I noticed this amazing car and fascinating story in the Sunday Times the other day and thought I’d share it with you. The off-roader built tweet by tweet.
It highlights the momentum that crowd sourcing is building up, and suggests it is likely to be much more broadly adopted in the years ahead.
A company called Local Motors in the US has built a car they’ve called the Rally Fighter using open source production techniques. This basically means fans/members of their website have submitted their ideas by email or twitter for every aspect of the car.
Harnessing the wisdom of crowds like this not only helps companies/entrepreneurs provide better products and services but it also guarantees sales. If the customer has invested their time/ideas throughout the development process they are far more likely to buy the end product – there are many reasons for this one of them is because emotionally accepting a loss (writing off any investment) is twice as hard to do as cashing in a profit.
I’ve also recently come across (random connection through Twitter) a superb financial services company called Redington who are doing things very differently (better) and among other things (including Mallow Street) using technology to tune their presentations on-the-fly depending on the active preferences of their audience.
The skill appears to be in the facilitation of open source brainstorming and/or the aggregation of these ideas. At Inspired we’re looking to develop an online/offline community to help investors and their advisors. Ultimately we’d like it to harness decision markets – where a contribution currency will provide a non-financial incentive and encourage participation. Jaime Steele may have already solved the contribution/karma currency bit for us.
Exciting and innovative times ahead. In my humble opinion social media really is the biggest shift since the industrial revolution and the pace of progress will clearly accelerate in the years ahead.
What do you think will be be the most exciting developments in 2010?
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