2,800 crowdsourcing and crowdfunding sites
Threadless has long been doing one-off Threadless Challenges for causes and brands, but it was having trouble keeping up with demand. So the company decided to build Atrium instead so that it could...
Yannig Roth writes in with advice for those looking to apply crowdsourcing to marketing -- a quickly-emerging field that sits somewhere between open innovation and creative crowdsourcing. His post explains what the crowdsourcing experience can look like, and shares some of the best practices to follow.
Crowdsourcing is clearly not going away. Any company that believes it can operate with a closed-walls philosophy is missing the point of social business. The crowd, or groups external to the firm, provide interesting, sometimes path-breaking, sometimes huge numbers of ideas, insights and solutions. Crowdsourcing is part of the future of making and selling things. No question.
Still, there are a couple of questions niggling away at the back of my mind. There are more than two but these two beg an answer.
The first is how do we improve crowdsourcing? We know it's better than relying solely on internal resources for a variety of tasks, from routine to innovatory, but if crowdsourcing is to become a fixed operational resource, a part of the furniture so to speak, then we need to know how to measure and improve the process. That's akin to saying how do we professionalise it.
The second question is where does it lead us to? CNN recently announced it will upgrade its iReport crowdsourced news services. The end result will be a social network for news, a community that simultaneously creates, distributes and consumes news. This makes perfect sense. We are already blurring the line between production, marketing and consumption but we need to think where this is headed in other segments of the market.
Open innovation is rapidly changing the way organizations tackle tough problems. Even the United States government loves open innovation, using its Challenge.gov platform to monitor pollution, improve employment opportunities for people with disabilities, and crowdsource a “next-generation” combat vehicle, among other initiatives.
ChallengePost, which runs Challenge.gov for the federal government in addition to software competitions for private companies, firmly believes that competition breeds innovation. We spoke with Brian Koles, business development manager at ChallengePost, who explained the myriad benefits of open innovation.
Here are three compelling reasons you should consider an Open Innovation approach to tackle your biggest algorithmic challenges.
In Chapter 9 of 13 in his 2012 Capture Your Flag interview, crowdfunding entrepreneur and IndieGoGo CEO Slava Rubin answers "What New Challenges Are You Facing as Your Company Grows?" He...
Thomas Vass of The Private Capital Market, a subscription-based crowdfunding website, writes in to discuss the nexus of financial and political interests between crowdfunders and regional economic development professionals, using the concept of innovation economics. In this first half of the article, Vass explains the concept of innovation economics, and how it has evolved.
The National Football League on Wednesday launched an open innovation challenge to make sports safer for athletes. With its Head Health Challenge, the sports league is soliciting proposals for breakthrough technology that helps identify, monitor, and protect against head trauma.
One of the first equity crowdfunding players on the scene in Finland, Invesdor has been around since 2012. The platform claims to have 60 percent of the equity crowdfunding market share in its country, and has attracted investors from 38 different countries en route to €2.6 million raised for 20 companies. Its success is not accidental — the platform has developed a number of features and processes to help entrepreneurs and investors connect as seamlessly as possible.
In our 5th December, 2010, article Crowdsourcing's Seven Deadly Sins, Carl provided a number of examples of where the results of crowdsourcing initiatives didn’t quite work out as hoped! Well, this time it's the Pepsi challenge!
Pepsi’s plan to Crowdsource the ad campaign for this years Superbowl was likely to win the equivalent of a crowdsourcing Oscar for imagination, ingenuity and out-right customer acquisition. However, one of the entries has caused massive controversy of blasphademic proportions!
In the first part of this article I described which types of crowdsourcing currently exist and the benefits of crowdsourcing. In part two, I now explore some of the drawbacks of crowdsourcing.
There are a number of key issues to consider when conducting a crowdsourcing project that have the potential to materially impact the outcome. The potential drawbacks of crowdsourcing often stem from the fact that in crowdsourcing initiatives, online volunteers instead of companies own staff members are executing the work. The use of ‘outside’ workers can present some challenges which I'm going to explore accross the following areas to highlight the potential drawbacks of working with crowds.
I have identified four different models of crowdsourcing activities: wisdom, creation, voting, and funding. There’s isn’t one best way to do it – and many organizations use a combination of these models to meet their objectives. Social media tools for engaging and capturing the work of crowds include: wikis, custom platforms or web sites that facilitate voting, rating, giving feedback, adding content, or funding. And, you can use social media tools such as Twitter, Facebook, Blogs, to support engaging crowds to participate in the activity.
