Crowdsourcing was coined by Jeff Howe in 2006 in an article in Wired magazine. It is all about getting task done by an undefined mass of people. These are not regular employees or a body of people who get your outsourced work, but these are the people who were once categorized as amateurs, hobbyist, part timers etc. and can help you get a work done for much cheaper cost as compared to having a full time employee and saves on time as well.
A successful example of crowdsourcing is Wikipedia where the task of writing in an article is shared by a very large group of people and the task of maintaining the Wiki standards is also taken care of by the people. These set of people are in turn the customers of Wikipedia.
Web 2.0 entrepreneurs can use crowdsourcing for the growth and viability of their internet based business. The customers can be involved in generating ideas, helping in product design and even giving the final product its shape.
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