The Promise of Prediction Markets article in Science magazine makes a point that over time people get better at forecasting event outcomes ( see the graph below).


But we can turn this argument on its head and say that while crowds are generally good at predicting short-term events, they are not that great in predicting long-term outcomes. Furthermore, the farther the crowds are removed from an event, the worse their accuracy rate is. It is the job of inventors/innovators, not the crowds, to not only predict the future, but also make it happen. Truly great innovators, like Edison, Disney, Moore, Gates, and Jobs, have the ability to lead the crowds onto "predicting" the success of their innovations.