The Open Forecast Project is a brand new Community that will change forever the way that markets are sized and valued.
Aragon Research is opening up the previously closed technology market valuation and market forecasting arenas to allow people to test and vet market size assumptions and then allow the same people to use an advanced ideation platform to vote for the idea that is the most accurate in valuing a particular market.
The wisdom of crowds or crowd sourcing can be applied in many areas. The Open Forecast Project will use the power of the collective wisdom of the crowd to validate and refine inputs that lead to the sizing of targeted technology markets.
How does it work?
The concept is very simple.
1. People join our new Open Forecast Project and submit their ideas on what they think the size of a market is.
2. People discuss the ideas and then come up with any variations to the different market valuation idea submissions.
3. Voting begins using a platform (from Spigit) that allows the best ideas to be surfaced.
4. There is a public phase where additional people can join and vote.
5. The market sizing numbers are agreed to and shared with the Open Forecast Project community members.
The first market to be evaluated is Enterprise Social Software.
It has five stages and it starts today (May 16th). See the details of this project here.