Crowdsourcing: Gold Rush

GoldCorp is a gold produced company that is said to be “fastest growing, lowest cost senior gold producer in the Americas”. But why is this company so successful. While there are several reasons for GoldCorp’s success story, one of them is their use of crowdsourcing. In March 2000, GoldCorp made available a wide variety of geological data to the general public. There was a prize of $575,000 for anyone who could find or suggest potential spots where gold could be found. The result of this mass collaboration effort was over 100 targets that were approximately 80% successful bringing over 8 million ounces of gold. Because of their use of crowdsourcing, GoldCorp’s value skyrocketed from $100 million to $9 billion. Now, how is that for a gold rush???