Crowdsourcing is a process where several people combine their talents for achieving a specific objective. Crowdsourcing becomes necessary when people are trying to solve difficult issues. It became a major thing in 2006 when Jeff Howe wrote the first paper. As a result, the idea became very popular in the west, especially in the United States.
Crowdsourcing has many benefits, including;
● Increases scalability by allowing businesses to work on massive processes with little resources.
● Allows companies to acquire skill sets that couldn’t have been available internally.
● Accelerates the process of innovation by expediting project completion.
● Increases the quality of consumer experience by leveraging consumer participation
Crowdfunding is also part of the crowdsourcing operations. Once the idea becomes complete, people can raise funds to take it into the market. We allow our users to choose between two options: flexible funding and fixed funding. Those who select fixed funding will specify a certain amount of money that they need. With flexible funding, you can receive any amount of money as long as it’s above a certain threshold. Fixed funding means that the money will be returned to their owners if the stated objective is not achieved. Flexible funding means you must get your money.