Why are crowdsourced and gig economy business models considered the future of business? originally appeared on Quora: the place to gain and share knowledge, empowering people to learn from others and better understand the world.

Answer by Mårten Mickos, CEO of HackerOne, on Quora:

The most powerful business models rely on transparency, openness, and collaboration.

More than one third (36 percent) of U.S. workers are in the gig economy. That's 57 million people working flexible, pay-per-service jobs as their full-time work, a part-time job, or a few hours a week to make a bit of extra cash. Today we have more than 350,000 hackers registered on HackerOne ready to help make the internet safer. And it could be 1 million by the end of 2020.

We saw this with open source. When I joined my MySQL as its CEO, people didn't believe in open source, now its the de facto software development model. One of the greatest benefits we've seen is that it has created a model where smart people who disagree with each other can collaborate. This collaboration is similar to the crowdsourced models we are seeing today.

The viral impact of this trend can be seen in hundreds of companies from soon-to-be public companies Uber and Lyft to unicorns Instacart and Doordash, dog walking apps like Rover and Wag to labor-for-hire applications TaskRabbit and Shiftgig.

Beyond the traditional Uber-for-X model, we also have companies like HackerOne, where hackers can work on their own schedules, getting paid to find vulnerabilities in online systems of leading companies around the world. With this business model, people now have the opportunity to pick up an extra shift on their own schedule.

Similarly, taking a crowdsourced approach to business is another trend that is here to stay. The foundations of it are bringing together a large group of people toward a common goal, often powered by the internet.

From viral crowdfunding sites like GoFundMe to crowdsourced idea sites like Pinterest, customers feel increasingly connected, validated, informed and empowered by the connections made to others in their community. By bringing people from all walks of life together to work towards the same mission -- whether it be generating inspiration boards or discovering vulnerabilities -- they feel more invested in the product or service and the cause becomes more viable.

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Published on: Mar 20, 2019