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spigit

Product Name

spigit

Market Segment

Enterprise Software and Services

Funding

Series A, February 2007: From PICO Holdings and Management Team. Currently seeking $4 million for Series B.

Competitors

No direct competitors. Secondary competitors include Idea Crossing, Idea Wicket.

Product Description

spigit’s simulation and analytics engine captures, quantifies, and measures interactions and contributions on social networks to produce meaningful results. spigit tracks hundreds of dynamic events and through a series of algorithms, computes results that provide insight into social connections, user reputation, and relative value of competing ideas. spigit’s analytics engine can be applied to any domain where mass participation and social debate can be quantified as part of the evaluation and decision-making process.

Market Opportunity

Opportunity exists in any segment where social networking platforms can be used to capture contributions to derive and drive results. These include Enterprise Innovation, Customer Feedback, Employee Evaluation, Academic and Institutional Assessment, Political Consensus and Candidate Evaluation, Non-Profit Project Evaluation, Entrepreneurship and Business Development.

Demo Says

As social networks proliferate and amass large memberships, they seem to hit a point of diminishing return. There is, in effect, more crowd and less wisdom. Not because social networks don’t have smart people, but because the networks don’t effectively filter noise to deliver knowledge. spigit changes that, adding game theory, simulation engine, and smart algorithms to tap the wisdom of the crowd to cultivate and reward smart ideas and those who advocate for them. As a social platform on the public Internet, spigit will be a fascinating experiment. As a tool for idea vetting in large enterprises, it is invaluable.