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ContestSpigit Delivers a Powerful Crowdsourcing Solution to Drive Innovation

Tue, 03/09/2010 - 3:17am
The Associated Press

Spigit (http://www.spigit.com) , the leader in innovation management software for the enterprise, today announced the availability of ContestSpigit, the industry's first turnkey platform that enables businesses to run competitions that tap into the wisdom of the crowd.

Organizations are quickly realizing that innovation does not always comes from within the walls of the enterprise, but in many cases the best ideas lie with an external audience. The power of crowdsourcing through external people and teams enables organizations to access a diverse range of ideas and knowledge to accomplish business objectives. Spigit builds, brands and manages competitions for its customers, which typically requires significant time and cost investment. Cisco recently announced its second iPrize contest (http://www.cisco.com/web/solutions/iprize/index.html) powered by Spigit, to find the idea for Cisco's next billion-dollar business. This inspired Spigit to create a product offering that is specifically built for companies who want to launch online, social competitions.

"It is now possible to look beyond a company's own resources and engage external participants in effort to out-perform the market," said Paul Pluschkell, CEO and Co-founder of Spigit. "Companies shouldn't waste valuable time, money and resources building their own competition site when Spigit has a low cost turnkey solution. ContestSpigit empowers the crowd to not only post new ideas, but to leverage personal reputations to surface the winning ideas. This allows organizations to find truly game-changing ideas with a high degree of certainty."

ContestSpigit provides the tools needed to run four different models of contests, allowing customers to select the customizable approach to best meet their needs:

-- You Vote, We Decide: Contributions from people around the globe are

aggregated into a common site and provided in the format matching the

contest objectives. -- Crowd Decision: People provide their feedback on the submissions of

others, which can be up-down votes, star ratings, comments and buying

into ideas with virtual currency. This process can be collaborative,

helping refine submissions. -- Expert Decision: Organizations establish panels of experts who review

the crowdsourced submissions, and select those best meeting their

requirements. Experts possess distinct domain knowledge to make the

final decision in the contest. -- We Vote, You Decide: The winners of the contest are determined by

people's votes and other measures. This selection process is a mix of

overall crowd sentiment, weighted for higher reputed members, and the

power of individuals to leverage word-of-mouth marketing.

ContestSpigit incorporates Spigit's core idea management functionality and reputation rank, integrating community feedback into the analytics and management of ideas. The final decision of competitions is determined by tracking mechanisms for top-rated and new ideas that have been submitted, as well as by ideas meeting specific criteria. Organizations using ContestSpigit can opt to include virtual currency to be invested in what participants identify as the top submissions. ContestSpigit also rewards people who invest in submissions that move through different stages of the contest. As a submission advances from one stage to the next, a participant's investment in that idea is rewarded with additional virtual currency.

Pricing and AvailabilityContestSpigit is currently available, with pricing starting at $5K US a month for one external community and an unlimited number of users. ContestSpigit is also a feature of EnterpriseSpigit, so customers will have the ability to create online competitions on the fly. For more information about ContestSpigit, please visit http://www.spigit.com/products/c_index.html (http://www.spigit.com/products/c_index.html) .

About Spigit Spigit is the leading provider of purpose-built innovation software for the enterprise connecting employees, customers and business partners for idea management and innovation discovery. Using enterprise-grade social technology, Spigit's software taps into the collective intelligence within an organization and transforms it into actionable, predictive information. By incorporating incentives, idea graduation, idea trading and real-time analytics, Spigit allows companies to get the most out of their key assets. Our technologies are used by the largest and most innovative companies in the world including: Pfizer, AT&T, Southwest Airlines, Allstate, AAA, and Lloyds TSB. Spigit currently powers innovation projects at numerous Fortune 2000 companies and has been named Best of Software Interop 2008 and is listed on the AlwaysOn Global 250 list, the power list of the top 250 private global technology companies. For more information, visit www.spigit.com (http://www.spigit.com) .

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