Extract courtesy of WSJ CIO Journal May 27
“..The goal of crowdsourcing is to not only reduce costs—compared to turning to a traditional consulting firm, for instance—but also to connect quickly with specialists and scale resources up or down as workloads change….
….Companies that need software developed in a short timeframe might go to technical crowdsourcing sites such as Assembly or uTest. Marketers needing a tagline for next month’s promotion can turn to Crowdflower or Trada, among many others….
Types of Crowdsourcing
There are a few different models for buying and using crowdsourcing services. In some cases, companies don’t pay a dime until a desired result is achieved. Colgate Speed Stick conducted a crowdsourcing contest on Tongal to spark a Super Bowl ad for the cut-rate price of $17,000. Platforms also incorporate bidding systems where freelancers can present a proposal and price for a project. Then there are transactional-based projects with large volumes of people working on your behalf. A consumer products company could pay small fees to thousands of individuals for testing products or auditing their stock in stores, using mobile apps to report results. The beauty of crowdsourcing is that it takes the hassles of talent search and management out of a company’s hands…
Crowdfunding. A hot topic among the investment community is crowdfunding, in which entrepreneurs ask for capital from the crowd to develop ideas, products, and businesses. Indiegogo, Kickstarter, and OurCrowd are three of many platforms in this space. Israel-based OurCrowd has helped 33 companies raise a collective $35 million; OurCrowd investors receive equity stakes in the companies they fund.
For the full WSJ CIO / Deloitte article, please click here.
Crowdsourcing and Crowdfunding: Connecting The Tag Line to the Bottom Line
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