crowdsourced creative solutions

Debut Annual ReportJune of 2012

www.jademagnet.com

is the new “impact-sourcing”

crowdsourcing

Jade Magnet Business ImpactIn the last two-and-a-half years, Jade Magnet has strived hard to forge a culture of speed and

creativity. On one hand, Jade Magnet has been about division of responsibility and on the other hand the platform has been about creating an easy passage for businesses to reach out to

brilliant creative people across India and 4 more countries.

Faster time to market

For any business and especially for small & medium businesses, it is imperative that they reach their target customers instead of making huge investments in creating a market for themselves.

While it takes some doing to identify a creative team (or agency) to work on your campaigns, Jade Magnet has enabled companies to generate effective creative solutions within 3 days.

Low-risk investments!

There are very few business transactions where you can get in without putting much on the table. Being a platform that Jade Magnet is, it gives its customers the freedom to decide how much they want to pay for a project to be delivered.

If a project does not get the desired response, you let go off just a fraction of the budget therefore giving you enough leverage to experiment.

Cost v/s Quality

Jade Magnet has been able to address the cost-quality tussle to a great extent by using crowdsourcing. This “tussle” is mainly a testimony of the fact that you need to pay big bucks for very high quality creative work.

But by reaching to a crowd of providers which also includes students and a lot of talent in small town India, high degree of creativity is now accessible at low costs.

~ $350,000 in savingsby SMEs working with

Jade Magnet

Having conceptualized Zen Republic, we found it difficult to engage a good designer for our creative work and when we did manage to get someone, the output was shoddy.

Feeling lost, we posted our requirement on a freelancers' forum & were inundated with responses. But Jade Magnet stood out because of it's methodical listing of references, projects and display of earnestness. We were also able to price the project close to our budget.

The best thing about getting work done at Jade Magnet is that you receive daily updates on the progress of the project - that makes you feel safe!

“Jade Magnet makes you feel safe by giving you daily updates on your project”

Ravi KumarCurator, Zen Republic, Singapore

C U S T O M E R S

How businesses are extracting value from Jade Magnet

When it comes to fast growth, one of the largest areas of help for small and medium businesses is in finding unique ways to reach out to potential new customers or generate repeat business from the existing ones.

As small business entrepreneurs, we have seen that our customers know everything about the intricacies involved in running their businesses. But they are not sure of their options when it comes to marketing.

It has been our goal at Jade Magnet to make it easy for our customers to talk to us and discover what value they can extract from Jade Magnet. Going forward, Jade Magnet is automating a part of this process in order to make it even easier for small businesses to find out where they need to invest their marketing dollars for best results.

This process is being enabled by experience and data from businesses across different markets – used as a benchmark for their respective marketing spends.

715customers

1,800+ projects

P R

O V

I D

E R

S

Jade Magnet has been a very good platform for us. It has provided us with many projects in the web development category.

Crowdsourcing, as a concept, works really well for SMEs and startups and is quite unique in India. Jade Magnet team has a very good understanding of the creative market which helps providers a lot.

I congratulate Jade Magnet for completing 2+ years of success and that too with a good provider family.

“Crowdsourcing works very well for SMEs and startups”

Prateek KulshreshthaDirector at AKS Websoft, Noida, IndiaJade Magnet Champion Provider

5,500providers

Prateek Kulshreshtha

Rijas Backer

750 digital marketers

1,750 technologists

2,200 graphic designers

Technology

Business Services

Retail

Ecommerce

provider expertise& customer domains

Top 4

customer brands across

16 industries

providers across 18 creative skill-sets

1.2 billionmobile workers in the world

International Data Corporation (IDC) recons that the number of people looking to work from mobile offices or home or coffee shops or beaches or any place they can be productive in is swelling by a couple of million every year.

The next couple of years will see the Asia/Pacific region leading this “population explosion” and the growth will be further buoyed by seamless communication and especially enabled by the growth of video conferencing as it becomes more and more affordable.

& the

mega-trends

freelanceculture

20 percentincrease in moonlighting habits

In 2011, the highest payout for a moonlighting provider at Jade Magnet was Rs.3,50,000 (USD 7,000) at a monthly average of about Rs.30,000 (USD 600). People working in tier 1 agencies such as O&M, Lowe and Lintas have been regularly participating in customer projects posted on the platform.

Worldwide, it has been observed that moonlighting increases during recessions – easy to guess why, with more people losing their jobs. Back in the 1970s, less than 3% people were looking for a second job. 2011 saw about 12% people wanting to work two jobs.

55 percentof critical work is now being delivered by freelancers

3 new platform featuresto help us keep it simple

The key to scale a crowdsourcing business is in automation of as many crowd-management processes as possible. Over the last 2+ years of its existence, Jade Magnet has created, executed, analyzed and fine-tuned many such processes. Now we are ready to invest in technology that will

help us automate these processes to reach higher efficiency levels while keeping costs under control.

1. Crowd motivation enhancement system

One of the most critical elements of crowd management is to drive productivity by motivating the participating crowd members to give their best.

At Jade Magnet, one of the next products being created measures the participants’ involvement in a project and charts the same on a rewards matrix. Customers running projects, can choose different reward systems and assign the same based on project complexity.

2. Sales support & portfolio showcase

Targeting a customer-base that needs immediate solutions, the sales process at Jade Magnet need be very short. Also, since project sizes are low, sales costs have to be constantly kept to the minimum.

