The term "Crowdsourcing" which was coined by Jeff Howe in 2006 in Wired Magazine is now becoming a mainstream business. Today crowdsourcing is a billion dollar industry and is being used by several small, medium and big sizes firm to solve their business problems.
Industry watchdog Crowdsourcing.org, reported a 75% increase in revenue last year to $376 million, up from $215 million in 2010 and $141 in 2009 in crowdsourcing industry.
By definition, Crowdsourcing is the act of outsourcing tasks, traditionally performed by an employee or contractor, to an undefined, large group of people or community (a crowd), through an open call. Crowdsourcing is all around us, and being used by brands that we use everyday.
Here’s one infographic “A Visual Explanation of Crowdsourcing” by BizMedia, that explains what is crowdsourcing and how it could change our lives in the future.