Archive for the ‘Uncategorized’ Category

The Professional Community

Posted: March 27, 2013 in Uncategorized
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A community, in simplicity, is a group of people living in one location together. However, there are much deeper meanings and ways to view a community and what makes it a community. As stated in lecture during my Digital Media and Society class by Professor Jeff Brand, there are two types of communities: Geographic – social relationships that operate within specified boundaries or locales, and, Ideological – sense of common character, identity, or interests.

Strong communities are essential to startup companies and successful businesses. They provide support as well as guidance and aid. Communities are the backbone and keeping them together must be a key objective of every business plan.

The Startup Community

According to businessdictionary.com, the definition of entrepreneurship is “the capacity and willingness to develop, organize, and manage a business venture along with any of its risk in order to make a profit. The most obvious example of entrepreneurship is the starting of a new business.”

Going to school in a town such as Boulder, Colorado, I am exposed to one of the strongest community bonds in the country. The town of Boulder focuses on entrepreneurship and small businesses and has even placed certain laws against big corporations and chains being placed within its borders. The reason Boulder is such a successful area is due to its supportive community that it has established not only within the local Boulder community, but by also being involved with the University of Colorado at Boulder, host to 30,000 students. CU Boulder has big one of the towns biggest contributors to the entrepreneurship and small business field. It has established one of the top rated entrepreneurship programs in the country, the Deming Center for Entrepreneurship, which I am proud to say I am apart of, and the University School of Law often offers free legal advice and support for beginning stages of companies.

While searching for a relevant YouTube video on a startup community, it was funny to find a video focusing on the town of Boulder as a center for the startup community.

Boulder does not only support small business and entrepreneurship by keeping the big corporations out, but by also hosting supportive seminars and events such as Boulder Startup Week as well as providing entrepreneurs and companies the assistance they need through websites such as Boulderstartups.org.

The BuffONE Crowdfunder

Before I discuss the BuffONE Crowdfunder, I will provide some insight into the world of crowdfunding.

Crowdfunding “describes the collective effort of individuals who network and pool their money, usually via the Internet, to support efforts initiated by other people or organizations.” In the past five years, crowdfunding has gained a large amount of awareness throughout the world. Not only is it used in an attempt for a personal financial gain, but it generates awareness of your company, product, or idea, through the entire crowdfunding community, and also the world. Crowdfunding has been used for ideas, products, disaster relief, citizen journalism, art, political campaigns, scientific research, and much much more. It is a tool that demonstrates how effective and supportive a community can be.

During my previous semester at CU Boulder, I participated in an experimental class, Entrepreneurial Environments, led by serial entrepreneur Ray Johnson (Or as we liked to call him, Ray J). This class consisted of 15 students and an idea, to create a crowdfunding platform for the University of Colorado at Boulder. The objective of the class was to develop a platform for the University of Colorado at Boulder’s campus, in order to target the “Buff Community” (Our mascot is a buffalo, so we decided our community would be called the Buff Community). Our key differential to competitors was the community that CU Boulder has created through it’s current students, alumni, and friends and family. The platform would be “For Buffs By Buffs,” solely focusing on the community that the University has created.

Throughout this class, I was exposed to the supportive community of Boulder. Several founders of startup companies came to speak our class and offer their advice and we were granted two graduate law students to help write out our legal contracts and decipher legislation regarding the JOBS Act, which describe SEC regulations regarding equity crowd funding. We were fortunate to have RocketHub CEO Brian Meece come to our class and discuss our idea in full, and some of us went to dinner with him and my professor after class.

-My Instagram while at dinner with Brian Meece

The Importance of the Community

Through my past experiences, I have learned that in order to reach your full potential and be able to start a new venture, you need support from others and the community. Communities such as Boulder’s is one example of how such a strong support base can affect you in several ways, from raising initial capital, generating awareness, and advice in areas where you do not have any expertise, such as law.

The ‘Gamification’ of Business

Posted: March 20, 2013 in Uncategorized
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Gamification.org defines gamification as…

Gamification is ultimately a concept implemented in order to make things more fun and increase engagement by all parties involved. It takes aspects of games, such as earning XP, rewards, points, levels, and badges, and applies them to the workplace, whether to increase employee engagement or increase sales among consumers. Gamification is not only the future of business, but also of society as a whole.

Gartner Report

Gartner’s four principal means of engagement through gamification

Gamification in Business

A major aspect of businesses and corporations of today is employee retention and motivation. Without certain incentives, an exciting environment, and successful business plan, high targeted employees will leave for competitors that offer these motivating aspects. The Silicon Valley  is home base to several successful startup companies such as Facebook, Google, and Apple, and many many more. With so many startups emerging on the scene, how do they attract the most talented engineers and employees? By creating a motivating and attractive workplace with clear business and personal objectives. Companies such as Google offer their employees rewards by offering them a friendly environment that in turn motivates them and incentivizes them to work harder.

