Agorize enables companies to tap in to the wisdom of the crowd to help them with new ideas. Could Agorize’s crowdsourced strategy apply to other sectors?
Armed with several high-profile international clients, including Philips, Microsoft, YouTube, BNP Paribas, Blablacar, and many more, Agorize have closed a €2 million funding round with Iris Capital and Capnamic Ventures. Agorize enables companies to tap in to the wisdom of the crowd to help them with new ideas.
In the past, most companies would have relied on market research to inform innovation, which is often more useful for gathering data about particular segments and audiences, or tested specific concepts rather than directly generated ideas. With crowdsourcing becoming increasingly easy to implement and useful, market research may soon become an outdated, expensive construct.
Agorize’s community strategy
Agorize has already built up a number of communities around specific profiles, including students, engineers, and startups. Their community network is quite extensive, including 2,000 universities that are already involved in their challenges. Agorize will then work with companies to help them design specific challenges for these communities.
They have a range of community oriented ‘mini-platforms’ around specific areas to facilitate tailored challenges, including Studyka (student challenges), Hackateam (online hackathons), and UpWeStart (dubbed the ‘The Missing Link’ between startups and corporations). They also offer a white label solution for customized challenges.
The cost of launching a challenge for companies ranges between €10,000-€100,000. Though the cost of entry is steep, Agorize handles the challenge from start to finish, which is still advantageous for companies over the cost and headache of organizing a similar effort or analyzing and interpreting survey results in-house.
Agorize’s crowdsourced approach could likely impact other sectors too, such as recruiting and social marketing.
This post was originally published on Rude Baguette.