crowd sourced innovation- netflix

12/07/2006 11:57:00 AM
Everyone is obsessing about getting user to create advertising based content, there's the belief that it's the thing to do these days.

However, it's only advertising, what about the rest of your business?

Could you improve by outsourcing idea-generation to "the crowd"?

This is exactly what Netflix has done with a competition its been running for several months, offering $1million to anyone who can develop an algorithm for movie recommendation that performs 10% better than their current one.

This contest has attracted an incredible amount of interest and participation. According to the leader board, today they have entries from 16,669 contestants on 13,472 teams from 124 different countries and have received 3072 valid submissions from 1,004 different teams; 87 submissions in the last 24 hours.

The leading entry hasn't yet cracked the 10% mark, but it's getting close, a 6.1% improvement.

The idea of offering prizes to outsiders for innovation is something we are likely to see a more widespread use of in the next year. What would you offer $1 million to improve?
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