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Ideavibes London Crowdsourcing - Crowdfunding - Citizen Engagement Workshop

document Crowdfunding, Distributed Knowledge

Innovation and change through the crowd
Paul Dombowsky

Agenda / Highlights
11:00 - 11:30 11:30 - 11:40 11:40 - 11:45 11:45 - 12:50 Arrivals - Buffet Lunch - Networking Introductions / Thank You A word from our venue host - Tony Fish (AMF Ventures) Workshop - Paul Dombowsky from Ideavibes Highlights from the Crowdconvention Tony Dhillon from GrowVC - overview of one, practical example of crowdfunding Question & Answer Period Wrap-up

12:50 - 13:05
13:05 - 13:25 13:25 - 13:35

3

Thank you
Adam Cranfield - Consultant

Matt Ball – COO and Co-Founder

3

Our Venue Host
Tony Fish

3

Where does innovation happen?
• • • • • • • • Cities Neighbourhoods Government Depts. Small businesses Educational System Social System F1000 Companies Non-profits
2

Our Bias
We see the crowd as having the knowledge, the power, the desire, and the ability to help you make better decisions, solve problems, and fund change or innovation, if given the opportunity.

2

Overview

2

Crowdsourcing
Defined
An engagement process whereby organizations seek input from either open or closed communities of people, either homogenous or not, to contribute ideas, solutions, or support in an open process whereby the elements of creativity, competition and campaigning are reinforced through social media to come up with more powerful ideas or solutions than could be obtained through other means.

Why Bother?
Organizations have a difficult time engaging with their communities to strengthen their relationship and be citizen/crowd focused. Internal or external, the community has ideas that can be harnessed that come from diverse backgrounds, experiences and education.
7

Participation Happens – Civic or Brands
Millennials (born ’91 and after)

Gen Y (born ’81-’91) Gen X (born ’65-’80) Boomers (born ’46-’64)

Civics (born ’45 or earlier)
5

Who is your crowd?
The crowd you know
Supporters Prospects S/E Investors Mailing Lists Mailing List’s Network

The crowd you don’t know
Supporters’ Network
Prospects’ Network S/E’s Network

Social Media Makes the Connection
8

Who is your crowd?
CITY

Explicit Experts

Emergent Experts
Engagement Targets

(community leaders, front line stakeholders)

General Audience

6

Where Innovation / Crowdsourcing Fits
Open Space
How we gather

Open Innovation Crowdsourcing
Where ideas come from

Community

Social Media
How we talk

Leadership
How we inspire & enable

8

Two Sides of Crowdsourcing
Citizen Engagement
Community / Civic / National

Market Engagement
Customers / Prospects / Partners

3

Where the conversations are happening?
Official & Unofficial
• • • • • • • • • • • Google Groups Wiki’s User Groups Podcasts Blogs User Voice Epinions Cnet Reviewsarena Buzzillions Tribe Smart
Why not tap into the conversations that are already happening?

Get the crowd working for you.

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The Promise of Web2.0
• Web 2.0 is about 2 way conversations
Web based services and communities characterised by participation, collaboration and sharing of information among users online.   Web2.0 applications include wikis, crowdsourcing, blogs and social networking sites which encourage user-generated content (USG) and social interaction online.

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Citizen Engagement

2

I have a challenge
• Land use determination – who drives the agenda and the conversation? • Two approaches
• Opportunity driven • Innovation driven

• The difference lies in where the ideas come from
• From the user or the customer • From the supplier
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I have a challenge
Opportunity Driven (supplier)
City releases RFI Selection Developers Respond
Developers invited to respond to specific RFP Crowdsourcing used to generate ideas

Innovation Driven (customer)
City Posts Challenge

Study

Short list
Feasibility Review takes place Crowd determines their preference

Consultation

19

Citizen Engagement in Web 2.0 for London 2.0
• There are many one way conversations happening: • Blogs
• • • • • • • • Square Mile Blogger Londoniscool London Underground Tube Diary Dave Hill’s Politics Blog London Standard Telegraph Blog Dial-Eye-Lama Editorial Intelligence

Driven by Social Media Platforms

• Podcasts

• Make no mistake – your citizens want to be involved in transforming the City of today to City 2.0. • Where is the engagement? Where is the innovation happening?

