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They say there is nothing new under the sun, but entrepeneurs sure do find ways to mash up old ideas in new ways, and starting a business via crowdsourcing certainly qualifies.
Usually, when trying to launch a new business, or get a new product off the ground, the typical hunt for venture capital or institutional investors takes time, patience, perserverance and a LOT of work.
It’s refreshing to hear about a new business model termed ‘crowdsourcing’ which taps the power of social networks in a way big corporations could only dream about.
Upstarts: Launch Your Own Apparel Company for $50 - The apparel brand, which is still in the design phase, is using a creative business model, known by a variety of names like crowdsourcing, crowdfounding, and community managed, that raises small amounts of money from a large group of …
Read the above article for the full scoop, but the practical upshot of this business model is to get large quantities of people to contribute small amounts of money for input and managerial control of a new product line or business.
Crowdsourcing is also used for mass collaboration projects like Wikipedia or simply designing a new graphic or logo, but raising capital using crowdsourcing may be the ticket for a budding entrepeneur to get started using ‘other peoples money.’
