A new book called Wikinomics by Don Tapscott and Anthony Williams will extend and deepen (some of) the ideas from the great author Yochai Benkler in his milestone book called Wealth of Networks. More in this post from Yahoo. I strongly believe these collaborative efforts will impact more companies, sectors and economies moving forward. At the end of the day we will witness in my view a rebalanced economy with markets, hierarchies and (especially) networks. What we can see emerging right now, is that the non-profit nature of these open source initiatives evolves into monetary rewards for the greatest problem solvers and idea generators. As a result, this will strengthen the trend towards globalization of individuals and their enterpreneurship. This book will become a bestseller I assume. Recommended by Eric Schmidt / Google.
"When Rob McEwan became CEO of Goldcorp, he and company geologists knew that their property contained untapped resources "thirty times the amount Goldcorp was currently mining". But with 55,000 acres, nobody at Goldcorp could figure out where to look for the buried treasure. To avert a wild goose chase, McEwan shared on the Web Goldcorp's geological data going back to 1948 and offered $575,000 in prizes to those who could come up with the best way to find and extract the gold.
Participants in the contest found 55 drilling targets Goldcorp had not identified. Eighty percent hit pay dirt. "In fact, since the challenge was initiated, an astounding eight million ounces of gold have been found" and in four years Goldcorp's cost of production dropped 600%.
Tapscott and Williams say Goldcorp took advantage of a new economic paradigm they call wikinomics: a word combining economics and Wikipedia - the online encyclopedia to which anyone can contribute. This model of wealth creation is based on collaboration and sharing the authors call peering.
P&G is near its goal of sourcing "50% of its new innovations from outside the company." It says that for every good scientist on salary, there are 200 outside whose skills should be harnessed.
InnoCentive is a website where companies offer money for solving scientific problems posted online. Freelance scientists can earn up to $100,000 per solution."