Ideavibes London Crowdsourcing - Crowdfunding - Citizen Engagement Workshop
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Ideavibes London Crowdsourcing - Crowdfunding - Citizen Engagement Workshop

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Presentation given at Innovation Warehouse on June 20/11 focused on crowdsourcing and crowdfunding for start-ups, non-profits, charities, cities, etc.

Presentation given at Innovation Warehouse on June 20/11 focused on crowdsourcing and crowdfunding for start-ups, non-profits, charities, cities, etc.

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  • Fabulous presentation Paul. This is extremely helpful as we start to market to the Crowd. Thank you for the stimulation. Myra
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  • Convention wisdom says
  • globaltransparentopencollaborativeefficient
  • First services:Crowdfunding via Community InvestmentsMatch-making and negotiation tools for private investmentsProfessional service investments
  • First services:Crowdfunding via Community InvestmentsMatch-making and negotiation tools for private investmentsProfessional service investmentsNext steps:Local investment networks and entrepreneur communitiesCorporate VC platformVC Co-investmentsOpen platform to build investment models
  • Next steps:Local investment networks and entrepreneur communitiesCorporate VC platformVC Co-investmentsOpen platform to build investment models

Ideavibes London Crowdsourcing - Crowdfunding - Citizen Engagement Workshop Ideavibes London Crowdsourcing - Crowdfunding - Citizen Engagement Workshop Presentation Transcript

  • Innovation and change through the crowd
    Paul Dombowsky
  • Agenda / Highlights
    11:00 - 11:30 Arrivals - Buffet Lunch - Networking
    11:30 - 11:40 Introductions / Thank You
    11:40 - 11:45 A word from our venue host - Tony Fish (AMF Ventures)
    11:45 - 12:50 Workshop - Paul Dombowsky from Ideavibes
    Highlights from the Crowdconvention
    12:50 - 13:05 Tony Dhillon from GrowVC - overview of one, practical
    example of crowdfunding
    13:05 - 13:25     Question & Answer Period
    13:25 - 13:35    Wrap-up
    3
  • Thank you
    Adam Cranfield - Consultant
    Matt Ball – COO and Co-Founder
    3
  • Our Venue Host
    Tony Fish
    3
  • Where does innovation happen?
    • Cities
    • Neighbourhoods
    • Government Depts.
    • Small businesses
    • Educational System
    • Social System
    • F1000 Companies
    • Non-profits
    2
  • Our Bias
    We see the crowd as having the knowledge, the power, the desire, and the ability to help you make better decisions, solve problems, and fund change or innovation, if given the opportunity.
    2
  • Overview
    2
  • Crowdsourcing
    Defined
    An engagement process whereby organizations seek input from either open or closed communities of people, either homogenous or not, to contribute ideas, solutions, or support in an open process whereby the elements of creativity, competition and campaigning are reinforced through social media to come up with more powerful ideas or solutions than could be obtained through other means.
    Why Bother?
    Organizations have a difficult time engaging with their communities to strengthen their relationship and be citizen/crowd focused. Internal or external, the community has ideas that can be harnessed that come from diverse backgrounds, experiences and education.
    7
  • Participation Happens – Civic or Brands
    5
  • Who is your crowd?
    The crowd you know The crowd you don’t know
    Social Media Makes the Connection
    8
  • Who is your crowd?
    CITY
    Engagement
    Targets
    6
  • Where Innovation / Crowdsourcing Fits
    8
  • Two Sides of Crowdsourcing
    Citizen Engagement
    Community / Civic / National
    Market Engagement
    Customers / Prospects / Partners
    3
  • Where the conversations are happening?
    Official & Unofficial
    • Google Groups
    • Wiki’s
    • User Groups
    • Podcasts
    • Blogs
    • User Voice
    • Epinions
    • Cnet
    • Reviewsarena
    • Buzzillions
    • Tribe Smart
    Why not tap into the conversations that are already happening?
    Get the crowd working for you.
    8
  • The Promise of Web2.0
    • Web 2.0 is about 2 way conversations
    Web based services and communities characterised by participation, collaboration and sharing of information among users online. 

