Those with innovative ideas often turn to crowdsourcing as a way to fund their ventures. GroupMinded is about to find out if the power of crowdsourcing can be harnessed to create innovation, rather than just fund it.
Calling themselves part business venture and part social experiment, GroupMind’s concept is simple — 1000 individuals sign up as founders, and each gets a say in what happens. Exactly what will happen, nobody knows yet. And that’s the point — what if everything from concept through design, all the way to the stock market floatation was the result of crowdsourcing? Ten percent of the company is being given away to the 1000 founding members (0.01 percent each), who can earn greater equity the more they participate. The members will work together, using their collective power via open conferences and a voting system to eventually deliver a product that can turn a profit. Anyone is invited to join, and members will spend “5-10 minutes once or twice a week” voting on production, receiving party invites and other free perks in the meantime.
Rather like ants using their collective power to build colonies, GroupMinded hopes to utilize the minds of its 1000 members to build something an individual alone might not. Could this model of crowdsourcing become a standard for businesses?