4

Government as a Platform
• Ideas and information produced by and on behalf of the citizen or the crowd • Crowd is empowered to spark the innovation that will result in an improved approach to governance • Move away from ‘Vending Machine Government’

Pay Taxes

Expect Services

Repeat

• Responsibility is shared between citizens and staff

20

NYC Example
NYC Citizen Engagement Program

12

SF Example
San Francisco Engage4change Citizen Engagement Program (2 weeks)
• • • • No. of Engagements = 2252 Referrals = 64% from Twitter Cost = 500 ice cream cones ($1,000) Humphry Slocombe’s Crowd = 320,000 twitter followers and Facebook Friends

13

Market Engagement

2

What is Social Product Management?
The opening up of innovation to internal and external input for the development of products in various stages of the product development lifecycle. Crowdsourcing can be part of an open innovation or social product management strategy.

5

Product Management Lifecycle
Crowdsource Option: features & functionality Capture new customers with options & features they are looking for.

Vision/Need

Define Customer

Define Product

Develop Product

Test Product

Deliver Product

Refine Product

Socializing requirements and prioritization gathering improves decision making

Crowdsource Testing – early adopters reward

6

How Product Development Used to Happen

9

Social Product Development/Open Innovation

10

Build a Social Product Strategy
• Reach customers & prospects where they live – join in the conversations that are happening already • Capitalize on valuable customer and prospect insight • Develop a culture of collaboration • Implement the right social technology to get the job done • Communicate results and intentions and be open as possible • Let conversations happen in the open • Be crowd friendly on an ongoing basis

22

Sources of Innovation
Internal R&D Other internal team members Customers

Does participation require a reward? Do people contribute for the good of the brands they like? How do you democratize the input?

Sources of Innovation
Prospects Experts

Suppliers

Partners

11

Innovation: Crowdsourcing vs The Survey
Crowdsourcing Surveys

• Lends itself to diversity of participation • Fewer barriers to participation • Drives innovation – new ideas from left field that have merit • Easy to interpret – the crowd generally makes things clear • Comments are focused

• Great for solidifying preconceived ideas or directions • Hidden • Requires interpretation which is open to biases by reviewers • Doesn’t encourage creativity

9

Product Development - Branded
IdeaStorm was created to give a direct voice to Dell’s customers and an avenue to have online “brainstorm” sessions to allow them to share ideas and collaborate with one another and Dell. Their goal through IdeaStorm is to hear what new products or services you’d like to see Dell develop. In almost three years, IdeaStorm has crossed the 10,000 idea mark and implemented nearly 400 ideas!

14

Product Development - Inventions
Quirky is an all in one product development shop for inventors.

15

Conference Agenda
Ignite uses crowdsourcing for the source and crowd directed agenda at an upcoming event.

16

Where does trust sit?
According to Forrester Research (2010), 71% of people say they trust the opinions of family, friends and colleagues as a source of information on products and services. Their crowd or tribe.

