Jeff Howe coined the phrase crowdsourcing in 2006 and the video below explains the concept very well. The power of people connecting on the internet has yet to reach its full potential, but we are seeing glimpses of it with sites like www.innocentive.com that helps companies reach people that can help solve their challanges and www.openstreetmap.org that allows the crowd to upload GPS traces of their car trips thus mapping the entire world (well, not the wet bits).
The ChumBonus model seeks to crowdsource corporate recruiting and hopefully charity fundraising. People from all over the world who are following us on Twitter have given us positive feedback. The mere fact that a company can get opinions from all over the world for free is in itself powerful. What will future businesses look like? How will they be structured? How will products be designed? The Crowd will have a big part in figuring all this out.
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