The Wisdom of the Crowd Has Spoken at TechToronto

Earlier this week, I had the opportunity to speak in front of more than 500 people at TechToronto, a vibrant community that brings together tech leaders, innovators and enthusiasts.

In my presentation, I have used Twitter to engage with the audience during the jelly beans live experiment that demonstrated the wisdom of crowd.

If one asks a large enough number of people to guess the number of jelly beans in a jar, the averaged answer is likely to be very close to the correct number. I have ran this experiment a few times now, and the results are fantastic. The group estimate was off by only 6 percent, whereas the average individual error was 49 percent!

The folks behind the “Who Wants to Be a Millionaire?” show figured out the same thing. Everything we think we know about intelligence suggests that the smart individual would offer the most help. Calling an “expert” friend during the show did okay, offering the right answer – under pressure – almost 65 percent of the time. But the success rate paled in comparison to the wisdom of the audiences. Those random crowds of people picked the right answer 91 percent of the time.

What do you think of the jelly bean madness? Watch the video and tell us what you think by leaving a comment on TechToronto’s YouTube channel.

Thank you very much,
Mircea

 

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