This isn't a new concept, people have always gathered together to share information but the internet and the advancements of Web 2.0 allow us to share this information more freely. And those who have taken advantage of this have illustrated the powerful result:
- Google became the number one search engine by using 'PageRank' which uses the search behavior of millions of people to improve relevancy.
- Wikipedia has become the world's largest and arguably the most accurate encyclopedia.
- Innocentive opens up tough R&D problems for anyone to solve - since 2005, 58 of these tough problems have been solved by over 120,000 solvers.
- Cisco's Connected Life Contest resulted in over 600 technology ideas in 3-months that will be used to drive product strategy.
It has been proven that collective intelligence works and those who have jumped on the bandwagon have the competitive advantage. How have you seen 'the power of many' used successfully?