But wait! your probably saying something like... "What the heck is social product development?"
And we are saying... "What, you have never heard of it?" No worries. The reality is most people haven't. The concept of SPD is extremely new.
Essentially, social product development is the process of bringing together hundreds if not thousands of individuals to help create, develop, brand, and even finance new product ideas. It essentially leverages on crowdsourcing to bring a product from idea to inception.
In February of 2012 Vancouver based Big Dreams Big Ideas opened up shop as the first Canadian social product development company, and they are ready to make you their next great inventor. "It was my mission to create a business that would help empower the everyday person to bring their ideas to reality," says owner and creator Dean Horsfield. He continued, "not everyone has the connections or the money (often $100,000+) to develop an idea, create the prototype, and find the investors to help them bring it to market. With Big Dreams Big Ideas, becoming a famous inventor is finally possible for anyone."
So far we like it. So how does it all work? Here is the skinny:
- Visit http://www.bigdreamsbigideas.ca and create an account.
- Submit a product idea, or browse the site and vote or offer feedback on other people's ideas.
- Each idea is listed for a 30 day period, if your idea is top voted in any of those 4 weeks, it will move to the finalist round. Once in the finalist round, the top vote idea will move onto the Product Round and become Big Dreams Big Ideas next product.
- In the Product Round each idea will be designed, branded, and partially financed b the community. Everyone who is involved will earn a portion of the gross revenues of the final product sales.
- All others that are involved in voting and offering feedback will earn points redeemable for submitting free ideas, buying products, and investing in new products.
The pros are you can make a lot of money. The cons, it costs $10 to submit each idea. The company page states that this policy is in place to stop spammers and ensure only quality ideas are submitted. They also state that a quick message on any of their social media sites will earn you a FREE IDEA coupon. We quickly gave it a try, and I'll be damned, it worked!
I haven't submitted an idea yet, but I will soon. I have a bunch rolling around in my head. I will report on the success. In the meantime, let us know what you think of social product development, is it the way of the future? or a simple fad for the times? Shout out your opinion in the comments section below.
Until next time.
-I AM JAMES