Developing a new tech platform? Looking to invest in one? If only there was a way to kick the tires and evaluate its true value in advance. Now there is. Last week, Spigit and Aragon Research launched the Open Forecast Project, a community designed to leverage the power of crowds to accurately size and value emerging technology markets.
How Much is That Emerging Technology Worth?
Through a series of challenges, beginning with Enterprise Social Software, the crowd will be asked to weigh in on proposed solutions to determine the total addressable market for different sectors. Hopefully, over time, the new community will begin to open up previously closed models of valuation to create an accurate, forward-looking model that can indicate important emerging markets.
There are three phases to the Open Forecast Project.
Quantified By the Crowd?
By applying Spigit's social innovation framework to create a crowd-driven method for quantifying market opportunities, the Aragon Valuation Community can effectively gather and vet qualified experts' valuations and the logic behind them, to minimize uncertainty.At present, there is slight activity, but hopefully participation will expand. At least it will be interesting to see whether this model can stand up against closed models.
Whether you have a startup vying for funding, an investor assessing a new opportunity, or an analyst advising both parties, knowing the total addressable market and revenue opportunities available for a product or service can help prioritize business opportunities. With the Open Forecast Project, the goal is to see whether the collective intelligence of the Spigit and Aragon's investor and analyst community, as well as the feedback and voting of the crowd, can help identify the value of new markets.