Interesting tidbit...
We have used Elance from time to time on projects although not much in the past few years. Like all remote work and outsourcing we have mixed success.
Apparently Kevin Rose used Elance to find and pay a freelancer to help build the first version Digg. I guess his project worked out just fine!
A tip from the projects that we were successful on is to make sure you allocate the time to spec the project out in fine detail. In a programming project we went so far as to define a very specific test plan that the outsourcer - based in Singapore - had to pass.
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