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Wikinomics

February 15, 2024

Wikinomics: How Mass Collaboration Changes Everything is a book by Don Tapscott and Anthony D. Williams, first published in December 2006. It explores how some companies in the early 21st century have used mass collaboration and open-source technology, such as wikis, to be successful.

Wikinomics
Front cover of Wikinomics
AuthorDon Tapscott, Anthony D. Williams
CountryUnited States
LanguageEnglish
SubjectBusiness networking
PublisherPortfolio
Publication date
December 2006
Media typePrint (hardcover)
Pages324 p.
ISBN1-59184-138-0
OCLC318389282
658/.046 22
LC ClassHD69.S8 T37 2006

The term 'Wikinomics' describes the effects of extensive collaboration and user-participation and how relationships between businesses and markets have changed as a result.

Concepts edit

According to Tapscott, the use of mass collaboration in a business environment in recent history can be seen as an extension of the trend in business to outsource: externalize formerly internal business functions to other business entities. The difference however is that instead of an organized business body brought into being specifically for a unique function, mass collaboration relies on free individual agents to come together and cooperate to improve a given operation or solve a problem. This kind of outsourcing is also referred to as crowdsourcing, to reflect this difference. This can be incentivized by a reward system, though it is not required.

The book also discusses seven new models of mass collaboration, including:

  • Peering: For example, page 24, "Marketocracy employs a form of peering in a mutual fund (Mutual fund: MOFQX) that harnesses the collective intelligence of the investment community... Though not completely open source, it is an example of how meritocratic, peer-to-peer models are seeping into an industry where conventional wisdom favors the lone super-star stock advisor."[1]
  • Ideagoras: For example, page 98, linking experts with unsolved research and development problems. The company InnoCentive is a consulting group that encapsulates the idea of ideagoras.[2]
  • Prosumers: For example, page 125, where it discusses the social video game Second Life as being created by its customers. When customers are also the producers, you have the phenomenon: Prosumer.[3]
  • New Alexandrians: This idea is about the Internet and sharing knowledge.

The last chapter is written by viewers, and was opened for editing on February 5, 2007.

Central concepts of wikinomics in the enterprise edit

According to Tapscott and Williams, these four principles are the central concepts of wikinomics in the enterprise:

  1. Openness, which includes not only open standards and content but also financial transparency and an open attitude towards external ideas and resources;
  2. Peering, which replaces hierarchical models with a more collaborative forum. Tapscott and Williams cite the development of Linux as the "quintessential example of peering";
  3. Sharing, which is a less proprietary approach to (among other things) products, intellectual property, bandwidth, scientific knowledge;
  4. Acting globally, which involves embracing globalization and ignoring "physical and geographical boundaries" at both the corporate and individual level.

Coase's Law edit

In the chapter The Perfect Storm, the authors give an overview of the economic effects of the kind of transactions Web 2.0 permits. According to the authors, Coase's Law (see Ronald Coase) governs the expansion of a business:

A firm will tend to expand until the cost of organizing an extra transaction within the firm become equal to the costs of carrying out the same transaction on the open market.[4]

However, because of the changing usage patterns of Internet technologies, the cost of transactions has dropped so significantly that the authors assert that the market is better described by an inversion of Coase's Law. That is:

A firm will tend to expand until the cost of carrying out an extra transaction on the open market become equal to the costs of organizing the same transaction within the firm.[4]

Thus, the authors think that with the costs of communicating dramatically dropping, firms who do not change their current structures will perish. Companies who utilize mass collaboration will dominate their respective markets.

