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Crowdsourcing Crowdfunding The Future by Augustine Fou


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NASA is the latest to source ideas from other experts to help quickly solve questions for a mission.

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Crowdsourcing Crowdfunding The Future by Augustine Fou

  1. 1. Crowdsourcing Crowdfunding Dr. Augustine Fou January 16, 2013 Augustine Fou- 1 -
  2. 2. Crowdsourcing Augustine Fou- 2 - Interest in crowdsourcing continues to go up; but usage of some sites continue to go down. Why? Google Insights: “crowdsourcing” Compete:
  3. 3. Executive Summary • Some things lend themselves better to crowdsourcing; others do not. • As crowdsourcing matures, what are the areas where it works well and others where it doesn’t. • Is there a systematic way of identifying which is which? Augustine Fou- 3 -
  4. 4. Subjective Examples Augustine Fou- 4 -
  5. 5. Augustine Fou- 5 - Crowdsourcing design Compete: Sometimes, just having more of something (like dozens of design submissions) may still not be enough to find a good one.
  6. 6. Objective Examples Augustine Fou- 6 -
  7. 7. NASA (2014) Augustine Fou- 7 - NASA seeks help for asteroid capture mission NASA is offering $6 million to help solve big questions facing asteroid capture mission
  8. 8. Waze Augustine Fou- 8 - Real time traffic via 30 million live data points “30 million drivers out on the roads, working together towards a common goal.”
  9. 9. Kickstarter Augustine Fou- 9 - Crowd funding creative projects Enabling creative producers with “long tail” creative projects to find the users who like their work enough to pre-fund it. In this case, casting a wider net is better, to find those hard-to-find needles in a haystack.
  10. 10. Kiva Augustine Fou- 10 - Community based micro-loans People in need post projects that are looking for loans in order to complete. Other people can make loans to support a cause and help individuals or groups complete their project or goals.
  11. 11. Augustine Fou- 11 - Microfunding teachers’ in-classroom projects Teachers post school projects that need funding for supplies. Individuals can contribute instantly via credit cards.
  12. 12. PressureNet Augustine Fou- 12 - Atmospheric pressure info to predict the weather Source: Wired, Jan 7, 2013
  13. 13. When to do what-sourcing • In-source – in-source strategy because it relies on a unique and in-depth knowledge of your product, business, and industry • Out-source – out-source functions which are not your primary area of expertise, not directly tied to it, but which is standardized and has mature metrics of success and quality (e.g. HTML coding) • Crowd-source – crowd-source activities where more is better (e.g. Waze) and which is more objective (e.g. community donations and loans) versus subjective (e.g. designs) Augustine Fou- 13 -
  14. 14. So What? “For subjective things like design, more is not necessarily better; for other things like funding, if the idea is good enough and many people understand it well enough to fund it, then more is better.” - Dr. Augustine Fou Augustine Fou- 14 -
  15. 15. Dr. Augustine Fou – Chief Digital Strategist “I analyze trends and advise clients on getting out in front of them, rather than be a victim to them.” FORMER CHIEF DIGITAL OFFICER, HCG (OMNICOM) MCKINSEY CONSULTANT CLIENT SIDE / AGENCY SIDE EXPERIENCE PROFESSOR AND COLUMNIST ENTREPRENEUR / SMALL BUSINESS OWNER PHD MATERIALS SCIENCE (MIT '95) AT AGE 23 ClickZ Articles: Slideshares: LinkedIn: Augustine Fou@acfou
  16. 16. Related Slideshares Crowdsourcing, Crowdfunding, Fads? By: Augustine Fou, March 26, 2012 Do Different: Experiential Marketing By: Augustine Fou, October 22, 2012. Innovation Old and New By: Augustine Fou, January 9, 2013. Augustine Fou- 16 -