Research & Insights

By Ross Dawson, October 16, 2012

Why You Need to Know How to Build A Crowd Business Model

Ross Dawson is leading a Crowd Business Models Summit the day before CrowdConf and we are excited to hear what he plans to cover in this intensive half-day program. Come learn about relevant business models for your company and maximize your time at CrowdConf, especially for those visiting from out of town. Here is a preview from Ross Dawson of what to expect at the Summit.

New applications of crowdsourcing are providing major new opportunities for business, society, and government. More broadly, they are fundamentally disrupting the traditional work model as we see a fundamental global shift to distributed work and value creation.

One of the most important aspects of this shift is the rise of ‘crowd business models,’ that is based on the creation of value by the crowd.

In my recent book, Getting Results From Crowds, I take a look at these various business models and analyze their benefits and challenges.

Some models, such as design competitions, have being used for many decades, drawing on the participation of many to find the best. While newer crowd-based models have being enabled by the rapid rise of connectivity and bandwidth. A few of the better known examples include Wikipedia which consists of reference content generated by many, service marketplaces such as Freelancer.com and Upwork which bring together supply and demand for talent, prediction markets that aggregate opinions into insights, and crowd design platforms such as Quirky that enable ideas from crowds to be captured and brought to life.

I would argue that a majority of business models are incorporating elements of crowdsoucing such as ratings, product feedback, and social media sharing. While crowd business models are increasingly important for entrepreneurs, investors, and corporate executives, so far relatively little attention has been paid to the idea and its applications.

At the Crowd Business Models Summit we will bring together industry leaders who have experience and insights to share in the field of crowd business models. We will delve into the success factors for crowd business models, in attracting and rewarding contributions, creating value, and monetizing that value creation. We will also look into the future of crowd business models, where they are going, where the opportunities lie, and what entrepreneurs need to do to seize that value.

The event will be highly participatory, helping to generate insights not just for those present, but also the broader community, in developing and refining useful frameworks for crowd business models and how to make them successful.

It promises to be a not-to-be-missed event, packed into an intense half-day session, to help kickoff CrowdConf the following day. I hope you can join us!

-Ross Dawson