CAE Weblog

Could Prediction Markets work for associations?

Motorola uses a prediction market to gather new ideas from employees and predict their success based on how willing individuals are to buy "stock" in them.  They launched a system called ThinkTank in 2003 to collect potential innovations using software from Consensus Point.  Employees are given $100K in virtual dollars to vote on ideas at $10 per share.

Perhap association members (as well as staff) could participate in a similar effort to stimulate innovations and involve more people in the decision process.  I would suggest that a committee or panel review the finalists, assess scope/cost and make final recommendations to the board.  Perhaps members could also vote for programs and services to retire to make way for these new activities.

Has anyone tried this or something like it?  Read more about Motorola's use of prediction markets in CIO article by Kirstin Burnham.

Tagged: Prediction Markets Associations Innovation Consensus Point 

Search for the Next Great Fundraising Event

Anthony Williams' keynote at the Association Technology Conference inspired me to order the book, Wikinomics, that he co-authored with Don Tapscott.  It is a fascinating book that provides insight into the potential power of mass collaboration and how it is already changing our world and its business models significantly.

So I started to think how this mass collaboration concept might apply to charitable organizations.  So many of these charities seem to be in a rut when it comes to fundraising events.  Most are realizing only modest if any real growth.  How many walks can one community actually support?  We have walked, run, skiied, golfed, sailed, bicycled, etc. all over the world.  Where will the next new fundraising event appear?

If pharmaceutical companies can collaborate on R&D to find the next great drug, why can't like-minded charities collaborate to invent the next great fundraising event?  Personally, I would love to see several environmental groups come up with an event or activity to raise millions to save our planet.  Or, perhaps several health organizations can work together to raise the dollars to find a cure.

How would this work?  It could start with an open community discussion to learn what motivates people to raise money and participate in these events.  What are the essential elements for a successful fundraising event?  Then, this "open source" community of fund raising professionals and past event participants could work on identifying a brand new concept (or a significant twist on an old one).  The goal would be to create an event or activity that would capture the imaginiation of a mass audience and inspire them to support a cause greater than any one organization and raise more money than all of the organizations could raise independently.

Of course, there would be some natural barriers to success.  Organizations would need to take more risk than they would normally find acceptable and new governance structures would need to be created.  But where there's a will...

If anyone is interested in this idea, let's explore further.  I would be happy to create a wiki to get the discussion started.

Tagged: fundraising new event mass collaboration Wikinomics
 

Innovation Bloggers Virtual Forum

Jeff De Cagna is organizing an Innovation Bloggers Virtual Forum on April 26th.  There are already several interesting topics lined up for the morning and afternoon Roundtable discussions.  Space is limited to the first 20 persons who comment on his post and there appear to be only a few slots left.

Tagged: innovation Jeff De Cagna virtual forum