Checklist for Starting a Prediction Market

If you want to initiate a prediction market from scratch within your organization, here is a checklist for getting started:

1. Find a market champion to develop the first market. She does not have to have a business school background or a quant background. Most of the prediction market champions I talk about in the book—Jim Lavoie, Joe Marino, and Fortune Elkins—had never gone to business school or learned about markets (Brian Jaedike is my exception). Knowledge dispensed in business schools comes bundled with a lot of conventional wisdom about how decisions are made in a hierarchical organization. If possible, start with an unconventional market champion.

2. Spend some time investing in a public ...

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