Xpree launches Open Innovation Markets, a simplified betting interface and also a new website.
Open Innovation Markets combines crowd based innovation, voting and prediction markets. The idea is to brainstorm as a community, vote on the ideas to rank them, then forecast key metrics using a market (cost to develop etc). Prediction markets work well for the estimations of unbiased key metrics, combining this with voting allows the crowd to bet on only the top ranked ideas.
In an effort to make truly Usable Markets, we changed from a “-stock trading”- metaphor to a “-betting”- metaphor. In research, we found that players found shorting stock to be a lot less intuitive than going long. With betting, “-I bet $100 that X is lower than 3,000″- is as easy as saying “-I bet $100 that X is higher than 3,000″-, and is a whole lot easier than “-I sell short 10 stock units at an average price of $X, and cover this with $Y”- etc. We have some demos on our site for you to try out. For the prediction market purists out there, we still allow the player to see the underlying prediction market dynamics – no black boxes at Xpree.