"Some predict that crowdsourcing is the future of the marketing, advertising, and industrial design industries. The phenomenon, they argue, will accelerate creativity across a larger network. Others predict that this practice of opening up a task to the public instead of keeping it in-house or using a contractor will be the demise of those businesses because of the downward pressure on prices."If LG crowdsources a new cell-phone design on CrowdSpring for $20,000, as it did recently, what happens to the old model of paying a design firm millions of dollars for the same project? Most likely, the practice will continue evolve, supplying a more efficient and creative way for companies to engage with and harness the crowd for help."
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