Sunday, August 7, 2011

Is Crowdsourcing a solution to poverty?

I believe that Crowdsourcing is the solution to global poverty. But before I go further, let's look at the alternatives:

1. Govt. financed poverty alleviation programs: Financed by tax and currently fighting for survival because funding is under attack due to rising public debt.

On the positive side: Chinese & Brazilian Governments have lifted millions from poverty however at the cost of relocation in most cases.

2. Charity/Donation financed programs: Financed by donations and currently facing a decline in donations as economic/political/market volatility means that people are unsure about the future (and market is volatile because people are unsure).

On the positive side: Bill Gates & other billionaires stand out as they are focussing on specific issues for example vaccination.

3. Business Innovation/Corporate Social Responsibility Programs: All companies want ROI on any investment and a CSR campaign is generally no different. Only visionary companies keep up their CSR campaigns during uncertain times.

On the positive side: Toms.com is one of the best examples of CSR based marketing.

Now the beauty of crowdsourcing is the "peer2peer" nature. In other words, individuals connect with other individuals and together create a better world. Peer2Peer networks are the future because they democratize doing good, so anyone and not just Governments, Corporations & Billionaires can make the world a better place and directly control what is being done with their funds.

In summary, crowdsourcing is the solution to alleviating billions out of the viscous circle of poverty is because the biggest source of happiness is helping others (this is backed up by research from Prof. Dr. Martin Seligman who has empirically shown that people are most fulfilled when they help others).

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