Web sites like Wikipedia have been tapping into the wisdom of crowds for a while now.

But lately, businesses have been figuring out how to use it to their advantage, too. The phenomenon called "crowdsourcing" is akin to an open casting call. Companies with a problem to solve will present it to the masses and see if someone can come up with a solution, usually at a fraction of the cost of in-house R&D.

Reporter Jeff Howe is credited with coining the term "crowdsourcing" in an article he wrote for WIRED Magazine in 2006. He's now working on a book about the topic, and he joined Word of Mouth from his home in New York.

Read Jeff Howe's original article on crowdsourcing

Read excerpts from Jeff Howe's forthcoming book on crowdsourcing

See the top 20 cover designs for the book

(Photo by Victoria Peckham)