Crowdsourcing and crowdfunding

Rodrigo Nino: In Defense of Crowdsourcing and Crowdfunding

As both crowdsourcing and crowdfunding gather momentum in the architecture world, they also gather criticism. The crowdsourcing design website Arcbazar, for example, has recently attracted critics who label it as “the worst thing to happen to architecture since the internet started.” A few months ago, I myself strongly criticized the 17John apartment-hotel in New York for stretching the definition of “crowdfunding” to the point where it lost validity, essentially becoming a meaningless buzzword.

In response to this criticism, I spoke to Rodrigo Nino, the founder of Prodigy Network, the company behind 17 John, who offered to counter my argument. Read on after the break for his take on the benefits of tapping into the ‘wisdom of crowds.’

17John is available to any investor outside of the United States, and to any investor in the United States with , 000 and up to invest. That is a game changer because a project like that would only have been available to somebody with $175 million to invest before. And that’s precisely the premise behind crowdfunding, enabling smaller investors to have access to projects that weren’t available to them before.

You’ve had a lot of success, and ArchDaily has also given you a lot of praise, over the projects you’ve done in Colombia, for example the BD Bacatá tower and the Bogotá Art District. How do you think that this model which you’ve used in Colombia has translated to the USA?

I think that the model in Colombia sets the right example for the model in the United States to follow in order to democratize investments as much as possible. When the restrictions of Title III in the JOBS Act in the US fall, projects like 17John will not only be available to accredited investors but to everybody else. That’s probably the single most relevant component of the Colombian model that will positively affect the real estate industry in the United States.

A separate issue deals with crowdsourcing, which is effectively bringing the collective intelligence of the crowd to the interior design, or in separate components of the design of the project that we do. In our airport business hub, we crowdsourced different components of the interior design of the project. That’s a model that we’re replicating for 17John. That’s two ways our Colombian model can improve the way real estate is understood in the United States.

First of all

by MyThreeCents

Do yo have a large social media network to begin with? Do you have hundreds of friends on FB or have hundreds or thousands of people who "like' your FB page? Do you use twitter? etc., etc.?
This is part of what makes a successful campaign, you have to have a large pool opf connections to start with.
Also, a well done video is crucial, as is running an actual "campaign" meaning you don't just set up a page and try to get people to fund you and let your page sit static. The ones that do well, engeage their givers all along the way.
Plus it has to be something suited to crowdfunding - what kind of idea are you trying to get going? And how much money are you asking for?
There are many tips and expert advice on how to launch and run an effective crowdsourcing...

Crowdsourcing Design: The Good, the Bad, and the Ugly [Video]  —
Crowdsourcing, as a whole, is a relatively young industry. The term itself wasn't coined until 2005, and newcomers are constantly entering the fray, looking to establish themselves as leaders in the open innovation, crowdsourcing, and crowdfunding fields.

The Intersection of Crowdfunding and Crowdsourcing  —
Editor's Note: The following is a guest post from David Guy, managing partner of a crowdfunding platform called Makerstaker.

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