Whether Crowdfunding Is Appropriate in Nigeria - Literature review Example

The paper "Whether Crowdfunding Is Appropriate in Nigeria" is a great example of a literature review on business. In the contemporary world hobbyists, dabblers and part-timers acquire an efficient market where they give their effort to companies in different industries (pharmaceuticals and many more) which hunt for talent who will do their work. The labor is not free for the company but it is less costly than paying the employees. The term cannot be portrayed as outsourcing but it is described as Crowdsourcing.

The information that is generated by the crowd is identified through the self-selecting mechanism. This mechanism has specific parameters that are used for measuring the reliability of the information. Crowdsourcing is a cooperative exercise that forms a community and produces a combined effort out of the information that is available to them. The concept also encompasses data pertaining to product design or development of public consent for addressing the issues related to governance issues, strengthening the structure of communities, developing interaction between different groups in the society, and fostering civic participation can be regarded as the heart of the new movement in Crowdsourcing.

There are few difficulties pertaining to Crowdsourcing globally. It is difficult for governments to block confidential information and cooperation which are important for the welfare of an economy. If this information is used negatively by opponent institutions and is transferred beyond the state borders, the economy can be in danger. Thus, there should be the right combination of active audience and social networking tools which permit an individual to encourage and organize cooperative actions outside a formal hierarchy (Sharma, 2010; Oshri, Kotlarsky, and Willcocks, 2009).

The main driving stone for the phenomena is its viewpoint of “open-source governance” (Oshri, Kotlarsky, and Willcocks, 2009). It has suggested a wide link connecting open-content movements, principles of open-source and autonomous principles. Open-source governance helps in formulating policy that has enabled ordinary citizens to access information pertaining to any topic easily. This can affect the periodic changes that are taking place after every election in a country (Sharma, 2010).

The idea of starting a Crowdfunding business in Nigeria is relevant for the economy.