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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
  • Transcript

    • 1. Innovation and change through the crowd
      Paul Dombowsky
    • 2. 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
    • 3. Thank you
      Adam Cranfield - Consultant
      Matt Ball – COO and Co-Founder
      3
    • 4. Our Venue Host
      Tony Fish
      3
    • 5. Where does innovation happen?
      2
    • 13. 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
    • 14. Overview
      2
    • 15. 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
    • 16. Participation Happens – Civic or Brands
      5
    • 17. Who is your crowd?
      The crowd you know The crowd you don’t know
      Social Media Makes the Connection
      8
    • 18. Who is your crowd?
      CITY
      Engagement
      Targets
      6
    • 19. Where Innovation / Crowdsourcing Fits
      8
    • 20. Two Sides of Crowdsourcing
      Citizen Engagement
      Community / Civic / National
      Market Engagement
      Customers / Prospects / Partners
      3
    • 21. Where the conversations are happening?
      Official & Unofficial
      Why not tap into the conversations that are already happening?
      Get the crowd working for you.
      8
    • 32. 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
    • 33. Citizen Engagement
      2
    • 34. 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
    • 35. I have a challenge
      19
      Opportunity Driven (supplier)
      Innovation Driven (customer)
    • 36. Citizen Engagement in Web 2.0 for London 2.0
      • There are many one way conversations happening:
      • 37. Blogs
      • 38. Square Mile Blogger
      • 39. Londoniscool
      • 40. London Underground Tube Diary
      • 41. Dave Hill’s Politics Blog
      • 42. London Standard
      • 43. Telegraph Blog
      • 44. Podcasts
      • 45. Dial-Eye-Lama
      • 46. Editorial Intelligence
      • 47. Make no mistake – your citizens want to be involved intransforming the City of today to City 2.0.
      • 48. Where is the engagement? Where is the innovation happening?
      Driven bySocial Media Platforms
      4
    • 49. Government as a Platform
      • Ideas and information produced by and on behalf of the citizen or the crowd
      • 50. Crowd is empowered to spark the innovation that will result in an improved approach to governance
      • 51. Move away from ‘Vending Machine Government’
      • 52. Responsibility is shared between citizens and staff
      20
    • 53. NYC Example
      NYC Citizen Engagement Program
      12
    • 54. SF Example
      San Francisco Engage4change Citizen Engagement Program
      (2 weeks)
      • No. of Engagements = 2252
      • 55. Referrals = 64% from Twitter
      • 56. Cost = 500 ice cream cones ($1,000)
      • 57. HumphrySlocombe’s Crowd= 320,000 twitter followers and Facebook Friends
      13
    • 58. Market Engagement
      2
    • 59. 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
    • 60. 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
    • 61. How Product Development Used to Happen
      9
    • 62. Social Product Development/Open Innovation
      10
    • 63. 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
    • 64. 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
    • 65. Innovation: Crowdsourcing vs The Survey
      9
    • 66. 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
    • 67. Product Development - Inventions
      Quirky is an all in one product development shop for inventors.
      15
    • 68. Conference Agenda
      Ignite uses crowdsourcing for the source and crowd directed agenda at an upcoming event.
