Crowdsourcing vs. Crowdfunding

Crowdsourcingnoun

(neologism) The delegation of a task to a large diffuse group in order to introduce new or more developed skill sets and improve efficiency. There is usually no substantial monetary compensation involved.

Crowdsourcing

Crowdsourcing is a sourcing model in which individuals or organizations obtain goods or services, including ideas, voting, micro-tasks and finances, from a large, relatively open and often rapidly evolving group of participants. As of 2021, crowdsourcing typically involves using the internet to attract and divide work between participants to achieve a cumulative result.

Crowdfundingnoun

(finance) Funding by many individuals pooling their money together for a common goal, usually via the Internet.