A term coined by Wired Magazine's Jeff Howe in 2006, crowdsourcing has been around since at least the 18th century, when the British government called for help from the public to solve 'The Longitude Problem', which made sailing both difficult and dangerous. John Harrison won the £20 000 prize in 1714.
Developers have to constantly generate new ideas but of course they are limited by their own staffing levels and their creativity. Crowdsourcing opens this up a bit but with it comes limitation too. Our experience with the competition has done enough to convince us that it is worth revisiting but we won't be relying on it to fuel our business.