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Friday, November 17
Crowdcasting - The Wisdom Of Crowds
In the latest issue of Business 2.0, came across this new concept - Crowdcasting! Actually, a while ago in his best-selling book, The Wisdom of Crowds James Surowiecki had explored a deceptively simple idea that has profound implications - 'Large groups of people are smarter than an elite few, no matter how brilliant/ better the elite are at solving problems, fostering innovation, coming to wise decisions, even predicting the future! 'Crowdcasting' is the real life application of the wisdom of crowds!
Companies like Amex, Whirlpool, GE Money and Mars are now occasionaly turning to B-School students to come up with innovative products and services by solving real world problems.
I think for a talent starved industry like advertising, 'Crowdcasting' is an excellent tool to plug into some of the youngest and brightest minds of India!
Even if we can't afford the IIM grads, maybe we can get some of them to solve our brand/ strategy/ agency problems.
In fact, for smaller agencies, it's a very effective and cheap alternative to say a large sized planning department, without sacrificing the quality of strategic thought. What say?
As we go into the future, we do not just need 30 sec TVCs and print ideas. We need a whole host of ideas - big and small across the internet. mobile and other emerging media space!
And bright minds who also are early adopters of the products and services would make great idea-founts.
At David, I have been using 'Crowdcasting' in a minor way! Ocassionaly I dip into the intelligence of young students. They have helped me mine insights, helped in new business pitches, served as virtual-planners, jointly built content which I have used in new business pitches...
And quite often, even the agency employees cannot match the content as well as the energy levels of these 'crowdcasters'.
Lets be ready for the future. As Business 2.0 said - "Turning one's business problems over to outsiders scares the shit out of most business leaders because it challenges the power base of individuals within the company. But that's exactly what needs to happen for a company/ industry to grow and change with the times".
If ideas had a valence level I would give 'Crowdcasting' 10 points! Same as this year's Grand Effie(India) winner Lifebuoy Little Gandhi campaign!