Reception edit

A review of this book in the Harvard Business Review states "like its title, the book's prose can fall into breathless hype."[5] A review of this book in Choice recommends the book for "general readers and practitioners," but cautions that the authors "present an optimistic overview of successful collaborations and business ventures", "use unique terms (e.g., marketocracy, prosumption, knowledge commons)", should have given "more consideration [to] the darker sides of human motivation as well as groupthink and mass mediocrity", and "primarily draw on their own observations of businesses and trends for the ideas presented".[6]

Tapscott and Williams released a followup to Wikinomics, titled Macrowikinomics: Rebooting Business and the World, on September 28, 2010.[7][8]

See also edit

References edit

  1. ^ Wikinomics: How Mass Collaboration Changes Everything, 24.
  2. ^ Wikinomics: How Mass Collaboration Changes Everything, 97.
  3. ^ Wikinomics: How Mass Collaboration Changes Everything, 124.
  4. ^ a b Wikinomics: How Mass Collaboration Changes Everything, 56
  5. ^ Harvard Business Review, March 2007 v85 i3 p34(1)
  6. ^ Choice: Current Reviews for Academic Libraries, August 2007 v44 i12 p2147
  7. ^ "Books".
  8. ^ "Home". macrowikinomics.com.

External links edit

  • Official website
  • Mass collaboration could change way companies operate, article in USA Today
  • Website for the public to create the "unwritten chapter"
  • Abstract: Don Tapscott - Wikinomics: Winning with the enterprise 2.0
  • Make Room, Wikipedia: Internet-based Collaboration Could Change the Way We Do Business, February 21, 2007
  • Up is down and black is white as Wikinomics changes the business world, article on PCWorld.ca
  • The Cult of the Amateur, New York Times' Book Review on Andrew Keen's criticism of Web 2.0 philosophy
  • A Book Review of Wikinomics
  • Review by Roger Parry in Management Today August 2007
  • The Guardian: "The wiki way", 5 September 2007
Videos
  • 2007-02-26 Don Tapscott 82 minute presentation on Wikinomics, hosted on Google Video and Internet Archive (mpeg4 and Windows Media Player)
  • 2007-01-25 Don Tapscott 45 minute presentation on Wikinomics, hosted by The Canadian Club. (Windows Media Player only)
  • 2006-11-08 Don Tapscott 3 minute preview of Wikinomics to ZDNet.

