CROWDSOURCING – A PYRAMID OF GLOBAL PARADIGM

Abstract

It’s not surprising that professionals are increasingly drawn to crowd sourcing marketplaces and initiatives. The practice of tapping a crowd has long been used by business. For example, in 1916, Planters Peanuts held an open contest to develop its logo. What’s new about crowdsourcing today is how it uses web 2.0 technologies to rapidly and affordably reach a global crowd, engage their interest, manage and filter their ideas and feedback, and help choose the optimal scenarios to act upon. The most advanced crowdsourcing technology uses sophisticated algorithms based on deep knowledge of human behavior, and equips companies, organizations and governments with the ability to distill crowd input down to not just “what’s most popular” but what are really the most economically-viable and probable ideas to succeed. It’s not unusual for the contribution of a crowd to be worth millions to a company.