LogoWorks designs corporate logos. Wow. So do hundreds of thousands of companies worldwide. But the reason LogoWorks rises above the crowd is that they have designed an internet business model that harnesses the power of ecommerce, attracts bright young things to work for them and has venture capitalists Benchmark Capital tossing $9.3 million in venture funding their way.
LogoWorks has one of the sexiest internet business models around. A large pool of freelance designers work when they want to. Clients request logo design, interested designers submit multiple logos in response. The client chooses the one they like best (I love this!), the winning designer gets paid the most, but all submissions get paid something. Over time, poor designers get weeded out. This is all very nicely automated. On top of that, LogoWorks does some very clever marketing, have been hiring great people, are profitable, and have the ability to take their business model into many different vertical markets, beyond just logo design.
The Connection Economy has the business models we are all so familiar with morphing into new animals, and the organisations who get it are profiting from it. They know how to attract and motivate talent. Can your company say the same?