Cornelius Vanderbilt wrote:Dear Entrepreneur, Every successful business
(1) creates or provides something of value that,
(2) other people want or need,
(3) at a price they're willing to pay, in a way that
(4) satisfies the purchaser's needs and expectations and
(5) provides the business sufficient revenue to make it worthwhile for the owners to continue operation.
Innovator/Investor/Producer/Marketer/Customer. A person can be one or all of them.
User innovationCrowdsourcingCrowdfundingFreelancerGroup buyingVirtual customer environmentOne big problem is coordinating collaboration and participation.Such a setup might not be practical for mainstream markets or for making a profit but it is suitable for niche markets and personalized/customized products.
If the product can meet or exceed the specifications of the customers and can be produced within the collective cost(time,skills and money), the project can be wound up after delivery and if the product gains a following it can turn into a business.