial days of the start-ups?
Ans.: The start-up companies are the companies that are established by the new
entrepreneur who have emerged in the industry. In Australia, the start-up companies are
increasing with leaps and bounds which has led to competition amongst themselves. In
this case, maintaining the quality of the product and the services helps in gaining trust of
the consumers. The more trust gained by the organization, the more is the chances of the
survival of the start-up company in that particular state or the country.
 Importance of the GTS for the Start-up companies?
Ans.: The GTS or the Global Talent Scheme was established such that talents from
around the world can be utilized by the company. It is a platform which is used for the
searching unique talents of an individual for the benefit of the organization.

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References:
99designs.com. (2020). Logos, Web, Graphic Design & More. | 99designs. [online] 99designs.
Available at: https://99designs.com.au/ [Accessed 3 Jan. 2020].
Goodman, J.K. and Paolacci, G., 2017. Crowdsourcing consumer research. Journal of Consumer
Research, 44(1), pp.196-210.
Gruszka, A. and McCauley, A. (2020). Crossroads 2020. [online] Crossroads 2020. Available at:
https://crossroads.startupaus.org/ [Accessed 3 Jan. 2020].
Kuppuswamy, V. and Bayus, B.L., 2017. Crowdfunding creative ideas: The dynamics of project
backers in Kickstarter. A shorter version of this paper is in" The Economics of Crowdfunding:
Startups, Portals, and Investor Behavior"-L. Hornuf and D. Cumming (eds.).