Jade Magnet Annual Report 2012

www.jademagnet.comDebut Annual ReportJune of 2012crowdsourced creative solutions

crowdsourcing ~ $350,000 in savings by SMEs working with Jade Magnetis the new “impact-sourcing” Jade Magnet Business Impact In the last two-and-a-half years, Jade Magnet has strived hard to forge a culture of speed and creativity. On one hand, Jade Magnet has been about division of responsibility and on the other hand the platform has been about creating an easy passage for businesses to reach out to brilliant creative people across India and 4 more countries.Faster time to market Low-risk investments! Cost v/s QualityFor any business and especially for There are very few business Jade Magnet has been able tosmall & medium businesses, it is transactions where you can get in address the cost-quality tussle to aimperative that they reach their without putting much on the table. great extent by usingtarget customers instead of making Being a platform that Jade Magnet is, crowdsourcing. This “tussle” ishuge investments in creating a it gives its customers the freedom to mainly a testimony of the fact thatmarket for themselves. decide how much they want to pay for you need to pay big bucks for very a project to be delivered. high quality creative work.While it takes some doing toidentify a creative team (or agency) If a project does not get the desired But by reaching to a crowd ofto work on your campaigns, Jade response, you let go off just a fraction providers which also includesMagnet has enabled companies to of the budget therefore giving you students and a lot of talent in smallgenerate effective creative solutions enough leverage to experiment. town India, high degree of creativitywithin 3 days. is now accessible at low costs.

How businesses are extracting It has been our goal at Jade Magnetvalue from Jade Magnet to make it easy for our customers toWhen it comes to fast growth, one of talk to us and discover what value they can extract from Jade Magnet. 715the largest areas of help for small and Going forward, Jade Magnet ismedium businesses is in finding automating a part of this process in customersunique ways to reach out to potential order to make it even easier for smallnew customers or generate repeat businesses to find out where theybusiness from the existing ones. need to invest their marketing dollars for best results. 1,800+ projectsAs small business entrepreneurs, wehave seen that our customers know This process is being enabled byeverything about the intricacies experience and data from businessesinvolved in running their businesses. across different markets – used as aBut they are not sure of their options benchmark for their respectivewhen it comes to marketing. marketing spends.CUSTOMERS“Jade Magnet makes you feel safe by giving you dailyupdates on your project”Having conceptualized Zen Republic, we found it difficult to engage a gooddesigner for our creative work and when we did manage toget someone, the output was shoddy.Feeling lost, we posted our requirement on a freelancers forum & were inundated with responses. But Jade Magnetstood out because of its methodical listing of references, projects and display of earnestness. We were also able toprice the project close to our budget.The best thing about getting work done at Jade Magnet is that you receive daily updates on the progress of the project -that makes you feel safe! Ravi Kumar Curator, Zen Republic, Singapore

“Crowdsourcing works very well for SMEs and startups”Prateek Kulshreshtha 5,500 providers Jade Magnet has been a very good platform for us. It has provided us with many projects in the web development category. Crowdsourcing, as a concept, works really well for SMEs and startups and is PROVIDERS quite unique in India. Jade Magnet team has a very good understanding of the creative market which helps providers a lot. Rijas Backer I congratulate Jade Magnet for completing 2+ years of success and that too with a good provider family. Prateek Kulshreshtha Director at AKS Websoft, Noida, India Jade Magnet Champion Provider

provider expertise& customer domainsprovidersacross18 creativeskill-sets 750 1,750 2,200 digital marketers technologists graphic designers Top 4 Business Services Technology customer brands across 16 industries Retail Ecommerce

mega-trends1.2 billionmobile workers in the worldInternational Data Corporation (IDC) & therecons that the number of peoplelooking to work from mobile officesor home or coffee shops or beaches freelanceor any place they can be productivein is swelling by a couple of millionevery year. cultureThe next couple of years will see theAsia/Pacific region leading this“population explosion” and thegrowth will be further buoyed by 20 percent increase in moonlighting habitsseamless communication andespecially enabled by the growth of In 2011, the highest payout for a moonlighting provider at Jade Magnet was Rs.3,50,000 (USDvideo conferencing as it becomes 7,000) at a monthly average of about Rs.30,000 (USD 600). People working in tier 1 agenciesmore and more affordable. such as O&M, Lowe and Lintas have been regularly participating in customer projects posted on the platform. Worldwide, it has been observed that moonlighting increases during recessions – easy to guess why, with more people losing their jobs. Back in the 1970s, less than 3% people were looking for a second job. 2011 saw about 12% people wanting to work two jobs. 55 percent of critical work is now being delivered by freelancers

3 new platform features to help us keep it simple The key to scale a crowdsourcing business is in automation of as many crowd-management processes as possible. Over the last 2+ years of its existence, Jade Magnet has created, executed, analyzed and fine-tuned many such processes. Now we are ready to invest in technology that will help us automate these processes to reach higher efficiency levels while keeping costs under control. 1. Crowd motivation enhancement 2. Sales support & portfolio 3. Delivery Assurance Dashboard system showcase One of the most critical elements of Targeting a customer-base that needs As the volume of work at Jade Magnet crowd management is to drive immediate solutions, the sales process increases – with number of monthly productivity by motivating the at Jade Magnet need be very short. projects going beyond 100 – we are participating crowd members to give Also, since project sizes are low, sales releasing a new application that will help their best. costs have to be constantly kept to the the Delivery Assurance team manage up minimum. to 1000 projects every month. At Jade Magnet, one of the next products being created measures the A new sales support and portfolio This application is a simple dashboard participants’ involvement in a project application organizes collateral designs that tracks the progress of each project and charts the same on a rewards by category and cost to enable Jade by manager, by status, by payments, by matrix. Customers running projects, can Magnet account managers close deals provider and by complexity. choose different reward systems and faster. It doubles up as a design assign the same based on project showcase for provider portfolios at complexity. Jade Magnet.