Google Office in Pittsburgh

While touring the Eventbrite office in San Francisco, California, before an interview, I was the only person in the office dressed in a suit and tie while every employee was in comfortable clothes. The design of the office was a large wide open space allowing everyone, including the executives, to see and interact with each other. While my interview was being conducted, an employee yoga class was in session in the room next door. In addition, the back room of the office had a ping pong table, TV with a Wii and Xbox, and even a keg. With long and hard hours of work each day, this environment offered several activities and motivating aspects to retain and motivate their workforce. While discussing the work environment with several of the employees, they said by working in an environment such as Eventbrite’s, it doesn’t truly feel like work and instead it encourages them to perform better with such incentives at hand.

Although Eventbrite is not offering XP or badges, it is instead offering its employees rewards by offering workplace incentives such as in office yoga sessions during work hours and the ability to take breaks, play video games, and relax.

Consumer Gamification

Major companies such as Nike, Jawbone, and even Vail Resorts have dug into the concept of “gamifying” their products. In today’s society, companies must update and improve their products to stay on top of their competitors. Currently, Nike and Jawbone are neck to neck with regards to their “gamified” products. Nike’s FuelBand and Jawbone’s Up are revolutionary new fitness wristbands. The wristbands are used as motivators to live a healthier lifestyle, while having fun doing it. They both allow users to track their steps, set goals, measure calories burned, and the Up also tracks sleep patterns and will vibrate if you are inactive for over 45 minutes. These types of innovations make simple activities such as walking more enjoyable by allowing the consumer to track their progress and attempt to break past achievements. The Nike+ FuelBand also offers certain badges such as a “Week Streak” if you meet your step goal everyday for the week. These small achievements have a major impact on normal life by providing motivation and excitement to partake in a healthier lifestyle.

Jawbone Up

Nike+ FuelBand

Vail Resorts, owners of Vail, Breckenridge, Keystone, Beaver Creek, Northstar, Heavenly, and Kirkwood have changed the way their season pass holders view going to the mountains.They have revolutionized the ski industries ticketing system through EpicMix, an application that allows you to track vertical feet, how many days you have been to the mountains, which runs you went on, earn pins, and allows you to share your information, photos, and achievements on Facebook and Twitter. After using this for the past two years, it has made going to the mountains just that much more exciting for me. It turns going to the mountains with your friends into a type of competition about who can shred the most runs and gain the highest vertical feet. In addition, the mobile application always you to easily spot your friends on the mountain.

Conclusion

Gamification is the future of business. Companies must adapt and implement gamification throughout their company, not only internally, but externally through their products and services. With the amount of competition in today’s landscape, companies must develop new ways of attracting their employees and consumers to use their products. Gamification is the answer.

References

  • Erenli, K. (2013). The Impact of Gamification. International Journal Of Emerging Technologies In Learning, 8(1), 15-21.
  • Luminea, C. (2013). Gamification. Financial Management (14719185), 13.
  • Gartner Says By 2015, More Than 50 Percent of Organizations That Manage Innovation Processes Will Gamify Those Processes. (2011, April 12). Technology Research | Gartner Inc.
  • Moss, J. (2013, March 19). Can gamification lead to business success? – Opinion – ABC Technology and Games (Australian Broadcasting Corporation).ABC.net.au.

The Business of Collective Intelligence

Posted: February 27, 2013 in Uncategorized
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According to dictionary.com, collective intelligence is the where a shared or group intelligence emerges from the collaboration and competition of many individuals. Thomas W. Malone, founding director of the MIT Center for Collective Intelligence, would also define collective intelligence “as groups of individuals acting collectively in ways that seem intelligent.”

With regards to those definitions, collective intelligence has been around for a very long time within families, countries, and the military. However, in this day an age, collective intelligence has been forever changed by the internet. Now this intelligence is created and used all over the world.

 

Collective Intelligence and Business

Collective intelligence has dramatically changed how businesses operate today, both internally and externally. It allows companies to gather and store vital information such as business strategies and company information, and have the ability to share specific information on a wide scale. This allows for companies and the business world as a whole to operate more efficiently.

Well known examples of collective intelligence are companies such as Google, Yelp, and Wikipedia. Each company is directly related to the consumers and user. Google operates by users around the world that generate and create websites and connect each website with one another. Meanwhile, Yelp allows users to rate and describe their experiences anywhere from a burger joint to a medical professional. This collective intelligence has a major impact on the success and failure of businesses across the globe. In today’s society, people can gather detailed information on virtually anything, and use that information to help determine which restaurant they go to or which doctor is rated the best.

The Stock Market

The Stock Market, “a public entity (a loose network of economic transactions, not a physical facility or discrete entity) for the trading of company stock (shares) and derivatives at an agreed price; these are securities listed on a stock exchange as well as those only traded privately,” may be the worlds most important entity regarding collective intelligence. The stock market affects the entire world as a whole, and is interconnected to each continent, country, state, city, and town.

