Q: What is CrowdBridge?
A: We are a prediction market. See Blog Post 1 for detailed information on what exactly a prediction market is 🙂
Q: How is this better than a survey?
A: For two reasons. 1. Unlike traditional surveys, the crowdsourced predictions platform forces us to think about what will happen – not what we want to happen – and to quantify our opinion by assigning a probability (% chance) to an event occurring.
2. Unlike a survey, which is a snapshot in time, prediction markets allow an ongoing, quantitative, and qualitative interaction around questions that inform actions and decisions on projects.
Differences between Surveys and Prediction Markets:
Q: Who uses prediction markets?
A: Corporations and Government agencies use the same platform CrowdBridge is offering. One corporate example is The Shell Global Exploration Group. They use this tool to engage their employees about the commercial viability of potential drill sites. They have a 90% employee participation rate and 80% of forecasts are resolved as ‘correct.’ It is now a key part of their strategic planning. In effect the crowd has a ‘seat at the table’ in shaping how much Shell bids in lease-sale opportunities. Another great result that came from the regular use of prediction markets is that the commentary from participants encouraged decision makers to consider alternative paths.
Q: Can I be anonymous?
A: Yes, absolutely.
Q: What are the techniques to drive participation if I would like to create a prediction market?
A: Each organization’s unique culture will drive specific engagement strategies, but there are some general techniques:
Q: How can I make a prediction with CrowdBridge?
A: Head over to https://crowdbridge.cultivateforecasts.com/ to cast in a vote! Signing up is quick and easy and then you will have access to a wide variety of questions that are currently accepting forecasts.
Still have more questions? Click the “Contact Us” tab at the bottom left hand corner of our webpage and we will be happy to answer any and all questions you may still have. Happy Forecasting!