Crowdsourcing

Only available on StudyMode
  • Topic: Crowdsourcing, Crowd funding, Outsourcing
  • Pages : 6 (1422 words )
  • Download(s) : 23
  • Published : April 14, 2013
Open Document
Text Preview
Crowdsourcing

Feasibility Analysis Report

Project Members:
      Ravi Kumar Shah (2009-EE-233) MD Zaid (2009-EE-231) Usman Jillani (2009-EE-214) Ghazanfar Ghafoor (2009-EE-192) Muhammad Waqas Bashir (2009-EE-174) Loai A.H. Abulebda (2009-EE-232)

Advisor:
 Mrs. Amna

Short Overview:
Crowdsourcing is the process of getting work or funding, usually online, from a crowd of people. The word is a combination of the words 'crowd' and 'outsourcing'. The idea is to take work and outsource it to a crowd of workers. It is the practice of obtaining needed services, ideas, or content by soliciting contributions from a large group of people and especially from the online community rather than from traditional employees or suppliers. What that means is that to provide funds to entrepreneurs who have a limited budget - to offer a service that meets the business of the crowd. The principle of Crowdsourcing is that more heads are better than one. By canvassing a large crowd of people for ideas, skills, or participation, the quality of content and idea generation will be superior. It is actually the act of taking a task traditionally performed by an employee or contractor, and outsourcing it to an undefined, generally large group of people. Few Examples:  Wikipedia. Instead of Wikipedia creating an encyclopedia on their own, hiring writers and editors, they gave a crowd the ability to create the information on their own. The result? The most comprehensive encyclopedia this world has ever seen. If you’re looking for a logo design, you can tell a crowd of designers what you want, how much you will pay, and your deadline. All interested designers will create a finished design specifically for you. You’ll receive 50-300+ different finished logo designs, and you can keep whichever design you like the best. By doing design this way, Crowdsourcing actually increases the quality & decreases the price, compared to online freelancing. If you want to raise $10,000 to pay for studio time to record a new CD, crowd funding can help you raise that money.. You find a crowd funding platform, set the goal amount, deadline, and any rewards offered to donors. You must raise 100% of your goal before the deadline, or all the donations are returned to the donors. Deadlines are typically less than 60 days. If you have 1,000 photos on your website that need captions, you can ask 1,000 individual people to each add a caption to one photo. Break up the work and decide the payment for each completed task (typically .01¢ – .10¢ per task). With Crowdsourcing, you can expect to see results within minutes. If you are unsure of where to begin with an idea for a business opportunity, whether it’s product design or perhaps a marketing firm, Crowdsourcing can help through open innovation.









Feasibility Analysis
1) Industry and Market Feasibility Analysis
Company Characteristics:
 Size and Growth Rate:
There are lots of entrepreneurs who have the idea but no funds. People/company wants their work to be done fast, cheap and the result should be best. That’s why size of this company is admirable and its growth rate is promising.

 Profit Margins:
Starting from scratch, this company might not be profitable due to less numbers of members at the beginning. But in the long run its profit will be increasing at fast rate as we will have more numbers of members.

 Reliability:
In order to be suitable for industrial use the work offered is the online platform i.e. it has to be done fast and if necessary in a large scale. We will try to find out whether both are the case as it is directly related to the costs of work.

 Services to Customers:
In case of Pakistan as there is crisis of jobs in last few years, it will be very helpful for the entrepreneurs. Beside this, it can also help in collecting some charity during floods or awareness against Dengue.

 Threats to the Company:
This business got a low investment, so there...
tracking img