26. CROWDSOURCING

♤ Crowdsourcing is the practice of obtaining needed services, ideas, or content by soliciting contributions from a large group of people, and especially from an online community, rather than from traditional employees or suppliers.

♤ This process is often used to subdivide tedious work or to fund-raise startup companies and charities, and can also occur offline.

♤ Famous Example: Wikipedia. Instead of Wikipedia creating an encyclopedia on their own, hiring writers and editors, they gave a crowd the ability to create the information on their own.

♤ Crowdfunding involves asking a crowd of people to donate money to your project.