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8/11/2015
06:36 PM
David Wagner
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IT Life Radio: The Evolution Of Crowdfunding

The next episode of IT Life Radio will discuss the growth and changes of crowdfunding and how it is attractive to larger enterprises.

How To Refresh A Stale IT Career
How To Refresh A Stale IT Career
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Does your enterprise have a crowdfunding plan? Does your IT department have capabilities to help your enterprise with crowdfunding? The concept presents challenges your IT department might not be ready for. We'll talk about all of that on IT Life Radio, this Wednesday, Aug. 12 at 2 p.m. ET.

Most people think about Kickstarter or Indiegogo when they think crowdfunding. And that's still a big part of the scene, but enterprises are starting to use crowdfunding, even companies you associate with strong analytics, forecasting, and supply chain abilities. Big companies such as Disney and Timex are in the crowdfunding business now.

That's because crowdfunding is helping to flip the manufacturing process. It used to be that you'd design a product, try to figure out how many you'd sell, build it, and then sell it. Now, you design the product, try to sell a bunch, and then build exactly the number you need. Less waste. Less risk. More profits.

That's hard to do, and it comes at a cost in complexity and in technology needs. On this episode of IT Life Radio, we'll talk about how changes in crowdsourcing are affecting large and small enterprises and what IT pros need to know about those changes. We've got Chris Tsai, founder and CEO of Celery, to help us keep track of the changes in crowdfunding. In this episode you'll learn:

  • Why large enterprises are getting into crowdfunding.
  • Why crowdfunding and pre-orders aren't exactly the same thing and how to handle both.
  • The technological challenges of crowdfunding.

Chris Tsai is co-founder and CEO of Celery, a pre-order platform for launching new products. Chris studied quantitative marketing at Wharton, computer science at MIT, and built his first PASCAL program when he was 12. The son of a serial entrepreneur, he has been working on tech and social finance startups since college. Before creating Celery, he led Groupon's expansion in Asia.

(Image: Celery)

(Image: Celery)

Tune into IT Life Radio at 2 p.m. ET on Wednesday, Aug. 12, and learn how to make crowdfunding work for your enterprise.

David has been writing on business and technology for over 10 years and was most recently Managing Editor at Enterpriseefficiency.com. Before that he was an Assistant Editor at MIT Sloan Management Review, where he covered a wide range of business topics including IT, ... View Full Bio
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Gigi3
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Gigi3,
User Rank: Ninja
8/14/2015 | 5:45:27 AM
Re: Crowdfunding production
"Far too often, companies will often create a product and be convinced there is a market for it, sometimes to find that there is very little market after the fact.  Crowdfunding gives a bit better insight because there is more stake from the buyers themselves who have pledged funds to represent their interest.. "

Stratustician, before going for production or conceiving any product companies used to take requirement gathering or market study about the scope of new product.  So chances of failure is less; then how its different for crowd sourcing?
Gigi3
100%
0%
Gigi3,
User Rank: Ninja
8/14/2015 | 5:42:12 AM
Re: Crowdfunding production
"I think the key difference is that you can do early product testing to look for how the market responds to the product, before diving heavy into the manufacturing process. "

Stratustician, these things are happening in industrial production line too. testing and production on demand is so common with industrial production. I would like to know how its different in crowd sourcing?
Stratustician
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Stratustician,
User Rank: Ninja
8/12/2015 | 1:59:29 PM
Re: Crowdfunding production
I think the key difference is that you can do early product testing to look for how the market responds to the product, before diving heavy into the manufacturing process.  it also makes it easier to better predict market response, which means less unsold stock.  Far too often, companies will often create a product and be convinced there is a market for it, sometimes to find that there is very little market after the fact.  Crowdfunding gives a bit better insight because there is more stake from the buyers themselves who have pledged funds to represent their interest.
Gigi3
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0%
Gigi3,
User Rank: Ninja
8/11/2015 | 11:33:47 PM
Crowdfunding production
"That's because crowdfunding is helping to flip the manufacturing process. It used to be that you'd design a product, try to figure out how many you'd sell, build it, and then sell it. Now, you design the product, try to sell a bunch and then build exactly the number you need. Less waste. Less risk. More profits."

David, how this approach is different from traditional way of production in industry? Normally they alos make products based on market demands. For example umbrella manufacturing & sales are mostly happening during the rainy season. So to meet the market demands they increase production during this peak season and less during the off season.
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