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Working the Crowd

Date: Thursday, October 1, 2015 Date: Thursday, October 1, 2015 Time: 07:45 - 09:15 Location: Corinthian Club, Glasgow

This is a past event

The benefits of crowd economy for your business

The crowd economy is creating waves, making the headlines and disrupting every sector. At the same time it is opening up new opportunities to create value and change the way we work. It can’t be ignored but common questions when considering it can be asked:

  • “What is so different about it?”
  • “How can I engage with it?
  • “How do I work the crowd?”

Our October guest – Tim Wright, author, speaker and co founder of Twintangibles explained and exposed how the crowd economy is the biggest opportunity for business in a generation and one not to be missed.

We learned that many well known organisations are using crowd economy in many innovative and creative ways; Lego, Amazon, BMW and University of Glasgow among them.

Essentially Tim explained that those businesses who have embraced crowd have done so by looking outwardly for skills and ideas rather than always assuming they have the best ideas in-house. By taking this ‘outward’ approach they have engaged with:

  • Citizens
  • Peers
  • Online communities
  • …and others

This has allowed businesses:

  • To open up to innovation
  • Encourage customer co-creation
  • Promote economy sharing
  • Be part of mass collaboration
  • Create greater profit

Crowd economy isn’t necessarily new, in fact it uses ‘the masses’ to help deliver a service, however by understanding it, does allow businesses to grow and innovative in their approach to market. It encourages us to reconsider our assets. For example BMW are considering a new value proposition whereby they offer one car to multiple users rather than just selling one car to one person. The model is similar to the ‘public bike sharing system’ we see in many cities including Glasgow, except it’s a BMW – interesting!

Tim also explained how businesses are behaving smarter and working faster via partnerships that give greater access to skills.

There are also many examples of the crowd economy in practice online such as developers contributing to open source and websites offering cheaper transaction of money, which in Tim’s opinion is one of the biggest threats facing the banks.

From crowdsourcing to open innovation and collaborative consumption to crowdfunding, the value of these sectors and the businesses operating within them, continues to grow rapidly. Crowdfunding is raising $34 billion in 2015 and this is forecast to grow ten times by 2025.

Tim’s presentation got us all thinking about where to look for opportunities through crowd economy and I’m sure that his new book ‘Crowdfunding to Win’ would be a worthy addition to any businesses planning ahead.