A company wants to leverage the collective intelligence of the public to solve a complex technical problem and is offering a reward to the winning solution. What strategy are they employing?

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BlackTom AI · Accepted Answer

The scenario describes inviting a broad group of people from the public to contribute ideas or solutions to a technical problem in exchange for a reward, which is the classic definition of crowdsourcing.
Option 1: Crowdsourcing. This is the correct concept, as it involves leveraging the collective intelligence and diverse skills of a large crowd to solve a problem, often with a monetary incentive for the best solution.
Option 2: Knowledge Management. This term refers to the process of capturing, organizing, and sharing an organization's knowledge internally. It does not involve engaging the public or offering rewards to external contributors for solving external problems.
Option 3: Crowdfunding. Crowdfunding is about raising funds from a broad audience to support a project or venture, not about solving a technical problem through distributed input or paying for the best solution. The emphasis here is financial backing rather than problem-solving crowds.
Option 4: Social Networking. Social networking focuses on building and maintaining relationships and networks among individuals or communities, typically for communication and collaboration. While it involves crowds, it does not inherently imply solving a technical problem for a reward, which is the key distinguishing feature of crowdsourcing in this context.

A company wants to leverage the collective intelligence of the public to solve a complex technical problem and is offering a reward to the winning solution. What strategy are they employing?

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