Crowd sourcing now days is commonly used by the firms because it benefits the business firm in multiple ways. There are varied types of crowd sourcing and crowd creation is one them under which multiple people joins company online and assists it in completion of task. On other hand, there is crowd wisdom under which expertise of large group of people is used to solve any specific problem. In crowd voting opinion of general public is taken into account by media to rank specific content in news. On other hand, in case of crowd funding online fund is raised from the investors by informing them about company project. At end of the report, crowd funding case study is analyzed and merits as well as demerits of crowd funding are also explained in detail.
What is crowd sourcing?
Outsource is the common word that people know in the 21st century. Similar to outsource there is another name which is known as crowd source. Both seems similar but are completely different from each other. In case of outsource firm contact with the company that is operating in another nation and use that company HR to get the task done (Kietzmann., 2017). On the other hand, in case of crowd source scene is completely different and it can be seen that here company does not contact with any other firm headquartered in foreign nations. Instead, the firm goes online and search for the best talent and entrust them company task and on completion make payment to them. Crowd sourcing is not just confined to the outsource of the company task. It also includes data collection related tasks. Data can be collected from people of any nation. Thus, it can be said that the scope of crowd sourcing is wide and it is completely different from outsource.
On the basis of above discussion, it is concluded that crowd sourcing is to large extent beneficial for the firm and it can benefit from it in multiple ways. Thus, in varied areas crowd sourcing must be used so that cost can be reduced and work can be obtained in stipulated time period of better quality.
Books and journals
Aitamurto, T., 2019. Crowdfunding for Journalism. The International Encyclopedia of Journalism Studies. pp.1-4.
Block, J., Hornuf, L. and Moritz, A., 2018. Which updates during an equity crowdfunding campaign increase crowd participation?. Small Business Economics. 50(1), pp.3-27.
Du, Z. and Zhu, W., 2017. The role of data in crowdsourcing platform.
Harrison, R.T., 2017. Definition of crowdfunding. In Crowdfunding and Entrepreneurial Finance (pp. 66-68). Routledge.
Hunter, A., 2016. “It’s Like Having a Second Full-Time Job” Crowdfunding, journalism and labour. Journalism Practice. 10(2). pp.217-232.
Kietzmann, J.H., 2017. Crowdsourcing: A revised definition and introduction to new research. Business horizons. 60(2). pp.151-153.
Kuppuswamy, V. and Bayus, B.L., 2018. Crowdfunding creative ideas: The dynamics of project backers. In The economics of crowdfunding (pp. 151-182). Palgrave Macmillan, Cham.
Vergara, R.A.G., 2017. Extending the Definition of Crowdfunding Success: The Case of the Flight of Super Mudball. Journal of Global Business.
Zuchowski, O., and et.al., 2016. Internal crowdsourcing: conceptual framework, structured review, and research agenda. Journal of Information Technology. 31(2). pp.166-184.
How the correspondent crowd funded $2.5 m in 29 days., 2019. [Online]. Available through:< https://engagedjournalism.com/resources/the-correspondent-crowdfunding-rob-wijnberg-unbreaking-news-the-daily-show>.