Crowd sourcing

Crowdsourcing A Updated Approach to Business Success Barry Libert 2012

Insight. Crowds Are Pervasive •  Insight: Crowds Are Pervasive •  Inﬂuence: Crowdsourcing Works •  Impact: Rules For Success

DeﬁniJon

Crowds Are Social 1.3B 1.1B 1.0B 330M 310M 1.0B

Crowds Are Connected

Crowds Have Knowledge

Crowds Are Gaining TracJon

Inﬂuence. Crowdsourcing Works •  Insight: Crowds Are Pervasive •  Inﬂuence: Crowdsourcing Works •  Impact: Rules For Success

$36+ Trillion Opportunity

Financials. Lending Club

Consumer Staples. My Starbucks Idea

Technology. MySQL

Energy. Open Energy

Consumer DiscreJonary. Threadless

Healthcare. PaJents Like Me

Industrials. Local Motors

Telecom. Asterisk

Government. Iceland

EducaJon. Chegg

Impact. Rules for Success •  Insight: Crowds Are Pervasive •  Inﬂuence: Crowdsourcing Works •  Impact: Rules For Success

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

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

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

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.

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

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:

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

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

Crowds Work! QuesJons

Crowdsourcing. Thank You Barry@openmader.com @barrylibert

Crowd sourcing

by Barry Libert on Jul 10, 2012

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