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Wikinomics
Crowdsourcing
Innovation
2Agenda• What is Wikinomics and Crowdsourcing
• Central idea of Wikinomics
• Crowdsourcing & Prosumerism
• Benefits of Crowdsourcing
• Challenges of Crowdsourcing
• Successful examples of Crowdsourcing
What is Wikinomics and Crowdsourcing
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• A book that describes Croudsourcing as the effects of extensive collaboration (Like a giant Brain) and user-participation on the marketplace and corporate world.
• The word was coined from the combination of “Wiki” + “Economics”
• Don Tapscott and Anthony D. Williams popularized the term in their book, “Wikinomics: How Mass Collaboration Changes Everything”, 2006.
• A true Web 2.0 phenomenon. Extending web 2.0 participation to the organization level
Central idea of Wikinomics
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• Openness - Open to ideas, financial transparency, open standards
• Peering - Collaborative forum
• Sharing - Less proprietary approach to products, IP, bandwidth, scientific knowledge
• Acting globally - Ignoring all boundaries
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Crowdsourcing and Prosumerism
8 With web 2.0 in place, Consumers have become producers. Creating
communities in which content is provided and valued by users.
Earlier Companies had R&D Department to improve and innovate new product. But now prosumer have taken the responsibility to innovate. Its been seen that 65% of these people don’t do it for the feedback but because of they want to contribute and maintain a relationship with the company.
Companies are now using the concept of crowdsourcing and prosumerism, bring people together on a platform to work together for a better future. Some Example is idealstrom by dell
Benefits of Crowdsourcing
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Crowd-wisdom
• Diverse views
• Out of box thinking
Crowd-voting
• Consensus vote leads to built in market
• Can be applied to any industry
Crowd-sourced design
• Economic solutions
• Talent come to you
Crowd-funding
• Easy Access of capital
• Validates your company and product
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Challenges of Crowdsourcing
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Crowd-wisdom
• May lead to million other problems
• Inappropriate suggestions
Crowd-voting
• Customer lose interest
• Risk of multiple voting
Crowd-sourced design
• Increase in price pay may not increase quality
• Information leakage risk
Crowd-funding
• Its all or nothing
• May not be right for B2B products
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Successful examples of Crowdsourcing
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Crowd-wisdom
• Inno centive • Wikipedia
Crowd-voting
• Woot!• Group on• Taxi Square
Crowd-sourced design
• Thread less• Design
Crowd
Crowd-funding
• Kick starter
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Thank You