Africa Unsigned , founded by Pim Betist, is a crowdfunding platform that aids local artists by taking on the challenge of music production and promotion. This is achieved once the targeted budget is reached through the small amounts of monies that are given by fans and supporters via the website’s platform. Betist previously founded Sellaband, a popular creative crowdfunding site that was the first to adopt a crowdfunding model to assist budding musicians.
The stock market-crash of 1929 and the Great Depression that followed really messed it up for crowdfunding, imposing restrictions that 82 years later would make it really difficult to use the social network for raising money for start-ups. So, we are now all connected via social networks – we like the idea of funding our favorite causes and we are happy to freely donate some of our money without an expected return – we also feel good about helping to fund a small business entrepreneur buy a tractor and retire the mules, all we expect is a reasonable rate of interest. We see another good business idea and for a small investment we get a cut of the revenue generated. But, why can’t we invest in a start-up venture and get a piece of the action!
The most important thing in regarding Fiat’s development of the Fiat Mio (translated: ‘My Fiat”), the world’s first ever open source car, is not the participation of the crowd itself, but the fact that, for the first time, the auto industry initiated the endeavor as an open source project and release it for everybody under the Creative Commons license.
Fiat’s choice resulted in an open forum and marked a move to an approach for automobile production that is normally dominated by a culture of secrecy. How revolutionary and subversive was the adoption of this approach? The specification of the Mio is now available for anyone to see -- an open work that challenges the traditions of automobile manufacture.
So when the customer experience begins with the design of a car and not just the ownership experience and the role of the manufacturer becomes the orchestrator amongst customers and engineering teams, what impact does that have on the value of the brand in a world of open source knowledge? Is the brand enhanced or devalued?
Below are the 6 secrets for how small business can optimize crowdfunding: 1. Prove Demand Through Presales and Mitigate Risk 2. $$$$ 3. Test and Refine Marketing Strategy 4. Extra...
Late last month, GoodWorldCreations LLC officially launched HelpersUnite, a crowdfunding platform that links creative and commercial ventures with charitable causes and events. In stark contrast to popular crowdfunding platforms like Kickstarter and IndieGoGo, which do not allow charitable giving, HelpersUnite requires project creators to donate at least five percent (5%) of funds raised to a cause of their choice. Crowdsourcing.org spoke with Luan Cox, co-founder and CEO of HelpersUnite, to learn more about her fresh, charitably inclined take on crowdfunding.
Obtaining the right source of finance at the right price is one of the biggest challenges faced by entrepreneurs. Currently, a wide variety of funding options are available to expand or start their business initiative. One out-of-the-box funding solution that has emerged in the recent years is the phenomenon of ‘crowdfunding’.
For centuries, family and friends have been one of the most common sources of early-stage seed capital. Crowdfunding is the natural extension of this model, enabling fundraisers to connect through social networks with a larger, online network of friends, colleagues and other people that are simply just into their idea and want to help them.
Courtesy of social media and crowdfunding websites, everyone from start-up entrepreneurs to the champions of social causes are now able to build interconnected networks more easily and more effectively than ever before. By leveraging their own personal networks to spread the word about the project to potential contributors through word of mouth, email, Facebook, Twitter and other social media platforms, they can tap into existing communities of potential contributors, to launch and promote their campaigns.
Crowdfunding challenges traditional barriers to financing and by-passes conventional gatekeepers of investment. Democratising finance and revolutionising capital allocation, the radical diversification in the economic space brought about by the crowdfunding phenomenon is showing no signs of slowing. It has a potent driving force. As social media continues to perpetuate the growth and success of crowdfunded projects, it is clear that platforms are re-instating meaningful connections between the innovators on one hand and their audience on the other.
In the third and final post of this short editorial series on crowdfunding, we focus on the radical changes evolution in this industry is causing. Both in terms of eliminating financial gatekeepers and also the way in which social media engages the crowd as a dynamic and alternative source of funding. It is unquestionable that social media is the powerhouse behind successful crowdfunding projects. Here we delve a little deeper and consider some of the complexities behind this rapidly growing and networked layer of the new ‘sharing economy’.