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Crowd-It! Maximizing Innovation Through Open Crowdsourcing

Explore the power of crowdsourcing for innovation and success. Learn about the wisdom and potential of crowds in solving challenges. Discover how to engage the crowd effectively with rules and real-life case studies.

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Crowd-It! Maximizing Innovation Through Open Crowdsourcing

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  1. Crowd-it! Simon Schneider | September 2012

  2. Agenda

  3. First Part

  4. Social Networks Are Growing…

  5. So Are Mobile Networks….. • $104B • $4B • $1B

  6. Together, They Are Eating Countries….

  7. …Companies

  8. …and data (cyber risks)

  9. Second Part

  10. Open Innovation – what is it and what’s in it for me?

  11. Solutions Can Be Found Everywhere Retired In-Field Experts Experts in Parallel Fields with Key Insights Gifted “Amateurs”

  12. Open up, use the crowd or they will eat you! TYPES: 1. Wisdom of Crowds 2. Crowd-Funding 3. Crowd-Solving $349,345,700 250,000

  13. Third Part

  14. How to make it work for you?6 Rules for success Summary: • Rule 1: The crowd can only eat in single bites • Rule 2: Do it in small steps, but fully OPEN • Rule 3: Define your ROI from start • Rule 4: Protect yourself by hiding some parts • Rule 5: The world needs to know in order to get a crowd • Rule 6: Create an equilibrium for what you ask the crowd

  15. Rule 1: The crowd can only eat in single bites • “Foldit competition” • 3D perception puzzle to find cures for diseases through better protein structure prediction

  16. Rule 2: Do it in small steps, but fully OPEN “GoldCorp Challenge” Lesson learned: Give AWAY the most precious company secret and share it OPENLY with crowd! It worked: 1,043,000% ROI. A $575,000 crowdsourcing investment yielded $6 billion in gold.

  17. Rule 3: Define your ROI from start “The Netflix Prize” $1M Grand Prize for best collaborative filtering algorithm to predict user rating for films based on previous ratings Requirement: 10% improvement of accuracy of Netflix’ own algorithm

  18. Rule 4: Protect yourself by hiding some parts “DARPA Red Balloon Challenge” Find locations of 10 moored, 8-foot, red, weather balloons inthe US.

  19. Rule 5: The world needs to know in order to get a crowd “Prize 4 Life” Build an efficient pipeline to find the best and most powerful solvers worldwide.

  20. Rule 6: equilibrium for what you ask the crowd “$10M Sam Schmidt Paralysis Prize” A set of prize competitions to foster innovation in the field of Spinal Cord Injury Multi-stage approach to engage many experts from different fields from the beginning. Targeted $10 million investment prize at the end of the challenge.

  21. Simon Schneider • schneider@innocentive.com

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