World Library  
Flag as Inappropriate
Email this Article

Wikinomics

Article Id: WHEBN0008659878
Reproduction Date:

Title: Wikinomics  
Author: World Heritage Encyclopedia
Language: English
Subject: Pierre Lévy, Open innovation, Business agility, Apache Software Foundation, Music
Collection:
Publisher: World Heritage Encyclopedia
Publication
Date:
 

Wikinomics

Wikinomics
Front cover of Wikinomics
Author Don Tapscott, Anthony D. Williams
Country United States
Language English
Subject Business networking
Publisher Portfolio
Publication date
December 2006
Media type Print (hardcover)
Pages 324 p.
ISBN
OCLC 318389282
658/.046 22
LC Class HD69.S8 T37 2006

Wikinomics: How Mass Collaboration Changes Everything (ISBN 1591841380)[1] 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.

Concepts

According to Tapscott, Wikinomics is based on four ideas: Openness, Peering, Sharing, and Acting Globally. The use of mass collaboration in a business environment, in recent history, can be seen as an extension of the trend in business to 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 (Ticker Symbol: 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."[2]
  • 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.[3]
  • 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.[4]
  • 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

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

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.[5]

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.[5]
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

A review of this book in the Harvard Business Review states "like its title, the book's prose can fall into breathless hype."[6] 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.".[7]

Tapscott and Williams released a followup to Wikinomics, titled Macrowikinomics: Rebooting Business and the World, on September 28, 2010.[8][9]

See also

References

  1. ^ LCCN 2006-51390
  2. ^ Wikinomics: How Mass Collaboration Changes Everything, 24.
  3. ^ Wikinomics: How Mass Collaboration Changes Everything, 97.
  4. ^ Wikinomics: How Mass Collaboration Changes Everything, 124.
  5. ^ a b Wikinomics: How Mass Collaboration Changes Everything, 56
  6. ^ Harvard Business Review, March 2007 v85 i3 p34(1)
  7. ^ Choice: Current Reviews for Academic Libraries, August 2007 v44 i12 p2147
  8. ^ http://dontapscott.com/books/
  9. ^ http://www.macrowikinomics.com/

External links

  • 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, WorldHeritage: 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
  • August 2007Management TodayReview by Roger Parry in
  • 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.
This article was sourced from Creative Commons Attribution-ShareAlike License; additional terms may apply. World Heritage Encyclopedia content is assembled from numerous content providers, Open Access Publishing, and in compliance with The Fair Access to Science and Technology Research Act (FASTR), Wikimedia Foundation, Inc., Public Library of Science, The Encyclopedia of Life, Open Book Publishers (OBP), PubMed, U.S. National Library of Medicine, National Center for Biotechnology Information, U.S. National Library of Medicine, National Institutes of Health (NIH), U.S. Department of Health & Human Services, and USA.gov, which sources content from all federal, state, local, tribal, and territorial government publication portals (.gov, .mil, .edu). Funding for USA.gov and content contributors is made possible from the U.S. Congress, E-Government Act of 2002.
 
Crowd sourced content that is contributed to World Heritage Encyclopedia is peer reviewed and edited by our editorial staff to ensure quality scholarly research articles.
 
By using this site, you agree to the Terms of Use and Privacy Policy. World Heritage Encyclopedia™ is a registered trademark of the World Public Library Association, a non-profit organization.
 


Copyright © World Library Foundation. All rights reserved. eBooks from Project Gutenberg are sponsored by the World Library Foundation,
a 501c(4) Member's Support Non-Profit Organization, and is NOT affiliated with any governmental agency or department.