Web2.0 applications include wikis, crowdsourcing, blogs and social networking sites which encourage user-generated content (USG) and social interaction online.
    8
  • Citizen Engagement
    2
  • I have a challenge
    18
    Land use determination – who drives the agenda and the conversation?
    Two approaches
    Opportunity driven
    Innovation driven
    The difference lies in where the ideas come from
    From the user or the customer
    From the supplier
  • I have a challenge
    19
    Opportunity Driven (supplier)
    Innovation Driven (customer)
  • Citizen Engagement in Web 2.0 for London 2.0
    • There are many one way conversations happening:
    • Blogs
    • Square Mile Blogger
    • Londoniscool
    • London Underground Tube Diary
    • Dave Hill’s Politics Blog
    • London Standard
    • Telegraph Blog
    • Podcasts
    • Dial-Eye-Lama
    • Editorial Intelligence
    • Make no mistake – your citizens want to be involved intransforming the City of today to City 2.0.
    • Where is the engagement? Where is the innovation happening?
    Driven bySocial Media Platforms
    4
  • Government as a Platform
    • Ideas and information produced by and on behalf of the citizen or the crowd
    • Crowd is empowered to spark the innovation that will result in an improved approach to governance
    • Move away from ‘Vending Machine Government’
    • Responsibility is shared between citizens and staff
    20
  • NYC Example
    NYC Citizen Engagement Program
    12
  • SF Example
    San Francisco Engage4change Citizen Engagement Program
    (2 weeks)
    • No. of Engagements = 2252
    • Referrals = 64% from Twitter
    • Cost = 500 ice cream cones ($1,000)
    • HumphrySlocombe’s Crowd= 320,000 twitter followers and Facebook Friends
    13
  • Market Engagement
    2
  • What is Social Product Management?
    The opening up of innovation to internal and external input for the development of products in various stages of the product development lifecycle.
    Crowdsourcing can be part of an open innovation or social product management strategy.
    5
  • Product Management Lifecycle
    Capture new customers with options & features they are looking for.
    Crowdsource Option: features & functionality
    Crowdsource Testing – early adopters reward
    Socializing requirements and prioritization gathering improves decision making
    6
  • How Product Development Used to Happen
    9
  • Social Product Development/Open Innovation
    10
  • Build a Social Product Strategy
    Reach customers & prospects where they live – join in the conversations that are happening already
    Capitalize on valuable customer and prospect insight
    Develop a culture of collaboration
    Implement the right social technology to get the job done
    Communicate results and intentions and be open as possible
    Let conversations happen in the open
    Be crowd friendly on an ongoing basis
    22
  • Sources of Innovation
    Does participation require a reward?
    Do people contribute for the good of the brands they like?
    How do you democratize the input?
    11
  • Innovation: Crowdsourcing vs The Survey
    9
  • Product Development - Branded
    IdeaStorm was created to give a direct voice to Dell’s customers and an avenue to have online “brainstorm” sessions to allow them to share ideas and collaborate with one another and Dell. Their goal through IdeaStorm is to hear what new products or services you’d like to see Dell develop.
    In almost three years, IdeaStorm has crossed the 10,000 idea mark and implemented nearly 400 ideas!
    14
  • Product Development - Inventions
    Quirky is an all in one product development shop for inventors.
    15
  • Conference Agenda
    Ignite uses crowdsourcing for the source and crowd directed agenda at an upcoming event.
    16
  • Where does trust sit?
    According to Forrester Research (2010),
