If you're looking for a new logo or website for your company, you may find it cost-effective to take a populist approach.
Lorenzo Tartamella, the Canadian founder of TimesSquare.com, a website devoted to promoting the bustling New York landmark, did just that and has set a crowdsourcing record. Not to mention, he has amassed designs from some of the best designers in the world.
Read: Market Research Through Social Networking about how a Toronto company used crowdsourcing for market research.
Tartamella approached DesignCrowd.ca, a crowdsourcing site for design services in May, about hosting a contest to find a new logo for his web property. As an incentive, Tartamella offered the winning designer $10,000 for his or her creation.
The contest was a success, receiving 5,706 submissions from 1,319 designers around the world. It illustrates how popular crowdsourcing has become—and offering a lucrative prize doesn't hurt either.
"The low cost per idea reflects the extreme value design crowdsourcing offers," says Alec Lynch, CEO and co-founder of DesignCrowd.ca. The average project on the site costs $400 and receives 103 designs. With more than 5,000 entries, the cost of each TimesSquare.com's logo idea was $1.75.
"Compare the results from our approach to the cost of creating the London Olympics logo ($620,000) and it's clear that crowdsourcing is an extremely cost effective and creative alternative to traditional design firms," says Lynch.
TimesSquare.com plans to reveal the winning design in December, followed by a book of the contest's best entries.