Small Business Trend's small business expert Steven Teo writes about New Business Ideas: The Power of Many
Termed "crowdsourcing" by Wired Magazine, this trend looks set to be exploited by businesses and entrepreneurs who appreciate the power of crowds and communities:
One site Steven provided was of particular interest because it could potentially serve as a very viable solution for musicians looking for a new path
- Independent music site Amie Street knows economics inside out. It uses demand-driven pricing to let the community dictate the pricing of the tracks it sells on the website. Prices begin at zero and rise up depending on demand and supply factors. Community members recommend their favorite music and give back 70% of proceeds to artists after the first $5 in sales. We like it because it encourage musicians to mobilize their fan bases to support their music.
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