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Summary: Wikinomics ebook

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The must-read summary of Don Tapscott and Anthony Williams' book: "Wikinomics: How Mass Collaboration Changes Everything".This complete summary of Don Tapscott and Anthony Williams' book "Wikinomics" shows that a new and much more collaborative way to do business is emerging as a powerful force. Companies are opening up their internal processes to input and suggestions from outsiders who bring fresh ideas and new competencies into the equation. One of the best-known examples of this trend is the open-source online encyclopedia, Wikipedia. It runs on a “wiki” – Hawaiian for “quick” – software which enables any Wikipedia viewer to edit the contents of a Web page. Therefore, taking a cue from this, this new wave of mass collaboration in business has been dubbed “Wikinomics”. In their book, the authors highlight how the new age of mass collaboration in business has arrived and you can either decide to get on the bandwagon and reap as many benefits as possible or you risk getting left behind. This summary reveals the advantages of this new approach and why you should join in.Added-value of this summary:• Save time• Understand key concepts• Expand your knowledgeTo learn more, read "Wikinomics" and discover what this new age of mass collaboration can do for your future business.

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Book Presentation: Wikinomicsby Don Tapscott and Anthony Williams

Book Abstract

About the Author

Important Note About This Ebook

Summary of Wikinomics (Don Tapscott and Anthony Williams)

1. The Four Key Ideas of Wikinomics

2. Successful New Models Based on Wikinomics

3. How To Apply Wikinomics

Book Presentation: Wikinomicsby Don Tapscott and Anthony Williams

Book Abstract

Main Idea

A new and much more collaborative way to do business is emerging as a powerful force. Companies are opening up their internal processes to input and suggestions from outsiders who bring fresh ideas and new competencies into the equation. The end result is value gets created in refreshingly new and original ways. This is the essence of “mass collaboration”, and it has the potential to have a major impact on corporations of all shapes and sizes in the 21st century.

One of the best-known examples of this trend is the open-source online encyclopedia, Wikipedia. It runs on a “wiki” – Hawaiian for “quick” – software which enables any Wikipedia viewer to edit the contents of a Web page. Therefore, taking a cue from this, this new wave of mass collaboration in business has been dubbed “Wikinomics”.

The new age of mass collaboration in business has already arrived. You either get on the bandwagon and harness this phenomena to maximum effect or you risk getting left behind by those who do. The choice is yours.

“Due to deep changes in technology, we are entering a new age where people participate in the economy like never before. This new participation has reached a tipping point where new forms of mass collaboration are changing how goods and services are invented, produced, marketed and distributed on a global basis. We call this wikinomics.”

– Don Tapscott and Anthony Williams

About the Author

DON TAPSCOTT is chief executive of New Paradigm, his own consulting firm and business think tank. He specializes in analyzing the impact of new technology on business. Mr. Tapscott is the author of ten books including Paradigm Shift, The Digital Economy, The Naked Corporation and Digital Capital. He is a graduate of the University of Alberta and Trent University and currently teaches at the University of Toronto’s school of management.

ANTHONY WILLIAMS is vice president and executive editor at New Paradigm. He has researched and written a number of articles about the impact of new technologies on social and economic life, some of which have been published in Business 2.0 and Optimise magazines. Mr. Williams is a graduate of the London School of Economics.

The Web site for this book is atwww.wikinomics.com.

Important Note About This Ebook

This is a summary and not a critique or a review of the book. It does not offer judgment or opinion on the content of the book. This summary may not be organized chapter-wise but is an overview of the main ideas, viewpoints and arguments from the book as a whole. This means that the organization of this summary is not a representation of the book.

Summary of Wikinomics (Don Tapscott and Anthony Williams)

1. The Four Key Ideas of Wikinomics

A new breed of 21st century business enterprises is emerging. These companies create value by opening their doors to the world rather than by being secretive, by inviting anyone and everyone to collaborate rather than trying to hire and retain the best talent and by behaving like genuine global enterprises. The modus operandi of this new breed of companies revolve around four powerful new ideas:

Openness and complete transparency.Peering to create value rather than using a hierarchy.Sharing and pooling together all kinds of resources.Acting like a global business rather than a smaller entity.

In 1999, a small Toronto-based gold mining company called Goldcorp faced an uncertain future. The company was besieged by strikes, lingering debts and the high cost of mining for gold. Goldcorp appointed a new CEO, Rob McEwen, who had a background as a mutual fund manager but no background whatsoever in mining. He attended an MIT conference where the story of Linux – the open-sourced operating system – was discussed in some detail. Inspired by this example, McEwen went back to his head geologist and said, “You know, if we can’t find where the gold is, there must be someone out there who can. I’m going to put all our geological data from the last fifty years on the Internet and ask where we should look next.”

Accordingly, in March 2000, Goldcorp launched what it called the “Goldcorp Challenge”. The company posted 50-years of proprietary geological data on its Web site – more than four hundred megabytes – and offered $575,000 in prize money to whoever came up with the best methods and estimates. News of the contest spread rapidly and soon more than one thousand virtual prospectors got busy analyzing the data.

So what happened next?