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One problem with crowdsourcing innovation is that every form of poll - and crowdsourcing just means voting with your dollar - tends to be conservative. i have personally seen hundreds of times where this effect was visible in product development where focus groups were involved.
Now if people vote with their dollars they tend to be even more conservative, because it's their money at stake now...
I think crowdfunding would be great for managing a money fund. People get to choose how their 401k's money gets managed.
That would make it very transparent and trustworthy.