Dwayne Spradlin is CEO of InnoCentive, a company which has been building and managing crowdsourcing platforms since 2001. I asked him what news organisations could learn from InnoCentive’s experiences:
News organizations are at a turning point right now. The problem is that publishers have yet to find an online advertising model that can compensate for the shift from paid to free subscriptions. And when you think about what it means to compensate for this shift, online advertising needs to both fund online content and subsidize traditional print content if both vehicles are to survive.
Publishers have not found this magic formula, which is why you see so many abandoning their print publications. Today, they must innovate and reinvent their businesses for the online world.
We have had the opportunity to observe how established industries (R&D, for example) have been forced to change and adjust to a new reality. News organizations are no different from other industries in that to grow and compete in an increasingly Internet-driven world they need to operate within a fundamentally different model – an interactive model. Continue reading