M-Prize Inspiration: Tongal
Checkout the replay of Tongal co-founder and president James DeJulio(@DeJules) Maverick Hangout.
Tongal has a disruptive business model that is turning the advertising business upside down by expanding the pool of people available to contribute their creative work and increasing the number of good ideas that get pitched to brands. Brands post their challenge, then individuals or teams with ideas can compete for the work. During the idea round, short sound-bite length ideas are posted, with the brand selecting the top ideas. During the pitch round the community competes to develop pitches for any of the top ideas. Those selected for the final step then move forward with production. Winning ideas at each stage of the process win part of the overall pool of money available for the challenge. The community has contributors from 160 countries creating ads for top brands. Its a win-win for all parties. The community was originally focused on TV pilots but found that the model was a fit advertising.
The Hangout replay goes into much greater detail and shares several more stories. I think it’s a great example of how a creative new approach can disrupt an existing business model. I hope it inspires your own ideas for a hack at the M-Prize: Unlimited Human Potential Challenge!
There are only two weeks left to submit your hack! Contest closes March 3, 2014.
Pull a team together, use design thinking techniques to refine your disruptive idea and submit it online. Change the future of business with your idea and win a great prize package!