Crowd sourcing
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The document outlines the concept of crowdsourcing as a strategy for business success, emphasizing the pervasive influence of crowds and the significant financial opportunities it presents, exceeding $36 trillion. It details seven essential steps for effectively engaging crowds, including selecting a process, vendor, and setting clear objectives, with examples of successful implementation from companies like LinkedIn, Goldcorp, and Apple. Overall, it illustrates how structured crowdsourcing can lead to substantial returns on investment and innovations.
Crowd sourcing
- 1. Crowdsourcing A Updated Approach to Business Success Barry Libert 2012
- 2. Insight. Crowds Are Pervasive • Insight: Crowds Are Pervasive • Influence: Crowdsourcing Works • Impact: Rules For Success
- 3. DefiniJon
- 4. Crowds Are Social 1.3B 1.1B 1.0B 330M 310M 1.0B
- 7. Crowds Are Gaining TracJon
- 8. Influence. Crowdsourcing Works • Insight: Crowds Are Pervasive • Influence: Crowdsourcing Works • Impact: Rules For Success
- 10. Financials. Lending Club
- 11. Consumer Staples. My Starbucks Idea
- 13. Energy. Open Energy
- 14. Consumer DiscreJonary. Threadless
- 15. Healthcare. PaJents Like Me
- 16. Industrials. Local Motors
- 19. EducaJon. Chegg
- 20. Impact. Rules for Success • Insight: Crowds Are Pervasive • Influence: Crowdsourcing Works • Impact: Rules For Success
- 21. 7 Steps to Engage Your Crowd ① Pick A Process ② Select A Vendor ③ Establish ObjecJve ④ Engage Crowd ⑤ Seed The IniJaJve ⑥ Measure Results ⑦ Reward ParJcipants
- 22. Pick A Process. HR Rule 1: Pick a Process LinkedIn Lesson learned: Crowds will provide faster, beder access to new employees to recruiters It worked: 150M members and a market capitaliza:on of more than $10 Billion – larger than all the execu:ve search firms combined
- 23. Select A Vendor. InnocenJve Rule 2: Select an experience vendor Innocentive ObjecJve: Find a soluJons provider that can provide soeware, services and experJse It worked: Eli Lilly started the company to help develop new R&D soluJons and today they represent major brands
- 24. Establish ObjecJve. Goldcorp Rule 3: Establish clear objectives GoldCorp ObjecJve: Find new gold deposits to drive top and bodom line growth It worked: 1,043,000% ROI. A $575,000 crowdsourcing investment yielded $6 billion in gold.
- 25. Establish ObjecJve. Neklix Rule 4: Engage the crowd Netflix ObjecJve: Use crowd to create best collaboraJve filtering algorithm to predict user raJng for films based on previous raJngs Results: 10% improvement of accuracy of Neklix’ own algorithm
- 26. Engage Crowd. DARPA Rule 5: Seed the Ini:a:ve DARPA Challenge: Find locaJons of 10 moored, 8-‐foot, red, weather balloons in the US. Result:
- 27. Measure Results. GE EcomaginaJon Rule 6: Measure Results GE Ecomagina:on ObjecJve: Build an Efficient Pipeline of new ideas to spur growth and innovaJon Results: Measured ROI of each idea and awarded $200 million in prize money for best, most innovative solutions
- 28. Reward ParJcipants. Apple Rule 7: Reward Participants Apple Objective: To win the mobile applications battle by attracting large developer community Results: Distributed billions of dollars to developers for the hundreds of millions of apps that have made Apple #1
- 29. Crowds Work! QuesJons
- 30. Crowdsourcing. Thank You Barry@openmader.com @barrylibert