Leveraging the Collective Intelligence and Effort of Digital Crowds

October 31, 2015

Read The Full Prompt

In this module we have examined how firms can leverage digital technologies to harness the power of collective intelligence from the crowds to tackle a range of problems such as innovation problems and funding startups. For this assignment you have three options:

1 – Pick one industry where no firms have leveraged crowds, and come up with a crowd-based business model that may potentially transform the industry. Describe how you plan to create and capture value. Explain why the crowd will participate, and why your crowd-based model is better than the current model employed by the incumbents.

2 – Describe a company that is using crowds (external or internal) in an innovative manner. Describe how they incentivize participation and manage the crowd. What are the challenges? Describe how value creation and value capture occur, and the growth potential of this business.

3 – Companies often struggle with crowds as well. Describe failed crowdsourcing efforts and explain how and why the company failed. Given what you have learned in the course, what would you do differently?

Create an approximately 500-750 word post to make your contribution. Please create appropriate tags for your post. Please also respond to and comment on three other posts per module. Feel free to use graphics, data, videos and links to other sites to corroborate your points.

Please prepare a two minute pitch about your blog entry before the class.

Submitted (136)

Can crowdfunding cure cancer?
Yannis
Last modified on October 30, 2015 at 5:10 pm
Despite remarkable scientific progress in recent decades, current funding models for projects in early-stage drug development and climate change have failed. These projects tend to be expensive, risky, and lengthy. Andrew Lo and his colleagues at MIT suggest that crowdfunding [...]
Reddit: A bastion of free speech
Carina Rutgers
Last modified on October 31, 2015 at 2:14 pm
“The front page of the internet” has to strike the balance between promoting free speech and running a for-profit platform that upholds certain moral standards
What’s in a name??
Caribou
Posted on October 31, 2015 at 2:32 pm
For companies trying to tap into the power of the crowd, naming contests can lead to embarrassment and PR disasters.
Local Motors is crowd sourcing your next car
Matt
Posted on November 1, 2015 at 12:44 pm
Local Motors has created an innovative platform which designers and hobbyists interact to bring-to-market low-volume 3D-printed cars at a fraction of the cost of a traditional OEM's product development process
reCAPCHA: Crowdsourcing Intelligence
Rob C.
Posted on October 29, 2015 at 4:41 pm
reCAPCHA has digitized books and mapped the world with crowdsourcing... Now it uses humans' comparative advantage to crowdsource the creation of a truly intelligent computer.
Crowdsourcing At The U.S. Army
Jonathan T
Posted on October 31, 2015 at 8:12 pm
Crowdsourcing has permeated almost every industry, including the government. Notable examples of success in government include the community development of a 17-acre plot of land in Bristol Connecticut, a contest for community improvement in Birmingham Alabama, and user generated iPhone [...]
Genius: Annotating the World, One Rap at a Time
ahc
Last modified on October 30, 2015 at 1:25 am
Genius has leveraged a strong community management system and passionate fan base in its aim to "annotate the web". Whether they will be successful will depend on how they cross the chasm while maintaining its core brand.
Yelp: An old dog may need a new trick soon
Allen Yang
Last modified on November 3, 2015 at 3:00 pm
Yelp was an early, prominent pioneer of online crowd-sourcing, but now that it's established, the value creation vs value capture balance might be off for its most loyal users.
Cumplo.cl: Debt crowdfunding in Chile
Gonzalo
Last modified on October 31, 2015 at 3:31 pm
Cumplo.cl is a crowdfunding platform that is looking to increase access to the debt market at affordable rates for individuals and SMEs, but regulatory issues have come in their way.