Economy of Social - Social Media Tips, Marketing and Business

Collective power, unity is beautiful. University of Iowa's Kinnick Stadium Saturday put up a spectacular display ( see video ) during the national anthem as spectators at the Iowa-Northwestern game held up cards to create a giant flag around the crowd (see below). Collective is beautiful and has the potential to enthrall the world. It can be a collective revolution in Egypt or a collective idea to create a new product. (click to enlarge image)

Diffusion of Innovations is a theory of how, why, and at what rate new ideas and technology spread through cultures. There are 4 main elements that influence the spread of a new idea: The Innovation (Product) Communication channels Time Social system Social media provides as eco-system that incorporates the latter 3 elements that influence the spread of a new idea. It provides a low cost communication channel that rapidly spreads the idea through a social system. Crowdsourcing is the reverse of innovation diffusion.It was first coined by Jeff Howe in a June 2006 Wired magazine article "The Rise of Crowdsourcing". An example of crowdsourcing is inviting the public to develop a new technology, carry out a design task (also known as community-based design and distributed participatory design), refine or carry out the steps of an algorithm, or help capture, systematize or analyze large amounts of data. Web 2.0 enables innovation driven companies to use crowdsourcing and s...