A new sales support and portfolio application organizes collateral designs by category and cost to enable Jade Magnet account managers close deals faster. It doubles up as a design showcase for provider portfolios at Jade Magnet.

3. Delivery Assurance Dashboard

As the volume of work at Jade Magnet increases – with number of monthly projects going beyond 100 – we are releasing a new application that will help the Delivery Assurance team manage up to 1000 projects every month.

This application is a simple dashboard that tracks the progress of each project by manager, by status, by payments, by provider and by complexity.

managing

payments

Focus on revenue-generation from Day 1

With hundreds of thousands of dollars passing through the Jade Magnet systems within the first 2 years of its existence, efficiently managing money is something we focused on right from the day Jade Magnet started.

About 70% of the monies that Jade Magnet generates, are passed on to the providers executing projects with another 10% being spent on delivery assurance experts who understand the nuances of creative.

Businesses getting work done have to pre-announce the project budgets and Jade Magnet systems then ensure that the unit project finances are managed accordingly.

Escrowing project fees and automating milestones

Jade Magnet has constantly focused on learning how to efficiently manage working capital while ensuring good Provider participation. When a project is posted, the customer is encouraged to escrow the fees with Jade Magnet so that providers are sure of the authenticity of the project.

Subsequently, for every milestone of project execution, the fees to be paid-out has to be escrowed in custody of Jade Magnet. The same is paid to the provider upon successful completion of each project milestone.

community

engagementProviders are the life and blood of Jade Magnet and we concentrate significant time and energy on developing meaningful engagements with them – going beyond a project based transactional relationship.

Induction

Introductory skill appraisal- Creative thinking & ideation- Design skill assessment

Jade Magnet Code of Conduct- Creative copyrights - Plagiarism 101- Collaborative Workmanship

Know your industry-Domain based white papers-Popular industry collateral

Appraisal & Accreditation- Client feedback- Client rating of providers- Monthly skill assessment- Voting on project entries- Voting on Portfolio

Creative Skill Enhancement

Creative workshops led by Jade Magnet Champion- City-wise creative

workshops conducted by Jade Magnet Champions

- Trainers for different skill-sets

- Online enablement as part of the package

- Partly funded by Jade Magnet

projectshowcase

“Lost with Logos. Engineers seeking Design.”

Robert Bosch initiated a program that they called “Smart solutions for the Globe”. They used Jade Magnet, looking for a logo that could represent their program and attract engineers and technologists to participate with heart and soul.

- More than 25 design entries for the contest- A timeline of less than 10 days for the contest- Logo design expert to see the project brief before the launch is formally done.- Regular guidance from experts while the project is in progress to ensure that Bosch

got the right degree of fine-tuning after shortlisting the initial designs

5 of the best designs received

Final selection

“Marketing collateral development”

This global footwear brand is in the processes of establishing its presence in India. While the ground presence is increasing aggressively for Clarks, its marketing roll-out has also got a lot of impetus. In order to maintain their agility online, Clarks has chosen to use crowdsourcing for saving time and investing just the right amount of money.

projectshowcase

social media engagementprint collateral design

emailers on-ground marketing rollout

microsites

- Curated teams for different requirements- Designs generated with a mix of creative competitions and focused creative delivery- Technology and distribution teams created to back the creative collaterals

Telecom VAS

next crowdsourcing initiative

Crowdsourced content creation for VAS providers in the Telecom arena

Estimated cost of production of an asset for VAS provision, by a 5 people team is about INR 1,50,000 per month to develop about 300 content assets (assuming simple assets such as jokes and quotes). This brings the cost per asset to about INR 750 for simple assets. For increased levels of complexity, no more than 10 assets can be created (games, music for ring tones etc.), bringing the cost per asset to be about INR 15,000.

Crowdsourcing presents infinite possibilities. For starters, it can bring the cost of a simple asset down to less than INR 100 and still enable thecreation of more than 1000 assets per month (conservatively). Similarly, at least 3 times the number of complex VAS content assets can be created for about 60% of the cost.

With telecom most operators and content generators focusing on similar areas of VAS content and similar business models, there is very

little to differentiate between two service providers and therefore potential for bottom-line (or top-line) growth is still limited.

Using the crowd for creation of VAS content infuses freshness & creativity in the content.

Looking at the future

In 2012-13, the theme of working together at Jade Magnet is efficient planning and speed of execution. There is a significant focus on building great technology because by now we have figured out most of the processes that need to be automated for Jade Magnet to scale quickly.

Within the immediately targeted markets, Jade Magnet is faced with the challenge of reaching out to and satisfying about 4.2 million small and medium businesses. The magnitude of this opportunity has forced us to think about ourselves in a totally new way. Instead of trying to offer the best services to customers, we are now working on helping customers extract the maximum value from using Jade Magnet.

The Middle Eastern region has about 2 million small and medium businesses that could use crowdsourcing for development of creative collateral. More so, this region is financially well-off (Qatar has been declared as the wealthiest country in the world).

Seeing the increasing use of Jade Magnet by businesses in Qatar, Kuwait and UAE, the team has decided to get more local support and promote Jade Magnet aggressively in the Middle East.This year will see us making a significant investment of time and energy on increasing the output from the Middle East to add to the global top-line.

Global Innovator of 2011 @ GTS, Silicon Valley

A NASSCOM EMERGE company for 2012

A TiE-EAP Company

Connect with Jade Magnet

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© 2012 Jade Magnet

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