    71% of people say they trust the opinions
    of family, friends and colleagues as a source
    of information on products and services.
    Their crowd or tribe.
    7
  • It all starts with a Question or Problem
    17
    Needs to be:
    Clear and compelling
    Not leading
    Allow for open innovation
    Encourage participation
    Allow for outliers to feel comfortable
  • The Appeal
    Crowdsourcing surfaces new perspectives
    Invites participation from nontraditional sources
    Infuses real energy into the process of generating ideas and content
    Empowers people when they feel their voice is being heard
    Technology can enable participation by disenfranchised (ie. PCs in libraries/shelters with citizen engagement campaigns)
    Builds engagement and relationships with new audiences
    10
  • Crowdsourcing Pros and Cons
    PROS
    • Reduced time to market
    • Reduced risk due to early customer input
    • Increased customer lifecycle value
    • Broader source of innovation
    • Strengthened brand through participation
    • Organizations can’t have all the brightest people on staff
    • Ideas don’t have to be discovered by internal R&D teams to be capitalized upon
    • Benefits from varied experiences
    CONS
    • Less control
    • Needed trust not easily come by in some organizations
    • Requires community management
    • Suffers if crowd is too narrow
    • Disruptive to traditional timelines for product roll outs
    • First attempt is risky until you understand your crowd
    • Need to know your target audience
    17
  • Things to Watch For
    • Excessive lobbying and promotion
    • Narrow crowds product narrow results
    • No follow-through causes creditability hit
    • If you say you are generating solutions for X, communicate what happened and why
    • Broad ideation campaign descriptions will result in less focused results BUT too narrow will restrict creativity
    • Dismissing ideas that seem far fetched
    • Ideation often requires refinement – understanding what your crowd is saying by ‘x’
    11
  • What is Crowdfunding?
    Crowdfunding(sometimes called crowd financing, crowd sourced capital, or street performer protocol) describes the collective cooperation, attention and trust by people who network and pool their money and other resources together, usually via the Internet, to support efforts initiated by other people or organizations. Crowdfundingoccurs for any variety of purposes, from disaster relief to citizen journalism to artists seeking support from fans, to political campaigns, to funding a startup company or small business[1] or creating free software.
    21
  • Motivating Funding
    • Percentage of Ownership (regulatory backwater in most countries)
    • Percentage of profits
    • Rewards (points or the CD / Movie)
    • Tax receipt
    11
  • Models
    • The Arts
    • Kickstarter
    • IndieGoGo
    • Start-ups
    • Peerbackers
    • GrowVC
    • Crowdforce
    • Ceedme
    • RocketHub
    • Fundedbyme
    • Charities
    • Fundchange
    • Crowdrise
    • Lending – Charities
    • Kiva
    11
  • Example - Kickstarter
    11
  • Example - Fundchange
    11
  • Examples: Profunder (US only)
    Funding source for entrepreneurs
    Revenue Share
    Debt
    Equity
    11
  • The Appeal
    Uses social media to get the word out
    Taps into your crowd and your crowd’s crowd
    10
  • Benefits & Challenges
    • It’s social – the crowd promotes projects it likes
    • It’s social – the crowd won’t promote projects that aren’t shareable
    • Success comes to those that actively build a crowd
    • A challenge for organizations new to social media
    • It’s the free market at work
    • It’s the free market at work
    • Build stickiness to the project
    • Need to pay attention to write-up to inspire funders
    12
  • Integrating Crowdfunding into Your Organization
    Things to keep in mind:
     
