Crowdfunding and Crowdsourcing – the new trends

There’s definitely a great deal of excitement about the best way the startups can benefit your crowdfunding and rightly so if you take a look at how much the crowdfunding industry has increased since 2012. Yet another phenomenon, crowdsourcing, has also increased significantly over the last years. So let’s take a closer look at Crowdfunding and Crowdsourcing – the new trends.

With that at heart, the MBA Resources website has presented five good reasons why companies and organizations really should take a good look at crowdsourcing.  The most important reasons why businesses should check out Crowdsourcing are:

  • to save money
  • to save time
  •  to innovate, to increase customer satisfaction and
  •  to scale up

Another way of crowdsourcing is turning to consumer feedback for generating new content or products. For example, you might ask website visitors for their opinion about online courses versus traditional classes. If you summarize the outcome of your survey you will be able to create interesting, original content and maybe a new product. This New Economy won’t displace all the old rules and some will still be faced with buyer’s remorse.

The premise is that faster is better and that the first mover wins. They believed that if they just made a decision and went with it, they could correct their mistakes later. I don’t care how much you go on about Internet time before you spend millions implementing a database solution for your e-business portal you might want to take an extra day to weigh your options. The old adage “measure twice, cut once” has worked for a few thousand years.

Wait a minute

Today, business plans are based on hurry. The difference between success and failure is no longer profits or traditional businesses. Rather, it is looking before you leap. The popular media with their paid, owned, and earned Marketing characteristics will continue to glamorize and perpetuate today’s lightning-fast traits: lack of details, small attention spans, and more spin than “stuff.” The risk is good, but a failure as a result of a blind sprint is unforgivable.

Thanks for taking the lead and saying wait a minute. I used to think I was crazy. I probably still am, but my perspective isn’t as warped as I once thought.

Fast and feckless

I just wanted to thank you for your insight regarding the problems that come from the action without thought (“Speeding Up, Dumbing Down,” September 26, 2010, p5). My organization, a multinational services company and a recognized expert in its field, is suffering terribly in the throes of this effect, throughout many different business units and levels of decision-making.

Considering the complexity, irrationality, and ambiguity of our business and how we might be able to get the financing done through crowdfunding, I think that this problem may be even more intractable in my company than in most other large corporations. Case in point: My unit (in which I am a services portfolio manager) is currently working on a 10-day planning cycle for developing our 2019 business strategy. There is almost no possible way to generate a coherent, effective strategy based on the sound analysis in that kind of timeframe.

To better illustrate the idea, they came up with this infographic along with some cases-in-point: