In an attempt to harness the surging popularity of social media, many businesses have looked to consumers to provide ideas and input, otherwise known as crowdsourcing.
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There have been good examples of this strategy and there have been bad – witness Kraft’s iSnack 2.0 debacle, for instance. Most of these forays have been made by big businesses but, increasingly, start-ups are looking to the public for assistance.
Today, Mahesh Sharma looks at how start-ups are using crowdsourcing to attract funds and mentoring they’d otherwise miss out on. Crowdsourcing may not replace your bank as the main source of funds, but this is a trend that will only grow.
Also, our very own Amanda Gome looks at whether you should start up outside your field of knowledge and Taskmaster commands a cost cutting competition.
Oliver Milman, editor