Colony is a web-based platform for online projects to grow, rewarding contributors with crypto-equity

Country: UK colony
Year: 2015

An insurance company could use this innovation in order to: 

  • Collaborative tool for open innovation: use Colony (or similar solution) to work on innovative projects within an insurance company in order to federate employees and leverage on their complementary skills.
  • PMO tool: use Colony to manage projects within cross-functional teams, and leverage on crowd intelligence.
  • Idea generation: foster idea generation and feedback by rewarding participants and propose crypto-equity for any insight.

Concepts

  • Colony is a social collaboration platform where users can build a workforce to run projects online by building a team and suggesting tasks, making comments or decisions, assigning tasks and providing pieces of work.
  • Each project is named a “colony” and users can contribute to several colonies at the same time. Each user can evaluate the others and give them grades according to the work they provided to indicate whether they are good contributors.
  • The platform is based on crypto-equity: it distributes crypto-currency to its users in proportion to the value of their contribution: users spend tokens to submit their work and ideas to a colony, whereas they receive tokens if they made successful suggestions, gave a feedback or provided work that was accepted by the other users of a colony. An upcoming option will allow people to trade received tokens with other people for cash.

Consumer Benefits

  • Improved expertise: Colony is based on crowd intelligence and open competition, giving access to a large scope of skills.
  • Cost reduction: users can develop a business or a project at limited workforce cost.
  • Accessibility: Colony only requires an online connection to work. A smartphone interface is being developed.
  • Reward for contribution: users earn tokens according to the amount and quality of work provided

How to use 

  • Users register online and complete their profile with professional skills to get related work or task suggestions on their activity feed. They can accept the suggestions, comment on them or make ones of their own. They can also create their own colony or integrate the ones needing their skills.