"Monetizing the Wisdom of Crowds" Discussion Excites the Crowd
Posted on Wed, Oct 19, 2011
Last Week, Article One CEO Cheryl Milone joined uTest CMO Matt Johnston and brand strategist Jonathan Salem Baskin in a lively online discussion around the excitement and innovation in the world of crowdsourcing. The presentation was hosted by the Intangible Asset Finance Society with the goal of learning about the challenges of building a community of high-quality experts. The discussion provided fascinating insight into the driving forces behind two of the world’s more complex crowdsourcing ventures.
According to the program description, the focus of the discussion was to, “learn how two firms extract value from among individuals within the crowd – not by digging, but by creating incentives that draw that value to the surface.”
"The desire to build and protect reputation is what draws audiences to our Mission Intangible Monthly Briefings," noted Dr. Nir Kossovsky, Executive Secretary, Intangible Asset Finance Society. They were not disappointed. "Ms. Cheryl Milone and Mr. Matt Johnston both articulated clearly how the crowdsourcing-based services from their respective firms helped clients protect reputational value."
Expert Perspectives
Cheryl Milone presented Article One as the type of crowdsourcing venture that brings together experts from many different areas and unites them around a single goal and vision. The vision is the idea that a dedicated community has the ability to contribute to the ongoing issue of low patent quality around the world. This dedication to a cause combines with monetary rewards and a complex challenge to create a community that is driven to contribute the highest quality research available. This vision and the resulting success were encompassed when Cheryl expressed that, “I owe it all to the crowd.”
Matt Johnston brought a different perspective based on the uTest model. He explained that the uTest community is a group of “testers” that bring skills in the specific area of software testing. In order to verify the skills of their users, the company uses a “sandbox”, or training area, to help educate the users and determine their initial ability. As Matt stated, “I don’t care if a tester has been in the field for 25 years,” they will still be required to utilize the sandbox to ensure the quality of their testers. This initial review drives the importance on individual reputation, which Matt believes is one of the “effective drivers of human behavior.”
IAFS Educational Offerings
The IAFS is a global organization that works to provide education and public awareness around the challenges and best practices in intangible asset management. The presentation was part of their ongoing series of Monthly Briefings called Mission: Intangible. Along with their recent book release, these monthly presentations provide listeners a free “hour-long program on a topical matter of intangible asset management.” You can find more of their upcoming briefings here.