      16
    • 69. 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
    • 70. 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
    • 71. 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
    • 72. Crowdsourcing Pros and Cons
      PROS
      • Reduced time to market
      • 73. Reduced risk due to early customer input
      • 74. Increased customer lifecycle value
      • 75. Broader source of innovation
      • 76. Strengthened brand through participation
      • 77. Organizations can’t have all the brightest people on staff
      • 78. Ideas don’t have to be discovered by internal R&D teams to be capitalized upon
      • 79. Benefits from varied experiences
      CONS
      • Less control
      • 80. Needed trust not easily come by in some organizations
      • 81. Requires community management
      • 82. Suffers if crowd is too narrow
      • 83. Disruptive to traditional timelines for product roll outs
      • 84. First attempt is risky until you understand your crowd
      • 85. Need to know your target audience
      17
    • 86. Things to Watch For
      • Excessive lobbying and promotion
      • 87. Narrow crowds product narrow results
      • 88. No follow-through causes creditability hit
      • 89. If you say you are generating solutions for X, communicate what happened and why
      • 90. Broad ideation campaign descriptions will result in less focused results BUT too narrow will restrict creativity
      • 91. Dismissing ideas that seem far fetched
      • 92. Ideation often requires refinement – understanding what your crowd is saying by ‘x’
      11
    • 93. 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
    • 94. Motivating Funding
      • Percentage of Ownership (regulatory backwater in most countries)
      • 95. Percentage of profits
      • 96. Rewards (points or the CD / Movie)
      • 97. Tax receipt
      11
    • 98. Models
      11
    • 113. Example - Kickstarter
      11
    • 114. Example - Fundchange
      11
    • 115. Examples: Profunder (US only)
      Funding source for entrepreneurs
      Revenue Share
      Debt
      Equity
      11
    • 116. The Appeal
      Uses social media to get the word out
      Taps into your crowd and your crowd’s crowd
      10
    • 117. Benefits & Challenges
      • It’s social – the crowd promotes projects it likes
      • 118. It’s social – the crowd won’t promote projects that aren’t shareable
      • 119. Success comes to those that actively build a crowd
      • 120. A challenge for organizations new to social media
      • 121. It’s the free market at work
      • 122. It’s the free market at work
      • 123. Build stickiness to the project
      • 124. Need to pay attention to write-up to inspire funders
      12
    • 125. 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.
      • 126. 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.
      • 127. Make sure your target audience is online and will give online
      • 128. If you opt to post your projects on established crowdfundingsites, do your homework – be careful of the company you keep.
      13
    • 129. How an Engagement Platform Works
      22
    • 130. A Platform Could Help
      2
    • 131. Ideavibes Citizen Engagement Platform
      • Easy to set-up and deploy
      • 132. Able to run multiple campaigns at once
      • 133. Can run Crowdsourcing and Crowdfunding Campaigns
      • 134. Build stickiness and community around those that engage (sign-in and see past votes, comments, ideas)
      • 135. Hosted solution (in Canada)
      • 136. Able to be implemented on existing website or set-up in new, destination site
      • 137. Social Media connected
      • 138. One of few sub $1000/month solutions
      21
    • 139. 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
    • 140. Thank you
      Paul Dombowsky | 613.878.1681 | paul@ideavibes.com
      www.ideavibes.com
    • 141. Grow VCEveryone Funding Startups
      June 1, 2011
    • 142. Vision
      The next Silicon Valley is not a location, it is a platform and community on the Internet
    • 143. Mission
      Provide the platform, service tool kit and partner network for the Virtual Silicon Valley
    • 144. 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
    • 145. WE HAVE A DREAM:
      more equal opportunities,
      where entrepreneurs
      and ordinary people unite
      to accelerate innovation
    • 146. 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
    • 147. global
      transparent
      open
      collaborative
      efficient
    • 148. 1. P2P and Crowd-funding
      via Community Fund investments
    • 149. 2. Match-making and negotiation toolsfor Private investments
    • 150. 3. Reward professionals
      Work investment scheme
    • 151. Browse investments when you have time
      www.growvc.com
      63
    • 152. The Grow VC platform enablesmany models, example
      www.growvc.com
      64
      Investment decisions:
      • Community
      • 153. Co-investors have automated model with veto right
      • 154. Direct investments
      • 155. Community micro-investments
      • 156. Support for investment process and materials
      Start-upXXX
      Community FundMicro-investments
      Start-upYYY
      Private investments
      Start-upZZZ
      Co-investors
      Investment process:Managed by community
    • 157. 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
    • 158. 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.
    • 159. Tony DhillonHead of European Operationstony@growvc.comTel (UK): +44 7961 848 586Skype: tony.dhillon10 - Twitter:@tdhillon10
      www.growvc.com
      Twitter: @growvc