Wisdom of Crowds as Vetoes versus Votes

With respect to whether the wisdom of crowds thesis works when trying to innovate, this conclusion is interesting:

“Votes don’t converge on something wonderful. Rather, votes are vetoes.”

The point being that the wisdom of crowds enables errors to get canceled out more easily, and it enables the average result to get found more easily.

“However, company messaging, product features, advertising layouts, and the other creative aspects of business require innovation, and we know that design-by-committee is the antithesis of innovation. Average products designed for the average consumer is the path to small business failure.

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