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Crowdsourcing is a portmanteau of “crowd” and “outsourcing”, which means outsourcing from the crowd. Being cognizant of the saying, ‘many heads are better than one’; businesses, now-a-days are outsourcing innovation activities to large groups of people instead of their own employees. After all, “Who can be better than a customer itself to tell what a customer wants?” The history of crowd sourcing dates back to 1714 Longitude Prize offered by the British Parliament. The concept was popularized in 2004 by New Yorker writer James Surowiecki in his book ‘The Wisdom of Crowds’. The belief that large groups of individuals are collectively smarter than individual experts is referred to ‘wisdom of crowds’.

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