7

It all starts with a Question or Problem
• Needs to be:
– Clear and compelling – Not leading – Allow for open innovation – Encourage participation – Allow for outliers to feel comfortable

17

The Appeal
• Crowdsourcing surfaces new perspectives • Invites participation from nontraditional sources • Infuses real energy into the process of generating ideas and content • Empowers people when they feel their voice is being heard • Technology can enable participation by disenfranchised (ie. PCs in libraries/shelters with citizen engagement campaigns) • Builds engagement and relationships with new audiences
10

Crowdsourcing Pros and Cons
PROS
• Reduced time to market • Reduced risk due to early customer input • Increased customer lifecycle value • Broader source of innovation • Strengthened brand through participation • Organizations can’t have all the brightest people on staff • Ideas don’t have to be discovered by internal R&D teams to be capitalized upon • Benefits from varied experiences
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CONS
• Less control • Needed trust not easily come by in some organizations • Requires community management • Suffers if crowd is too narrow • Disruptive to traditional timelines for product roll outs • First attempt is risky until you understand your crowd • Need to know your target audience

Things to Watch For
• Excessive lobbying and promotion • Narrow crowds product narrow results • No follow-through causes creditability hit • If you say you are generating solutions for X, communicate what happened and why • Broad ideation campaign descriptions will result in less focused results BUT too narrow will restrict creativity • Dismissing ideas that seem far fetched • Ideation often requires refinement – understanding what your crowd is saying by ‘x’
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What is Crowdfunding?
Crowdfunding (sometimes called crowd financing, crowd sourced capital, or street performer protocol) describes the collective cooperation, attention and trust by people who network and pool their money and other resources together, usually via the Internet, to support efforts initiated by other people or organizations. Crowdfunding occurs for any variety of purposes, from disaster relief to citizen journalism to artists seeking support from fans, to political campaigns, to funding a startup company or small business[1] or creating free software.

21

Motivating Funding
• Percentage of Ownership (regulatory backwater in most countries) • Percentage of profits • Rewards (points or the CD / Movie) • Tax receipt

11

Models
• The Arts
• Kickstarter • IndieGoGo

• Charities
• Fundchange • Crowdrise

• Start-ups
• Peerbackers • GrowVC

• Lending – Charities
• Kiva

• Crowdforce
• Ceedme • RocketHub • Fundedbyme

11

Example - Kickstarter

11

Example - Fundchange

11

Examples: Profunder (US only)
Funding source for entrepreneurs Revenue Share Debt Equity

11

The Appeal
• Uses social media to get the word out • Taps into your crowd and your crowd’s crowd

10

Benefits & Challenges
• It’s social – the crowd promotes projects it likes
• It’s social – the crowd won’t promote projects that aren’t shareable

• Success comes to those that actively build a crowd
• A challenge for organizations new to social media

• It’s the free market at work
• It’s the free market at work

• Build stickiness to the project
• Need to pay attention to write-up to inspire funders

12

Integrating Crowdfunding into Your Organization
Things to keep in mind:
• • • • Crowdfunding success comes quickest to organizations that are social – media-aware and engaged. If your organization is not yet social mediaenabled, it will take time and human and financial resources to do so. Because your efforts are only as good as the crowd you are able to mobilize to your cause, it makes sense that your organization strategically manages and promotes its brand online. Make sure your target audience is online and will give online If you opt to post your projects on established crowdfunding sites, do your homework – be careful of the company you keep.

13

How an Engagement Platform Works

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A Platform Could Help

2

Ideavibes Citizen Engagement Platform
• • • • • • • • Easy to set-up and deploy Able to run multiple campaigns at once Can run Crowdsourcing and Crowdfunding Campaigns Build stickiness and community around those that engage (sign-in and see past votes, comments, ideas) Hosted solution (in Canada) Able to be implemented on existing website or set-up in new, destination site Social Media connected One of few sub $1000/month solutions

21

How Does Ideavibes Compare?
• Enterprise Collaboration or Idea Management
– Large – multi-functioning platforms for Idea Management – Integrated into change management and process improvement lifecycles – Chaordix, Bright Idea, etc.

