Tag: wisdom-of-crowds
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Harnessing Collective Intelligence Online
The ‘Wisdom of Crowds’ theory, as popularised by James Surowiecki’s 2004 book of the same name, is an important—if misunderstood—theory that has influenced a lot of recent online ventures that rely on social networks and collaboration to work intelligently. For those who want to take advantage of the wisdom of crowds for their own ventures,…
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Crowdsourcing and Creative Deflation
Monday Note uses the case study of LG eliciting designs for future mobile phones to show how crowdsourcing is changing how design is done… and how it’s starting to change advertising, too. Altogether, LG is going to spend $75,000, to be distributed among 43 awards. […] Let’s face it: for a company such as LG, seventy-five grand for…
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Prediction Markets and The Wisdom of Crowds
FT Predict is more than just a game. Predictive markets collect the wisdom of the crowd in a single dynamic price unit that can be far more sensitive to changes in the market than standard survey-based research. And a growing number of today’s leading companies embrace predictive market models in order to harness the wisdom…