    • Crowdfunding success comes quickest to organizations that are social –media-aware and engaged. If your organization is not yet social media-enabled, it will take time and human and financial resources to do so.
    • Because your efforts are only as good as the crowd you are able to mobilize to your cause, it makes sense that your organization strategically manages and promotes its brand online.
    • Make sure your target audience is online and will give online
    • If you opt to post your projects on established crowdfundingsites, do your homework – be careful of the company you keep.
    13
  • How an Engagement Platform Works
    22
  • A Platform Could Help
    2
  • Ideavibes Citizen Engagement Platform
    • Easy to set-up and deploy
    • Able to run multiple campaigns at once
    • Can run Crowdsourcing and Crowdfunding Campaigns
    • Build stickiness and community around those that engage (sign-in and see past votes, comments, ideas)
    • Hosted solution (in Canada)
    • Able to be implemented on existing website or set-up in new, destination site
    • Social Media connected
    • One of few sub $1000/month solutions
    21
  • How Does Ideavibes Compare?
    Enterprise Collaboration or Idea Management
    Large – multi-functioning platforms for Idea Management
    Integrated into change management and process improvement lifecycles
    Chaordix, Bright Idea, etc.
    Middle-tier Focused Crowdsourcing Apps
    Purpose-built customizable apps focused on crowdsourcing
    Narrow or wide focus
    Multiple crowdsourcing and crowdfundingcampaigns
    Ideavibes, Spigit
    Note – Ideavibes is only white label crowdfunding platform available
    Ad-hoc website or Social Media widgets
    Developed by web teams with basic functionality
    Functionality as opposed to business process driven
    24
  • Thank you
    Paul Dombowsky | 613.878.1681 | paul@ideavibes.com
    www.ideavibes.com
  • Grow VCEveryone Funding Startups
    June 1, 2011
  • Vision
    The next Silicon Valley is not a location, it is a platform and community on the Internet
  • Mission
    Provide the platform, service tool kit and partner network for the Virtual Silicon Valley
  • Investment models
    www.growvc.com
    56
    1. Community Fund
    2. Private Investment
    3. Work Investment
    Startup selects the funding target
    Members make micro-investments ($20, $50 or $100)
    The funding target is divided into 10 parts; startups get money always when a 1/10 is full
    Standard GrowVC investment agreement
    GrowVC manages the investment
    Startup selects the funding target
    Members make investment proposals
    Startup can accept or reject
    Local law firm makes the investment agreement based on standard Term Sheet
    The investor manages the investment
    Startup makes an offer: competence, targets (hours/achievements), ownership  model to calculate compensation
    An expert makes a proposal
    Startup can accept or reject the proposal
    Standard work investment agreement
    Startup manages work and the expert the investment
  • WE HAVE A DREAM:
    more equal opportunities,
    where entrepreneurs
    and ordinary people unite
    to accelerate innovation
  • How to democratize startupinvestments: examples
    A company like Facebook
    A company collects totally $20M and achieves $10B valuation
    If the company has 20 equal investors, each of them invested $1M and gets $500M in the exit
    If the company has 100,000 investors, each of them invested $200 and gets $100,000 in the exit
    A more typical startup
    A company collects totally $3M and achieves $100M valuation
    If the company has 3 equal investors, each of them invested $1M and gets $33M in the exit
    If the company has 10,000 investors, each of them invested $300 and gets $10,000 in the exit
    www.growvc.com
    58
    Which model has greater influence on people, business and economy
  • global
    transparent
    open
    collaborative
    efficient
  • 1. P2P and Crowd-funding
    via Community Fund investments
  • 2. Match-making and negotiation toolsfor Private investments
  • 3. Reward professionals
    Work investment scheme
  • Browse investments when you have time
    www.growvc.com
    63
  • The Grow VC platform enablesmany models, example
    www.growvc.com
    64
    Investment decisions:
    • Community
    • Co-investors have automated model with veto right
    • Direct investments
    • Community micro-investments
    • Support for investment process and materials
    Start-upXXX
    Community FundMicro-investments
    Start-upYYY
    Private investments
    Start-upZZZ
    Co-investors
    Investment process:Managed by community
  • www.growvc.com
    65
    Initial growth: customer adoption
    The first full service was launched on February 15, 2010
    Statistics on April15, 2011:
    Registered users: 8,256
    Startups, total: 1,986
    Startups, open funding round: 98
    Total available capital: USD 16,668,175
    Total requested capital: USD 20,021,502
    Average monthly growth: over 400 new members a month
  • First local services:India and China
    www.growvc.com
    66
    Top level local local teams: including VC and finance professionals,serial-entrepreneurs. Localized for the local needs and ecosystem.
  • Tony DhillonHead of European Operationstony@growvc.comTel (UK): +44 7961 848 586Skype: tony.dhillon10 - Twitter:@tdhillon10
    www.growvc.com
    Twitter: @growvc