Benefits Of Crowd Funding And The Crowd Sourcing Essay

1864 Words Jul 7th, 2016 8 Pages
1. Introduction

Today lots of small businesses are with loans, lots of entrepreneurs can get loans from the bank and/or government programs that designed to help small businesses to grow. However in modern time like today, there are more ways to be able to gather some money to start their business or simply want to get involved in some business and apply their ideas. These ways commonly known as crowd-funding and crown-sourcing. Crowd-funding offers these individuals a chance at success, by showcasing their businesses and projects to the entire world, while in crowd-sourcing people can help others by simply give them some information regarding certain topics. For business willing to look beyond traditional sources, crowdsourcing offers another potential capital source. This report is going to examine the benefits of crowd-funding and crowd-sourcing, also will provide some real life examples regarding crowd-funding and crowd-sourcing companies.

2. Applications and Analysis
2.1. Definition of Crowdsourcing and Crowdfunding
2.1.1. Crowdsourcing
Crowdsourcing is basically an online gathering of a large group of people to share knowledge, traditionally performed by the company’s employees, to a large group of people (Rajesh & Ramesh, 2015). This strategy gives businesses a possibility to find new ideas and solve businesses problem in a quick and cheap ways. According to Mitra (2012), crowd-funding defined as the funding of businesses or projects by individuals or groups that…

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