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)

The Netflix Prize: Crowdsourcing to Improve DVD Recommendations
Fisher
Last modified on October 31, 2015 at 12:55 pm
Netflix utilized crowdsourcing to develop innovative solution to improve its recommendation engine by 10%. The 3-year Netflix Prize attracted 44,014 submissions, and was ultimately won by a team that had combined algorithms after the second year of the contest, proving [...]
Wikipedia, the Father of Crowdsourcing
Pipedreamer
Last modified on October 31, 2015 at 12:52 am
Wikipedia can probably be said to be the father of internet crowdsourcing. Building on a non-for-profit business model, Wikipedia launched a free, web-based, multilingual and collaborative encyclopedia in 2001. Aiming to be “The sum of all human knowledge in one place” [...]
Betabrand: Because the Market Demands Bicycle Suits
Chippydip
Posted on October 30, 2015 at 6:52 pm
Yoga pants that double as dress pants? Reflective blazers for biking to work? “Executive” hoodies with pinstripes and cuffs, or “Academic” hoodies with tweed and elbow patches? “Sock Insurance” in case the laundry eats one of yours? If the market [...]
General Mills Crowdsourcing – Will they pull it off?
Savage
Last modified on October 29, 2015 at 10:35 pm
General Mills - One of the largest branded food manufacturers in the USA is turning to crowdsourcing for everything from new products, packaging to process improvements. Are they trying to do too much? Will emerging food entrepreneurs partner with them [...]
50% + 1 Rule
AlonKremer
Posted on October 31, 2015 at 11:37 pm
Successful professional sports team are no longer solely owned by one wealthy individual. The 50%+1 rule is the perfect fan-owned team model that creates both high revenue and fan engagement.
Quirky to a Fault
Clay W
Last modified on November 3, 2015 at 3:00 pm
Quirky was the crowdsourcing innovation platform of the future, until it wasn't
Waze, or how to crowd-source your way
europeanfederalist
Last modified on October 30, 2015 at 1:31 am
From a modest Israeli start-up to one of the highest valuation during its acquisition by Google, Waze embodies the success of crowdsourcing ventures, and allows for a much cheaper method of data collection than that used by major corporations - [...]