February 15, 2024
wikinomics, mass, collaboration, changes, everything, book, tapscott, anthony, williams, first, published, december, 2006, explores, some, companies, early, 21st, century, have, used, mass, collaboration, open, source, technology, such, wikis, successful, fron. Wikinomics How Mass Collaboration Changes Everything is a book by Don Tapscott and Anthony D Williams first published in December 2006 It explores how some companies in the early 21st century have used mass collaboration and open source technology such as wikis to be successful WikinomicsFront cover of WikinomicsAuthorDon Tapscott Anthony D WilliamsCountryUnited StatesLanguageEnglishSubjectBusiness networkingPublisherPortfolioPublication dateDecember 2006Media typePrint hardcover Pages324 p ISBN1 59184 138 0OCLC318389282Dewey Decimal658 046 22LC ClassHD69 S8 T37 2006The term Wikinomics describes the effects of extensive collaboration and user participation and how relationships between businesses and markets have changed as a result Contents 1 Concepts 1 1 Central concepts of wikinomics in the enterprise 1 2 Coase s Law 2 Reception 3 See also 4 References 5 External linksConcepts editAccording to Tapscott the use of mass collaboration in a business environment in recent history can be seen as an extension of the trend in business to outsource externalize formerly internal business functions to other business entities The difference however is that instead of an organized business body brought into being specifically for a unique function mass collaboration relies on free individual agents to come together and cooperate to improve a given operation or solve a problem This kind of outsourcing is also referred to as crowdsourcing to reflect this difference This can be incentivized by a reward system though it is not required The book also discusses seven new models of mass collaboration including Peering For example page 24 Marketocracy employs a form of peering in a mutual fund Mutual fund MOFQX that harnesses the collective intelligence of the investment community Though not completely open source it is an example of how meritocratic peer to peer models are seeping into an industry where conventional wisdom favors the lone super star stock advisor 1 Ideagoras For example page 98 linking experts with unsolved research and development problems The company InnoCentive is a consulting group that encapsulates the idea of ideagoras 2 Prosumers For example page 125 where it discusses the social video game Second Life as being created by its customers When customers are also the producers you have the phenomenon Prosumer 3 New Alexandrians This idea is about the Internet and sharing knowledge The last chapter is written by viewers and was opened for editing on February 5 2007 Central concepts of wikinomics in the enterprise edit According to Tapscott and Williams these four principles are the central concepts of wikinomics in the enterprise Openness which includes not only open standards and content but also financial transparency and an open attitude towards external ideas and resources Peering which replaces hierarchical models with a more collaborative forum Tapscott and Williams cite the development of Linux as the quintessential example of peering Sharing which is a less proprietary approach to among other things products intellectual property bandwidth scientific knowledge Acting globally which involves embracing globalization and ignoring physical and geographical boundaries at both the corporate and individual level Coase s Law edit In the chapter The Perfect Storm the authors give an overview of the economic effects of the kind of transactions Web 2 0 permits According to the authors Coase s Law see Ronald Coase governs the expansion of a business A firm will tend to expand until the cost of organizing an extra transaction within the firm become equal to the costs of carrying out the same transaction on the open market 4 However because of the changing usage patterns of Internet technologies the cost of transactions has dropped so significantly that the authors assert that the market is better described by an inversion of Coase s Law That is A firm will tend to expand until the cost of carrying out an extra transaction on the open market become equal to the costs of organizing the same transaction within the firm 4 Thus the authors think that with the costs of communicating dramatically dropping firms who do not change their current structures will perish Companies who utilize mass collaboration will dominate their respective markets Reception editA review of this book in the Harvard Business Review states like its title the book s prose can fall into breathless hype 5 A review of this book in Choice recommends the book for general readers and practitioners but cautions that the authors present an optimistic overview of successful collaborations and business ventures use unique terms e g marketocracy prosumption knowledge commons should have given more consideration to the darker sides of human motivation as well as groupthink and mass mediocrity and primarily draw on their own observations of businesses and trends for the ideas presented 6 Tapscott and Williams released a followup to Wikinomics titled Macrowikinomics Rebooting Business and the World on September 28 2010 7 8 See also editBusiness Intelligence 2 0 BI 2 0 Cory Doctorow File sharing Financial crisis Free The Future of a Radical Price by Chris Anderson FreeBSD Human based computation Linux Mutualism Open business Open source economics Participatory organization Stigmergy The Cathedral and the Bazaar an essay by Eric S Raymond on software engineering methods Theory of valueReferences edit Wikinomics How Mass Collaboration Changes Everything 24 Wikinomics How Mass Collaboration Changes Everything 97 Wikinomics How Mass Collaboration Changes Everything 124 a b Wikinomics How Mass Collaboration Changes Everything 56 Harvard Business Review March 2007 v85 i3 p34 1 Choice Current Reviews for Academic Libraries August 2007 v44 i12 p2147 Books Home macrowikinomics com External links editOfficial website Mass collaboration could change way companies operate article in USA Today Website for the public to create the unwritten chapter Abstract Don Tapscott Wikinomics Winning with the enterprise 2 0 Make Room Wikipedia Internet based Collaboration Could Change the Way We Do Business February 21 2007 Up is down and black is white as Wikinomics changes the business world article on PCWorld ca The Cult of the Amateur New York Times Book Review on Andrew Keen s criticism of Web 2 0 philosophy A Book Review of Wikinomics Review by Roger Parry in Management Today August 2007 The Guardian The wiki way 5 September 2007Videos2007 02 26 Don Tapscott 82 minute presentation on Wikinomics hosted on Google Video and Internet Archive mpeg4 and Windows Media Player 2007 01 25 Don Tapscott 45 minute presentation on Wikinomics hosted by The Canadian Club Windows Media Player only 2006 11 08 Don Tapscott 3 minute preview of Wikinomics to ZDNet Retrieved from https en wikipedia org w index php title Wikinomics amp oldid 1204830837, wikipedia, wiki, book, books, library,

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