Competing with or Against Crowds

March 26, 2018

March 26, 2018

Read The Full Prompt

In this module we have examined how firms can leverage digital technologies to harness the power of collective intelligence from the crowds to create value and capture value. For this assignment you have three options:

1 – Pick one industry where no firms have leveraged crowds, and come up with a crowd-based business model that may potentially transform the industry. Describe how you plan to create and capture value. Explain why the crowd will participate, and why your crowd-based model is better than the current model employed by the incumbents.

2 – Describe a company that is using crowds (external or internal) in an innovative manner. Describe how they incentivize participation and manage the crowd. What are the challenges? Describe how value creation and value capture occur, and the growth potential of this business.

3 – Companies often struggle with crowds as well. Describe failed crowdsourcing efforts and explain how and why the company failed. Given what you have learned in the course, what would you do differently?

Create an approximately 500-750 word post at digit.hbs.org to make your contribution by 6pm on March 26. Please create appropriate tags for your post. Please also respond to and comment on three other posts per module before class. Feel free to use graphics, data, videos and links to other sites to corroborate your points.

Responses (86)

Show me the Waze to go home
Hans Latta
Posted on March 22, 2018 at 12:53 am
With 22.5 billion kilometers logged and 100 million users, Waze has rapidly become the navigation app of choice. And it got there through crowd-sourcing.
YouTube’s Evolving Challenge
B4AD56
B4AD56
Posted on March 24, 2018 at 5:38 pm
YouTube (YT) is the largest search engine in the world, second only to Google itself. With over 1 billion hours of content watched each day and over 300 hours of new content uploaded each minute, YouTube sits in the middle [...]
I paid $200 for someone to name my company Whiskass
Christie
Posted on March 25, 2018 at 8:38 pm
Squadhelp is one of many companies that helps customers come up with business names, logos, and slogans through the power of crowdsourcing. I’m not proud to admit it, but I recently employed Squadhelp to brainstorm some names for my recent [...]
IKEA: crowdsourcing ideas to co-create a better everyday life
Ting
Posted on at 4:12 pm
IKEA, the traditional furniture retailer with 75 years history, is now planning a digital platform to co-create products and innovations with third-party designers, startups, and customers. “We are launching ‘Co-Create IKEA’, a digital platform where customers will have the possibility [...]
Quantopian – Crowdsourcing the Alpha!
AyhanSebin
Posted on at 11:02 pm
Quantopian provides tools and data for quant developers to come up with investment algorithms. After, freelancers create and share the algorithms, Quantopian managers evaluate them to pick the investable ones.
Glossier’s Lip Gloss Empire
CNH
Posted on March 26, 2018 at 11:00 am
Emily Weiss can be considered the queen of crowds as far as the beauty market is concerned, as Glossier’s business model depends entirely on an army of loyal fans for all of its core processes, from product development, to marketing, [...]
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