Crowd sourcing
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Transcript of Crowd sourcing
![Page 1: Crowd sourcing](https://reader033.fdocuments.net/reader033/viewer/2022042516/55d538f7bb61eb251b8b46a6/html5/thumbnails/1.jpg)
Crowdsourcing A Updated Approach to Business Success
Barry Libert 2012
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Insight. Crowds Are Pervasive
• Insight: Crowds Are Pervasive • Influence: Crowdsourcing Works • Impact: Rules For Success
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DefiniJon
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1.3B 1.1B
310M 330M 1.0B
1.0B
Crowds Are Social
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Crowds Are Connected
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Crowds Have Knowledge
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Crowds Are Gaining TracJon
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Influence. Crowdsourcing Works
• Insight: Crowds Are Pervasive • Influence: Crowdsourcing Works • Impact: Rules For Success
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$36+ Trillion Opportunity
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Financials. Lending Club
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Consumer Staples. My Starbucks Idea
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Technology. MySQL
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Energy. Open Energy
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Consumer DiscreJonary. Threadless
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Healthcare. PaJents Like Me
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Industrials. Local Motors
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Telecom. Asterisk
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Government. Iceland
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EducaJon. Chegg
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Impact. Rules for Success
• Insight: Crowds Are Pervasive • Influence: Crowdsourcing Works • Impact: Rules For Success
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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
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Pick A Process. HR
Rule 1: Pick a Process
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
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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
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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.
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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
Establish ObjecJve. Neklix
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Rule 5: Seed the Ini:a:ve
DARPA
Challenge: Find locaJons of 10 moored, 8-‐foot, red,
weather balloons in the US.
Result:
Engage Crowd. DARPA
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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
Measure Results. GE EcomaginaJon
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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
Reward ParJcipants. Apple
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Crowds Work! QuesJons