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Crowdsourcing

Crowdsourcing Platforms: A Unique, Cost-Effective Strategy for Start-Up Success

The emergence of the freelancing platforms for freelancers both globally and nationally are acting as a bridge between the brands and freelancers across the world thus providing a global marketplace for business to outsource work at an affordable price
Crowdsourcing Platforms: A Unique, Cost-Effective Strategy for Start-Up Success
Image credit: Pixabay
Guest Writer
Co-founder & MD, Designhill
3 min read
Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Crowdsourcing is maximizing the power of many. The idea behind crowdsourcing is that instead of having one resource, you can engage with many resources at a time, to solve your problem in time and cost-efficient way. Today, crowdsourcing is revolutionising the dynamics of workspace with ease and in an optimum manner. This trend is leading to a massive boost in the gig economy culture in India. The advent of digitalization, deeper internet penetration and the unconventional work approach of millennials are some of the significant factors influencing the concept of crowdsourcing in India.

Today businesses are getting a lot of benefits because of crowdsourcing platforms. The concept of crowdsourcing is impacting various workspace ecosystems and is bringing a paradigm shift in Graphic Designing space at a large. EY’s recent Millennial Economy Report stated that 72 per cent of new businesses do not have the funding for graphic design services. Hence, crowdsourcing platforms play a very significant role for the emerging start-ups giving them 360-degree graphic designing solutions – (website designing, logo, branding collateral etc.). Graphic designing plays a significant role in any organization for building their brand identity and collateral. Usually, it is not a core function for organizations, therefore they do not prefer investing money or hiring an ad-agency rather they prefer going for outsourcing. Crowdsourcing platforms are indeed turning as a boon for start-ups, giving them an edge of effective strategy and optimal utilization of resources to get results in a set time.

Some of the driving factors which makes crowdsourcing platforms, a unique and cost-effective strategy for start-up success are:

Time and Cost Efficiency: Not only start-ups even MNCs are hiring contractual employees for niche projects. Outsourcing gives them an opportunity to maximize the output with minimal expenses in a short period. The emergence of the freelancing platforms for freelancers both globally and nationally are acting as a bridge between the brands and freelancers across the world thus providing a global marketplace for business to outsource work at an affordable price.

The Rise of Gig-Economy: With the advent of globalization and digital invasion the market is full of opportunities. Work pressure and hectic schedules in private sectors have further resulted in changing the perception of millennials off-lately. Factors like a steady flow of work, growth opportunities, flexibility and better work-life balance are encouraging young talent to go for freelancing leaving corporate work culture.

Hence, crowdsourcing adds great value to one’s business as it brings together immense talent from people belonging from a different background, country, experiences on a single platform. Crowdsourcing creates a sense of competition as people associated with the platform try and give their best to win contest/project, giving them exposure to working on diverse clientele.

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