Tag: prediction markets

Four Types of Crowdsourcing

I recently finished reading Jeff Howe’s book Crowdsourcing. One of the key takeaways I gained from the book was that there are multiple approaches to crowdsourcing. Some depend upon active collaboration within virtual community of individuals, while others benefit from the opposite. For example, prediction markets maximize value not through collaboration, but from minimal interaction between participants. In the final chapter of the book, Howe describes the four primary types of crowdsourcing – 1) Crowd Wisdom; 2) Crowd Creation; 3) Crowd Voting and 4) Crowd Funding