Focus on revenue-generation from Day 1 With hundreds of thousands of dollars passing through the Jade Magnet Escrowing project fees and systems within the first 2 years of its existence, efficiently managing money is automating milestones something we focused on right from the Jade Magnet has constantly focused day Jade Magnet started. on learning how to efficiently About 70% of the monies that Jade manage working capital while Magnet generates, are passed on to the ensuring good Provider participation. providers executing projects with When a project is posted, the another 10% being spent on delivery customer is encouraged to escrow assurance experts who understand the the fees with Jade Magnet so that nuances of creative. providers are sure of the authenticity of the project. Businesses getting work done have to pre-announce the project budgets and Subsequently, for every milestone of Jade Magnet systems then ensure that project execution, the fees to be the unit project finances are managed paid-out has to be escrowed in accordingly. custody of Jade Magnet. The same is paid to the provider upon successful completion of each project milestone.managingpayments

community engagementProviders are the life and blood of Jade Magnetand we concentrate significant time and energyon developing meaningful engagements withthem – going beyond a project basedtransactional relationship. Induction Introductory skill appraisal Creative Skill - Creative thinking & ideation Enhancement - Design skill assessment Appraisal & Accreditation Creative workshops led by Jade Magnet Champion Jade Magnet Code of Conduct - Client feedback - City-wise creative - Creative copyrights - Client rating of providers workshops conducted by - Plagiarism 101 - Monthly skill assessment Jade Magnet Champions - Collaborative Workmanship - Voting on project entries - Trainers for different skill- - Voting on Portfolio sets Know your industry - Online enablement as part -Domain based white papers of the package -Popular industry collateral - Partly funded by Jade Magnet

“Lost with Logos. Engineers 5 of the best designs received seeking Design.” Robert Bosch initiated a program that they called “Smart solutions for the Globe”. They used Jade Magnet, looking for a logo that could represent their program and attract engineers and technologists to participate with heart and soul. Final selection-- More than 25 design entries for the contest A timeline of less than 10 days for the contest project- Logo design expert to see the project brief before the launch is formally done.- Regular guidance from experts while the project is in progress to ensure that Bosch got the right degree of fine-tuning after shortlisting the initial designs showcase

“Marketing collateral development” This global footwear brand is in the processes of establishing its presence in India. While the ground presence is increasing aggressively for Clarks, its marketing roll-out has also got a lot of impetus. In order to maintain their agility online, Clarks has chosen to use crowdsourcing for saving time and investing just the right amount of money. social media engagementmicrosites print collateral designemailers on-ground marketing rollout project- Curated teams for different requirements- Designs generated with a mix of creative competitions and focused creative delivery- Technology and distribution teams created to back the creative collaterals showcase

next crowdsourcing initiativeTelecom VAS With telecom most operators and content generators focusing on similar areas of VAS content and similar business models, there is very little to differentiate between two service providers and therefore potential for bottom-line (or top-line) growth is still limited.Crowdsourced content creation for Using the crowd for creation of VAS content infuses freshness &VAS providers in the Telecom arena creativity in the content.Estimated cost of production of an asset forVAS provision, by a 5 people team is aboutINR 1,50,000 per month to develop about300 content assets (assuming simple assetssuch as jokes and quotes). This brings thecost per asset to about INR 750 for simpleassets. For increased levels of complexity,no more than 10 assets can be created(games, music for ring tones etc.), bringingthe cost per asset to be about INR 15,000.Crowdsourcing presents infinitepossibilities. For starters, it can bring thecost of a simple asset down to less than INR100 and still enable thecreation of more than 1000 assets permonth (conservatively). Similarly, at least 3times the number of complex VAS contentassets can be created for about 60% of thecost.

In 2012-13, the theme of working together at Jade Magnet is efficient planning and speed of execution. There is asignificant focus on building great technology because by now we have figured out most of the processes that need to beautomated for Jade Magnet to scale quickly.Within the immediately targeted markets, Jade Magnet is faced with the challenge of reaching out to and satisfyingabout 4.2 million small and medium businesses. The magnitude of this opportunity has forced us to think aboutourselves in a totally new way. Instead of trying to offer the best services to customers, we are now working on helpingcustomers extract the maximum value from using Jade Magnet.Looking at the future The Middle Eastern region has about 2 million small Seeing the increasing use of Jade Magnet by and medium businesses that could use businesses in Qatar, Kuwait and UAE, the team has crowdsourcing for development of creative decided to get more local support and promote Jade collateral. More so, this region is financially well-off Magnet aggressively in the Middle East. (Qatar has been declared as the wealthiest country This year will see us making a significant investment in the world). of time and energy on increasing the output from the Middle East to add to the global top-line.

Connect with Jade Magnetcontact@jademagnet.com facebook.com/jademagnet @jademagnet Global A NASSCOM Innovator A TiE-EAP EMERGE of 2011 @ Company company for GTS, 2012 Silicon Valley © 2012 Jade MagnetThis document is only for the purpose information and Jade Magnet assumes no responsibility with regards to the source of information,any errors that might have crept in or any unintended breach of intellectual property. This document is not intended for the sale ofinformation and anyone downloading this document shall not hold Jade Magnet responsible for the same.Any trademarks of brand names used in this document are the sole properties of their respective registrants or owners – as applicable.

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Jade Magnet Annual Report 2012

by JadeMagnet on Jun 16, 2012

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