Clarity from Crowds? What is that?
“Clarity from Crowds” is the result of utilizing the “wisdom of crowds”, a term popularized by James Surowiecki in his 2004 book, “The Wisdom of Crowds”.
The underlying concept we are referring to is collective intelligence, the idea that groups of people can make better predictions, and ultimately, better decisions, than even the smartest individuals in the group.
Although Surowiecki’s book was quite popular, even becoming a Businessweek and Forbes.com Best Book of the Year, firms have been slow to adopt collective intelligence strategies.
In his book, Surowiecki promotes the use prediction markets by all kinds of firms:
“Corporate strategy is all about collecting information from many different sources, evaluating the probabilities of potential outcomes, and making decisions in the face of an uncertain future… These are tasks for which [prediction] markets are tailor-made.”
- James Surowiecki, “The Wisdom of Crowds”
Simply put, we agree. Corporations all over the globe suffer from slow, costly, and inaccurate information. We would like to help them.
On this blog we will be exploring topics that are loosely related to leveraging the strength of crowds through prediction markets and other mechanisms. We want to engage in a conversation with others who share our passion for this subject, and contribute to a growing community of interest on the topic, with the aim of furthering our collective understanding of how we can all benefit from our collective and diverse insights.