Financial Times - Lexiconhttp://lexicon.ft.comTerm of the Day from the Financial Times Lexiconen(PICS-1.1 "http://www.classify.org/safesurf/" L gen true for "http://www.ft.com/" r (SS~~000 1))&copy The Financial Times Ltd 2015 'FT' and 'Financial Times' are trademarks of The Financial Times Ltd. See http://www.ft.com/servicestools/help/terms#legal1 for the terms and conditions of reuse.client.support@ft.comTue, 16 Jun 2009 01:42:55 +0100Tue, 28 Jul 2015 09:18:12 GMTNewspapers15http://lexicon.ft.comhttp://lexicon.ft.comFinancial Timeshttp://im.media.ft.com/m/img/rss/RSS_Default_Image.gifhttp://lexicon.ft.comcrowdsourcinghttp://lexicon.ft.com/Term?term=crowdsourcing<p>A business model or function that relies on a large group of users as third parties for outsourcing certain tasks. The popular use of the internet makes communication and coordination progressively cheap: tasks that would have been impossible to communicate and coordinate before have become extremely easy to set up and coordinate.</p> <p>Crowdsourcing can add significant value to a product or service, and can also generate valuable connections between the users and the company.</p> <p><strong>Example<br /></strong>Google builds its index through a crowdsourcing process with users determining the position of the pages in the rank through actions such as linking or clicking.</p> <p>Twitter achieves most of its value crowdsourcing its users, assuming that there will always be a Twitter user present wherever news stories take place.</p> <p>Foursquare, a social networking mobile phone site that encourages people to explore their local area, relies on crowdsourcing its users to fill its huge catalog of places. </p> <p><strong>View</strong><br /><a title="Crowdsourcing as catalyst for change" href="http://www.ft.com/cms/s/0/c0dd016e-db47-11e1-a33a-00144feab49a.html" target="_blank">Crowdsourcing as catalyst for change</a></p>Mon, 05 Aug 2013 11:12:58 +0100<p>A business model or function that relies on a large group of users as third parties for outsourcing certain tasks. The popular use&nbsp;of the internet makes communication and coordination progressively cheap: tasks that would have been impossible to communicate and coordinate before have become extremely easy to set up and coordinate.</p> <p>Crowdsourcing can add significant value to a product or service, and can also generate valuable connections between the users and the company.</p> <p><strong>Example<br /></strong>Google builds its index through a crowdsourcing process with users determining the position of the pages in the rank through actions such as linking or clicking.</p> <p>Twitter achieves most of its value crowdsourcing its users, assuming that there will always be a Twitter user present wherever news stories&nbsp;take place.</p> <p>Foursquare,&nbsp;a social networking mobile phone&nbsp;site that encourages people to explore their local area,&nbsp;relies on crowdsourcing its users to fill its huge catalog of places. [ref url=""]Enrique Dans, Professor of Information Technologies and Systems, IE Business School[/ref]</p> <p><strong>View</strong><br /><a title="Crowdsourcing as catalyst for change" href="http://www.ft.com/cms/s/0/c0dd016e-db47-11e1-a33a-00144feab49a.html" target="_blank">Crowdsourcing as catalyst for change</a></p>