Making money from the crowd

Crowdsourcing is a tactic that several major brands have turned to, but the concept itself has been, up until now, rarely monetised.

UK start-up Myoo Create is looking to change that by offering established businesses the chance to solve various challenges via crowdsourcing.

Businesses sign up to the site and post a problem they’d like to see solved. Myoo then puts the challenge to its community, which brainstorms ideas and submits solutions. Each suggestion is evaluated on the site, with a prize for the favourite idea.

Companies such as Levi Strauss and National Geographic have already signed up, with Myoo claiming money via a consulting fee. Community participation is free.

With increasing numbers of large businesses looking at crowdsourcing as a potential solution to problems, maybe an Australian start-up could capitalise in a similar way to Myoo.