Five finalists were selected from more than 500 submissions and Hasbro will give $10,000 to the submitter of the winning idea. Additionally, the winner gets a trip to Hasbro's headquarters in Pawtucket, R.I. to meet with its game development team to help make the party game a reality.
"They were blown away by quantity and quality of the ideas they got," McClain said.
For example, one of the finalists was the creator of a card game called Irresponsibility.
Hasbro launched an Indiegogo campaign to find its next big party board game; of five finalists, the most popular idea to date has been a card game called Irresponsibility.
Not only did the card game resonate with Hasbro, consumers donated more than $10,000 toward its development through the Indiegogo campaign.
Erlick said that because many corporate R&D projects are so new, they go outside a corporation's normal process for mass-producing a product.
"So they're looking to get the same insights and even, in some cases, more insights than an entrepreneur would get by using Indiegogo as a platform," Erlick said.
Another problem crowdsourcing campaigns can solve is how to market a product, Erlick said. The traditional method has been to perform big data analyses or put together focus groups and ask them questions to understand what they think about a proposed product. But, those methods are all theoretical, Erlick explained, whereas crowdfunding is actual data gleaned from consumers who not only offer their insights but put their money where their collective mouths are to buy a pre-prodution product.
"It changes the whole, entire model, by saying, now, you can get after these early adopter people that want your product," Erlick said. "You can gain their insights, and you know that once you do spend the millions of dollars for tooling, and mass production, and distributing to retail, you are going to have that customer base already built in. It almost pays for itself."
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