[Infographic] Crowdsourcing vs Freelancing

Crowdsourcing vs Freelancing Should You Crowdsource, Freelance your Designing requirement? Tue 15 Snjoy ereativity - - Crowdsource Freelance A term commonly used for a person who is The process of obtaining needed self-employed and is not necessarily services, ideas, or content by soliciting committed to a particular employer long-term. contributions from a large group of Freelance workers are sometimes represented people, and especially from an online by a company or a temporary agency that community, rather than from traditional resells freelance labor to clients, others work employees or suppliers. independently or use professional associations or websites to get work. Output Based Within Set Work 24x7 Fixed Cost Streamlined pricing Budget Hours CROWDSOURCING 24x7 Output Based Pricing Within Budget Crowdsourcing is available 24x 7 Crowdsourcing sites are Crowdsourcing can save hundreds since multiple designers keep typically much less expensive of dollars as the companies don't pitching in designs regardless of compared to outsourcing it to need to overshoot their budget and the time. freelancers. the turnaround time is less. FREELANCING Fixed Cost Set Work Hours Streamlined Freelancers often don't work Work hours are set by the Since very few people are involved; below a specified amount; freelancers and turnaround time therefore, the process is more therefore, it might turn out to be for follow-ups are longer. streamlined compared to expensive. Crowdsourcing. HOW FREELANCING WORKS? 1 3 ull Companies Approach Shortlisted freelancer Company pays the Freelancers. designs. amount or a kill fee. Post a contest and put up a 1 price amount. dhdesignhill Choose a design and award prize! Freelancers compete by submitting 2 hundreds of design ideas. HOW CROWDSOURCING WORKS? Crowsourcing vs Freelancing Some Key Insights The crowdsourcing industry Twice as many freelancers have seen an increase in demand funding has grown from $1.5 in the past year as have seen a decrease – 32% experienced billion to $5.1 billion in 2013. an increase versus 15% who have seen a decrease The Business Crowfunding Freelancing contributes an estimated $715 billion towards the Market stands at more than US economy. $300 billion dollars. Is Crowdsourcing a Sustainable Model? What do you expect growth wise in the "crowd economy" for 2014 and 2015? Substantially more than current growth More than current growth Same as current growth Less than current growth 0% 10% 20% 30% 40% 50% Source: http://www.slideshare.net/crowdsourcingweek/2014-global-crowdsourcing-pulsecheck-1st-annual-survey-topline-results Some Key Takeaways 1H Crowdsourcing is better compared to freelancing since its more flexible and cost efficient. Freelancing is more streamlined since few people are involved in the process. The crowdsourcing industry is growing at an exponential rate and currently the business crowdsourcing stands at $300 billion dollars. Freelancing contributes $715 billion dollars annually 4 to the US economy. Around 37% people think that crowdsourcing will grow more than its current rate 5 compared to 41% people saying it will remain on the same growth trajectory. dhdesignhill ADLIFT Acquire. Amplify. Advance. LO