The companies are outsourcing the development of gadgets, gizmos, and devices by making an open call to an undefined, large group of experts. It harnesses the ideas for optimized implementation while reducing the administrative hassles. They combine with social, mobile, cloud and other web technologies to create a new marketplace.
The companies choose the route for crowdsourcing for the following benefits:
- Access to new pools of external talent
- Better engagement and retention of internal talent
- Faster design
- Faster prototyping
- Higher quality
- Greater elasticity
The crowdsourcing enables the experts to get projects from all over the world and help them to reach their funding goals. It's principles based on the open source projects (OSP). The companies, so by crowdsourcing they get the right talent and knowledge much needed. The crowdsourcing provides the vast, vibrant human network with an enormous amount of expertise and knowledge dispersed among numerous members.
The Internet has enabled the mass participation in specialized fields and allowed the crowdsourcing concept proliferate taping the talent effectively. The great meritocracy emerges, who were not able to get a chance to prove earlier.
The most prominent example of crowdsourcing is the developing of open source software where source code is entirely available for further development and addition of new ideas.
The people contribute to meet their needs which could be monetary, social, psychological or emotional. It's a significant drawback of crowdsourcing that sub-standard services or products also emerges, which is anticipated. The gems or experts are also available, and the companies need sharp eyes to track them.
The Wikipedia is the perfect example of crowdsourcing, and all know how big it is. It has almost 2.2 million articles which are twenty-two times more than entries in Encyclopedia Britannica. The Google, YouTube, News Corp are using the same business model. They provide tools and necessary software to the public to create content on their website. In place of that, they give an advertisement sharing stream.