Leveraging the Internet for Idea Generation: Only the Creative Need Apply
I have long marveled at the power of the Internet for idea generation. In fact, much of my writing has been in this vein. But what I haven’t really discussed is how the ‘Net can also be used to design new products and services, and I am proud to announce that one of my portfolio companies is doing just that.
Clear Asset Management, the algorithmic asset management firm and creator of innovative ETF products, has launched a contest involving three schools (Columbia, Lehigh and NYU) and Facebook. The goal: come up with creative, high-value ideas for new ETFs products. The prize: $4,000 cash, a paid internship at Clear and the chance to attend the bell-ringing ceremony at the exchange when the winning ETF is launched. There are other cool things for runners up, honorable mention, etc., but I’m focused on the brass ring. There are many more details at the Facebook page and any and all interested parties should check it out. I’m sorry, but this whole idea is cool. Pretty, pretty cool.
It just makes so much sense; I’m only sorry it wasn’t my idea. And this is just the first of many contests Clear is planning to run, which will continue to leverage both online (Facebook, Clear Indexes website) and offline (schools excited to participate) distribution channels. Why not? Get access to some great R&D by tapping into thousands of bright, creative, ambitious financial thinkers who would love nothing better then to see their ideas come to life, get a few bucks, an internship and a great resume-builder to boot? It’s all good. And it taps into the long-tail of financial engineers lurking in dorm rooms, home offices and garages everywhere. It’s like Mechanical Turk for financial engineering. I love it. I’ll report back on how it goes, but I am highly confident that the idea is a winner.
