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Josh Rubin: Coolhunting is a site dedicated to stuff from the intersection of design, culture and technology. A tag team approach (Josh as the centerpoint editor) of a bunch of people looking for what's cool today.
Coolhunting as a broader category is something that's getting big in econo-culture - and it's not necessarily a good thing. Advertising is so pervasive that more and more people, especially youngsters just tune it out. To compensate and capture, marketers use "coolhunters" to find out what's cool and more importantly, who's cool and then co-opting those cool kids by essentially branding them.
No, not cattle branding (though I'm not completely sure) but by giving those coolsters stuff that they then use to be cool (Which I suspect in the long run is not cool.) and allow others (who are obviously less cool) to watch and emulate.
And to think that some think that the world has grown more cynical?