How Are You Using the Crowd?

Crowdsourcing and Crowdfunding – the industries are exploding overnight. Econsultancy recently posted a new review of statistics for the crowdfunding industry alone and predicts that by the end of 2012, there are expected to be more than 530 crowdfunding platforms (that’s growth of 60%).  However, it’s not just crowdfunding. There are six categories that are defined within the current crowdsourcing taxonomy. They are:

Cloud Labor: leveraging a virtual labor pool, which accounted for 8% of all online crowd activities in 2011.
Crowdfunding: seeking financial support from online investors, which accounted for 22% of all crowdsourcing platforms in 2011.
Open Innovation: sourcing new ideas, suggestions and innovation from the crowd. 10% of all crowdsourcing platforms in 2011 were dedicated to open innovation.
Distributed Knowledge: network asset distribution through a consortium of crowd contributors. This accounted for a whopping 37% of all online crowdsourcing in 2011.
Crowd Creativity: seeking creative content from a virtual workforce. This accounted for 14% of crowdsourcing platforms in 2011.
Tools: any crowd application or platform that enabled the sharing of information across the crowd. This was about 9% of the crowdsourcing online presence in 2011.

That’s a lot of different ways to use the crowd, but the main idea is keeping in touch to both your open and closed communities, because it makes all the difference in smart business.

In a recent article for TechNet, Romi Mahajan encourages companies to embrace IT part of their business management strategy, saying at one point: “Empower yourself through knowledge. Leverage the concept of network intelligence to activate your peer group. Share your knowledge of IT experiences in other industries and domains. Through this learning process, you’ll see symmetry of patterns that indicate how vital IT is to all businesses, not just within your own company.”

How are you using your network? How are you reaching out to the crowd?

 

One response to “How Are You Using the Crowd?

  1. We are using the crowd to help improve price transparency. On our website — http://humuch.com — consumers around the world can share products and prices. Then, the information is aggregated and presented for comparison for all. (This would fall under Distributed Knowledge)