"And the Winner of the $1 Million Netflix Prize (Probably) Is ..."

Story of Note
  Source: New York Times

Never underestimate financial motivation:

The Netflix Prize contest has been hailed as prime example of "prize economics" and the crowdsourcing of innovation. Prize economics refers to running a contest to generate a new innovation at less cost than an in-house research and development effort, and crowd-sourcing refers to using the proverbial wisdom of crowds to accomplish a task. Netflix has said that $1 million would be a bargain price for an improved recommendation engine, which would increase customer satisfaction and generate more movie rental business. [Link included in original post.]

The Netflix Prize -- and similar contests -- take a much-needed, practical approach to crowdsourcing by injecting clear motivation into the process. A big fat check is bound to attract a committed corps, but other rewards, such as esteem within a specific community or job opportunities, may also work (may ... successful crowdsourcing and community creation often requires a lightning-in-a-bottle moment). What I appreciate most about the Netflix Prize is that, unlike most forms of citizen journalism and community building, it clearly answered the question: "Why would anyone do this?".

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Mac Slocum I'm an editor, producer, writer, teacher and Red Sox fan. If you want to know more, read my bio.



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