Crowdsourcing sees tasks outsourced to an almost random group of people. In funding terms, it could see dozens or even hundreds of different people pooling together to fund a project that a business is struggling to get off the ground.

So if you are looking for funding for a new project but have been unsuccessful through the usual channels such as bank finance, Crowdsourcing could be your answer. This would entail sending out an open call to everyday philanthropists and ordinary people who may love your idea and want to help fund it. Each contribution may be small, but together they can reach the figure that you need.

This seems to go against the normal method of targeting your applications for funding at the ‘right people.’ Crowdsourcing could see, for example, a tweet or a post on Facebook detailing your idea and asking for any contribution that people are able to make.

In these challenging economic times, businesses need to get creative with their funding. In order to highlight different sources of funding open to businesses, Buckinghamshire Business First is presenting a series of finance workshops, the first of which is on October 3^rd 2012.

Click here to find out more about these workshops and to book a place.