business.docx

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Department
Accounting & Financial Management
Course
AFM 101
Professor
Khim Kelly
Semester
Summer

Description
Introduced by Jeff Howe and Mark Robinson in the June 2006 issue of Wired magazine, the term crowdsourcing describes a process of how new web-based businesses organize labor, by outsourcing tasks, traditionally performed by contractors or employees, to a community (usually online) through what amounts to an open call for proposals. Howe offers the following definition: “Simply defined, crowdsourcing represents the act of a company or institution taking a function once performed by employees and outsourcing it to an undefined (and generally large) network of people in the form of an open call. This can take the form of peer-production (when the job is performed collaboratively), but is also often undertaken by sole individuals. The crucial prerequisite is the use of the open call format and the large network of potential laborers.” (Howe, 2006) Howe further explained that true crowdsourcing involves a company accepting the idea received, processing it and producing for sale; and the idea provider being rewarded, in most cases, monetarily. This is to differentiate crowdsourcing from “open sourcing”, which is a cooperative activity initiated and voluntarily undertaken by members of public. In other words, crowdsourcing happens when a company posts a problem online, individuals in the community offer solutions to the problem, the winning id
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