 

A company’s stock price is a direct correlation of how the world values that individual company. Investors value each company through intensive research, predictions, and analysis. This research and analysis is shared throughout the world, and in turn values the company’s stock at a certain price. 

Throughout history there have been several stock market crashes; such as Black Tuesday, which ultimately led to the Great Depression, the DotCom Bubble, or the recent decline in 2008. Collective intelligence is related to these sharp declines because it allows analysts and the general public to be able to share their concerned views on the economy throughout the world. With widespread concern, society begins to devalue certain stocks, scaring investors and the public into selling stocks and taking money out of banks, which brings the entire economy down.

While interning for UBS in their Private Wealth Management division, I was exposed to extensive research on hundreds of stocks, mutual funds, ETFs, etc. Within UBS, analysts would research and predict certain stock patterns and share it with the rest of the company. This allowed for UBS as a whole to have the same predictions and unity of what the company believed about certain aspects of the stock market and economy. The collection and storage of information inside of a bank is vast, and collective intelligence facilitates the process of retrieving certain information and key analysis.

Outside of large corporations and banks, there are also private investors. People use online brokers such as ETrade to invest their personal savings and money. These sites further the intelligence the general public has about the stock market. In addition, several news corporations spread stock information throughout the globe. Major companies such as the Wall Street Journal and Bloomberg news provide the general public and investors specific information regarding stocks.

Ultimately, the stock market connects the world more than we realize. News, investments, income, and the worlds economy are all connected through collective intelligence and the notion that the world values certain securities at certain prices. Without collective intelligence, the world would be in dismay and without a uniform direction regarding the economy and stock exchange.

 

References

 

 

How Media Can Tell A Story

Posted: February 20, 2013 in Uncategorized
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Transmedia Storytelling

What is Transmedia Storytelling?

“Transmedia storytelling represents a process where integral elements of a fiction get dispersed systematically across multiple delivery channels for the purpose of creating a unified and coordinated entertainment experience. Ideally, each medium makes its own unique contribution to the unfolding of the story” – Henry Jenkins

Transmedia Storytelling takes a story deeper than a single movie or book. It allows us as the audience, customers, users, and fans to not only be able to explore a story, but engage ourselves within it and develop a more personable experience.

How Does Transmedia Storytelling Affect Business?

In a world that is constantly affected by and uses social and digital media, companies must adapt their practices in order to utilize these valuable resources and connections. We as a society do not only use social media as a main source of communication and connection, but we also add to this digital world by our user generated content. Whether it is a blog, movie review, gossip, news, or social networking, our opinions are expressed and affect how a new startup company or product may be interpreted by the rest of the world. Without participating in the social media culture, a company’s audience  and consumer base can quickly diminish. Consumers, much like movie fans, want to be aware and involved in the process and details of a new product. Engagement is the key to success.

-Dr. Rutledge

-Dr. Rutledge

Harry Potter’s Universe

One of the highest grossing films of all time, Harry Potter has taken full advantage of transmedia storytelling. Whether the story is told through the original books by J. K. Rowling, the eight film series, video games, or The Wizarding World of Harry Potter at Universal Orlando, the audience has been able to engage the series in several different ways. Harry Potter has utilized every aspect of transmedia storytelling by allowing their audience to decide what part of the story they want to be told, as well as how. They have developed a Harry Potter universe so vast that every spell is accounted for, as well as the exact wand motions.

In addition, their audience has taken characters and create their own shows and scenarios, taking the Harry Potter universe even deeper and enlarging it.

The Inside Experience – The Ultimate Transmedia Story

Directed by D. J. Caruso and starring Emmy Rossum, Inside was a social thriller film that used multiple social media platforms such as Facebook, Twitter, and YouTube, in order to develop the series and coordinate the events. Woke up trapped in a room, Christina Perasso (Emmy Rossum), must use her laptop to reach out to family, friends, and the general public using social media in order to ask for help about where she is and why she was kidnapped. She provides the audience with clues, facts, and pictures and they must help her in order for her to successfully escape. They went as far as to “interrogate” some of the fans in the film by questioning them about specific facts and details.

Intel and Toshiba teamed together to use this film as an advertising and marketing campaign for their computers. The computer that Christina had was an Intel powered Toshiba laptop, and it was at the center of attention. The film received over 50 million views and had over 4 million interactions on social media websites.

Future of Transmedia Storytelling

Transmedia Storytelling will become the basis of a successful film or story. It allows the audience to be engaged within the story and to create a more personable feeling. It allows companies to successfully communicate and connect with their consumers and audience by constantly permeating their everyday life. It develops a strong brand identity and brand equity, which will allow it to retain more of its audience members for future stories or products.

References