Reference no: EM13858155

CROWDSOURCING: Today it is not unusual to see entrepreneurs rely on the crowd to seek financial assistance to support their business idea instead of going to a traditional financial investor, bank or seek venture capital. The entrepreneur uses his or her social networks and established platforms on the Internet to directly interact with the crowd.

The term crowdsourcing was first introduced in 2005 by Howe and Robinson, editors at Wired, however, it is in recent years this form of funding has taken off. In 2013, crowd funding became a $5.1 billion industry and in 2014 the market grew to $16.2 billion and it is expected to exceed $34.4 billion by the end of 2015. In China alone, the crowd funding industry is expected to reach $50 billion by 2025. We are looking at a potential global crowd funding market of $90-96 billion by 2025.

As the Internet becomes more integrated into all of our lives, driven in large part through mobile and social, we will all become increasingly interconnected. Our new interconnected world will contain multiple networks that represent different dimensions of people's lives - social (Facebook), business (LinkedIn), food (Allrecipes), wine (Vivino), travel (TripAdvisor), movies (Netflix), fitness (Runtastic) - and cross the digital-physical divide (The Internet of Things).

Crowdsourcing sites like G2 Crowd will represent just one more type of network that will connect people with products and technology, telling you what products they used, what they thought of them, and what reviews they read, liked or shared. If you then link the crowdsourcing network to a business network like LinkedIn, you can connect companies to reviewers and bring with it lots of context that when comprehensively analyzed can transform your understanding of the reviews.

Keywords: crowdsourcing, crowdfunding, crowd wisdom, crowd creation, crowd voting, crowdfunding models, SWOT.

BIG DATA: is an evolving term that describes any voluminous amount of structured, semi-structured and unstructured data that has the potential to be mined for information. Although big data doesn't refer to any specific quantity, the term is often used when speaking about petabytes and exabytes of data.

Measured in terms of volume, velocity, and variety, Big Data represents a major disruption in the business intelligence and data management landscape, upending fundamental notions about governance and IT delivery. With traditional solutions becoming too expensive to scale or adapt to rapidly evolving conditions, companies are scrambling to find affordable technologies that will help them store, process, and query all of their data. Innovative solutions will enable companies to extract maximum value from Big Data and create differentiated, more personal customer experiences.