Play Matchmaker, Bringing Crowdfunding and Crowdsourcing Together

crowdsourcing word cloudToday’s post comes from guest blogger, David Reynolds. Reynolds is an internet marketing specialist, rogue blog contributor, and devoted cyclist.

There’s a new voice in town and the good news is, it comes with cash, but the great news is- the voice is yours. Called new media by some, the coming together of crowdsourcing and crowdfunding has allowed creative-minded individuals the ability to ask people what they want, and then ask for their financial help to make it a reality. Joseph Gordon-Levitt’s hitRECord, which asks internet users to put together ideas around a theme that is ultimately edited together for TV, demonstrates the power of this new way of giving the faceless consumer crowd a say and a stake in the creative process. Here are few recent projects that saw big pay offs.

Veronica Mars 

In 2007, when the cult TV series Veronica Mars was cancelled, fans were outraged and took to the internet to make sure that everyone knew it, according to The Guardian. Rob Thomas, the writer and producer of the show, heard their cries, even if the CW Network and Warner Bros. didn’t. Rob Thomas took to the newfound crowdfunding idea and used Kickstarter to find the money to film a Mars movie. Originally trying to come up with $2 million, the Kickstarter campaign brought in $5.7 million, with the first million accumulating within the first five hours. To add to the success story aspect, the movie made $2 million on its limited release first weekend, as Indie Wire highlights.

Digital Wallet

Google Wallet, Square, and Passbook all made a run at creating an electronic wallet app, but, according to Tech Crunch, Lemon has grabbed the gold medal. They did it by simply asking customers what they wanted, and then delivering the goods. Lemon’s digital wallet platform, which has been acquired by security giant Lifelock for $42.6 million, was the product of cleverly crowdsourcing ideas, and bringing these ideas to angel investors to the tune of $8 million in 2011. You can learn more about the ID theft protection agency’s acquiring of Lemon on Mashable.

Daily Twist

This Nabisco Oreo cookie campaign is the perfect mix of fun crowd interaction and great marketing. For its 100th anniversary, Nabisco gave people a blank Oreo template and let them redesign it. The creativity ran rampant with a Gay Pride cookie, a Mars Rover Oreo, and a sweet treat in the shape of Elvis’ head. More importantly for Nabisco was that the 100 days of the Daily Twist saw an increase in social media interacts of 110 percent, which is especially significant when you consider they have 27.7 million fans on Facebook, according to Adage.

Hidden Radio

The formula for combining crowdsourcing and crowdfunding is a simple one; ask people what they want, and they will help make it a reality. Hidden Radio successfully ran this equation when they created their multiple directional speakers. In 2012, Hidden started with a solid sourcing campaign to find out what people needed in a sound system and to establish a price point. From there, they launched a Kickstarter campaign, asking for $125,000 to create the device. Good ideas and some nice marketing payed off, they received almost one million dollars from the campaign. The idea worked so well that they tried it again with their speaker upgrade, asking for $90,000, and receiving more than $700,000.

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