The quickest way to explain crowdsourcing, or crowdfunding as it is also known is by this explanation: Finding information or getting input into a project via a large group of people, either paid or unpaid, by using the internet. Crowdsourcing is a fairly new concept that is growing in popularity. It differs from the traditional methods of fund raising because it uses the internet to find and reach the right group of people. Many people and companies have been using this method to successfully raise funds for projects, campaigns and causes. While the participants may not be compensated or even recognized for their efforts, it is the outcome of the project which benefits. Crowdsourcing is becoming so popular today that dedicated websites are now being set up, just for this purpose. Kickstarter is one such site. This site uses crowdsourcing to help fund projects. These are varied and can be anything from helping with a business start-up, to producing films and helping people grow food on their farms. If you visit the site you will see a description of each project along with how much money has been raised. On a good note it seems that most projects are meeting or exceeding their goals! Crowdsourcing can be applied to all types of business projects and fields including: • Health • Science • IT • Education • Finance • Non-profit • Marketing For this concept to work all projects need to be transparent and traceable. This way investors can feel comfortable and secure that they are putting their money to good use. All contributors know exactly what their investment consists of. Many freelancers use crowdsourcing to help them find assignments. This helps companies find those people with the required skills for their own purposes at the same time. The great thing about crowdsourcing is that it is done in a democratic way. All participants are open to interacting with each to reach a common goal. The biggest accomplishment of crowdsourcing is to see a project take shape and form and then come to completion. At one time it was only board executives that could make funding and planning decisions. This is all changing now due to crowdsourcing. So if you want your business to stay on top of developing trends, this may be something you will need to research further. After all, why not enhance the power of the internet and reach talented people that you may have never had the chance to connect with before.