• Middle-tier Focused Crowdsourcing Apps
– – – – – Purpose-built customizable apps focused on crowdsourcing Narrow or wide focus Multiple crowdsourcing and crowdfunding campaigns Ideavibes, Spigit Note – Ideavibes is only white label crowdfunding platform available

• Ad-hoc website or Social Media widgets
– Developed by web teams with basic functionality – Functionality as opposed to business process driven
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Thank you
Paul Dombowsky | 613.878.1681 | paul@ideavibes.com

www.ideavibes.com

Confidential

Grow VC Everyone Funding Startups

June 1, 2011

Everyone funding startups

Confidential

Vision
The next Silicon Valley is not a location, it is a platform and community on the Internet
Everyone funding startups

Confidential

Mission
Provide the platform, service tool kit and partner network for the Virtual Silicon Valley
Everyone funding startups

Confidential

Investment models
1. Community Fund 2. Private Investment 3. Work Investment

56

www.growvc.com

Everyone funding startups

WE HAVE A DREAM: more equal opportunities, where entrepreneurs and ordinary people unite to accelerate innovation

Confidential

Everyone funding startups

Confidential

How to democratize startup investments: examples
 A company like Facebook
 A company collects totally $20M and achieves $10B valuation  If the company has 20 equal investors, each of them invested $1M and gets $500M in the exit  If the company has 100,000 investors, each of them invested $200 and gets $100,000 in the exit

 A more typical startup
 A company collects totally $3M and achieves $100M valuation  If the company has 3 equal investors, each of them invested $1M and gets $33M in the exit  If the company has 10,000 investors, each of them invested $300 and gets $10,000 in the exit

Which model has greater influence on people, business and economy
58
www.growvc.com Everyone funding startups

Confidential

global transparent open collaborative efficient

Everyone funding startups

Confidential

1. P2P and Crowd-funding
via Community Fund investments

Everyone funding startups

Confidential

2. Match-making and negotiation tools

for Private investments

Everyone funding startups

Confidential

3. Reward professionals
Work investment scheme

Everyone funding startups

Confidential

Browse investments when you have time

63

www.growvc.com

Everyone funding startups

Confidential

The Grow VC platform enables many models, example
Investment decisions: •Community •Co-investors have automated model with veto right

Community Fund Micro-investments Private investments Co-investors

•Direct investments •Community micro-investments •Support for investment process and materials

Start-up XXX Start-up YYY Start-up ZZZ

Investment process: Managed by community 64
www.growvc.com Everyone funding startups

Confidential

Initial growth: customer adoption
 The first full service was launched on February 15, 2010  Statistics on April15, 2011:  Registered users: 8,256  Startups, total: 1,986  Startups, open funding round: 98  Total available capital: USD 16,668,175  Total requested capital: USD 20,021,502  Average monthly growth: over 400 new members a month

65

www.growvc.com

Everyone funding startups

Confidential

First local services: India and China

Top level local local teams: including VC and finance professionals, serial-entrepreneurs. Localized for the local needs and ecosystem.
66
www.growvc.com Everyone funding startups

Confidential

Tony Dhillon
Head of European Operations tony@growvc.com Tel (UK): +44 7961 848 586 Skype: tony.dhillon10 - Twitter:@tdhillon10

www.growvc.com Twitter: @growvc

Everyone funding startups

Summary Presentation given at Innovation Warehouse on June 20/11 focused on crowdsourcing and crowdfunding for start-ups, non-profits, charities, cities, etc.

Description When integrating crowdfunding into your organization:

Crowdfunding success comes quickest to organizations that are social –media-aware and engaged. If your organization is not yet social media-enabled, it will take time and human and financial resources to do so.

Because your efforts are only as good as the crowd you are able to mobilize to your cause, it makes sense that your organization strategically manages and promotes its brand online.

Make sure your target audience is online and will give online

In posting your projects on established crowdfunding sites, do your homework – be careful of the company you keep.

Tags: citizen engagement, crowd engagement, Crowdfunding, Crowdsourcing, growvc, Innovation, innovation warehouse, london startup, Open Government

Posted by Sebastian Blanca

Jun 20, 2011 04:28 pm GMT Viewed 2082 times

Author: Paul Dombowsky Source

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