The not-so-far-fetched science-fiction series, Wisdom of the Crowd exploits the most sensational benefits of real-time crowdsourcing platforms like RealtyeVest and draws parallels to the ridiculous, cringe-worthy fantasy world of The Circle, starring Tom Hanks and Emma Watson. In an industry like online real estate crowdfunding, where privacy can cost thousands upon thousands of dollars, the notion of people willingly relinquishing their data to go wild goose chasing and risking their lives seems contradictory of the ongoing battle for online privacy battles fought by men like Edward Snowden and backed by the majority of the nation. (And, frankly, the idea sounds a bit reminiscent of a little 2016 fad known as Pokémon Go, which seemingly dropped off the face of the earth as quickly as it appeared.)
It is a laughable concept for anyone in the crowdsourcing industry, but likewise captivating, and if you read between the lines there are certainly some real-life examples and theories to take away from CBS’s new primetime hit show starring Entourage’s Jeremy Piven, Wisdom of the Crowd.
There is, in Fact, Wisdom in Crowds… Sort of.
There is, in fact, wisdom in crowds. The Wisdom of the Crowd illustrates this with a very old, very famous example that was performed to explain how the stock market works. “A scientist asked 800 people to guess the weight of a prize-winning ox. No one could get it exactly right, but when he averaged in all of the answers, they were dead on within a half of a pound.” Now, this was actually performed by America journalist James Surowiecki in his book, The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations. Surowiecki notes that this works because each person’s guess is made using different pieces of information. “This is why it is so hard to beat the stock market. Usually, the crowd does a pretty good job of deciding what a stock should be worth. The people who say they beat the market, often they were just lucky.” Surowiecki told NPR’s David Kestenbaum.
Crowdsourcing is less work for the end user.
As Jeremy Piven’s character, Jeremy Tanner so eloquently put it, “Crowdsourcing is sifting through the dirt until they find the gold. 90% of anything is garbage but 10% of everything, that’s a hell of a lot of bling.” That is, in a nutshell, what real estate crowdsourcing businesses do. They find the gold. Thousands of potential Sponsors bring their deals for underwriters to sift through and identify whether an investment has the qualities that investors are looking for. Finding a high-quality Sponsor with a deal worth investing in is daunting, so businesses like RealtyeVest manage the entire underwriting process so that investors (the end users) only need to sift through the gold.
Crowdsourcing is only the software.
Acting on only a hunch and what appears to be a million-dollar technological operation, tech genius Jeremey Tanner doesn’t stand a chance of finding his daughter’s killer without the help of his old-school style crime-solving partner, Detective Tommy Cavanaugh, who often keeps the tech-savvy guru’s head on a swivel when it comes to abiding by the rules.
You see, when it comes down to brass tacks, the crowdsourcing software is only a tool. And while a hammer is merely a hammer and can be purchased at any hardware store, knowing where to strike is what sets one man apart from another. This same idea is true for crowdsourcing in any niche. RealtyeVest was a real estate acquisition company, headed by their own real estate guru, CEO, Dan Summers before they ever developed a crowdsourcing platform.
This is precisely what sets the RealtyeVest online crowdfunding platform apart from their competition; they not only have a powerful crowdsourcing platform to raise capital for real estate investors, they have the knowledge, expertise and leadership to provide quality investment opportunities and support for their entire community.