Based on a $9 million research project led by best-selling author Don Tapscott, Wikinomics shows how masses of people can take part in the economy like never before. Billions of connected individuals can now actively participate in innovation, wealth creation and social development in ways we once only dreamed
In February 2000, NetFlix introduced a new service, CineMatch, which compared rental patterns among its customers and looked for similarities in taste, using this information to recommend titles to people whose profiles were similar. It could also be programmed to combine the attributes of two users, such as a married couple, and recommend titles that both might like. The information gleaned from the CineMatch system, which required customers to rate 20 films using a five-star scale, was also shared with movie studios to help them plan marketing campaigns. The Netflix Prize was an open competition for the best collaborative filtering algorithm to predict user ratings for films , based on previous ratings On 21 September 2009, the grand prize of US$1,000,000 was given to the BellKor's Pragmatic Chaos team which bested Netflix's own algorithm for predicting ratings by 10% The competition began on October 2, 2006. By October 8, a team called WXYZConsulting had already beaten Cinematch's results.  By October 15, there were three teams who had beaten Cinematch, one of them by 1.06%, enough to qualify for the annual progress prize.  By June 2007 over 20,000 teams had registered for the competition from over 150 countries. 2,000 teams had submitted over 13,000 prediction sets. The length of service of subscribers is related to the number of movies they watch and enjoy. If subscribers fail to find movies that interest and engage them, they tend to abandon the service. Connecting subscribers to movies that they will love is therefore critical to both the subscribers and the company.
Goldcorp has grown from a mid-sized gold company to the world’s #2 gold producer by market capitalization.. Rob McEwen, chairman and CEO of Goldcorp Inc., based in Toronto, had triggered the gold rush by issuing an extraordinary challenge to the world's geologists: We'll show you all of our data on the Red Lake mine online if you tell us where we're likely to find the next 6 million ounces of gold. The prize: a total of $575,000 received more than 475,000 hits His reasoning: If he could attract the attention of world-class talent to the problem of finding more gold in Red Lake, just as Linux managed to attract world-class programmers to the cause of better software, he could tap into thousands of minds that he wouldn't normally have access to. He could also speed up exploration and improve his odds of discovery. The Goldcorp Challenge was launched in March 2000 and 400 megabytes worth of data about the 55,000 acre site was placed on the company’s website. Everything that the company new about the Red Lake mine was a mouse click away. Word spread fast around the Internet and within a few weeks submissions came in from all over the world as more than 1,000 virtual prospectors chewed over the data. In all more than 110 sites were identified and 50% of these were previously unknown to the company. Of these new targets, more than 80 per cent yielded significant gold reserves. McEwen believes that this collaborative process cut two, maybe three years off the company’s exploration time. And the worth of this gold has so far exceeded $6 billion in value. The prize money was only a little over half a million dollars, so it was a fantastic value for money investment, and much cheaper than continuing with unproductive exploratory drilling.
Lego is a good example of how companies can use consumers in the product development process. In case of Lego Mindstorms, users can build real robots out of programmable bricks. When Lego launched the product, it found that several user groups were reverse engineering and reprogramming the sensors, motors and control devices that form the core of the Mindstorm robotics system. Today Lego has a website, mindstorms.lego.com to encourage tinkering with its software. The website provides a downloadable software development kit. Customers post descriptions of their creations, including the software code, programming instructions and the Lego parts required. Each time a customer posts a new application for Mindstorms, the toy becomes more valuable. Encouraged by the success, Lego has extended the experiment to its more traditional Lego bricks.
Wattpad is a totally new form of collaborative entertainment that connects readers and writers across all genres of creative storytelling. We're the world's largest community of readers and writers... And, the best place to discover and share stories on the web and across every mobile device! Calling itself “YouTube for ebooks,” Wattpad is a repository for user-uploaded electronic texts. The content includes work by undiscovered and published writers. Delivery emphasizes the mobile phone platform, using the free Freda ebook reader. According to Wattpad founder and CEO Ivan Yuen, &quot;marketers can currently upload material for reading by mobile users at no charge&quot;.
Housingmaps.com takes the list of houses, apartments, and rooms that are for sale or rent from Craigslist and displays them on a Google map. Note that it was invented by neither Google nor Craigslist but by an individual programmer, Paul Rademacher, who, at the time of its invention, was working for neither Google nor Craigslist but who was later hired by Google. A desirable, and increasingly common, method for mashups to obtain data from a web site is through a web site’s publicly available application programming interface (API). An API is designed specifically to facilitate communication between programs, often including the exchange of data. Craigslist does not provide a public API but does provide RSS feeds. RSS feeds are used to syndicate, or transport, information from a web site to a program that consumes this information. The RSS feeds, however, do not provide enough detail to precisely position the listings on a map.
787 program for Boeing, explains that when the company sent the specifications for the electronics supplier for the 777 (the predecessor to the 787) the document was 2,500 pages long. &quot;There wasn't a lot left to their imagination,&quot; he says. &quot;We told them exactly what we wanted in excruciating detail.&quot; The equivalent specification document for the 787 is a mere 20 pages, which means suppliers have more latitude to apply their specialized knowledge.
Here we can simply talk about IT companies .. On how they are using wiki tools within their employees to achieve higher efficiency and software development .. Here I can share my personal NSN example .. We created wiki page .. Which was instrumental in reducing email volumes and derived more traffic to wiki page than intranet website..
The Stop Online Piracy Act ( SOPA ) is a United States bill introduced by U.S. Representative Lamar S. Smith (R-TX) to expand the ability of U.S. law enforcement to fight online trafficking in copyrighted intellectual property and counterfeit goods . A similar bill in the U.S. Senate is titled the PROTECT IP Act (PIPA). Opponents of the bill have proposed the Online Protection and Enforcement of Digital Trade Act (OPEN) as an alternative
Class leadership: Book Review" Wikinomics"-final
ASHVINI KUMARSWAMY . PRAVESH ARORA
Mass CollaborationMass collaboration is a form of collective action that occurs when largenumbers of people work independently on a single project, oftenmodular in its nature.Such projects typically take place on the internet using social softwareand computer-supported collaboration tools such as wikitechnologies http://www.youtube.com/watch?v=j_AjdFJk938
Wikinomics No ries a nd B ou Co-opetition Crowd I nt Sourcing el pro lectua per l ty n vatio Inno al ysic esPh rc Collabor ou ationRes o w w -h K no Comm re ncy Comm on Transpa unitie s
Wikinomics - ThemesThe Book examines 7 basic themes:
Peer Pioneers or Peering• Peer production means producing ‘goods and services using self organized communities of volunteers• Tasks can be chunked out into bite-size pieces that individuals can contribute in small increments and independently of other producers which makes their overall investment of time and energy minimal in relation to benefits they receive in return• Cost of integration is low
Ideogoras• A large diverse network of talent is likely to solve well- defined problems more efficiently and speedily than an internal R&D effort• Ideagoras are marketplaces for such ideas• 2 aspects – Solutions in need of questions and questions in need of solutions• Innocentives – Companies post R&D problems and solvers can submit solutions and win cash prizes
Prosumers• The Gap between producers and consumers is disappearing• Consumers are co innovating and co producing the products they consume• Collaboration with users• Spans from creating finished products and developing innovation ecosystems• Customers get a share of ownership and due credit for their creation
New Alexandrians• The Alexandrian Greeks were passionate about accumulating and aggregating knowledge and bringing it in one place• Virtual pool of Knowledge• Digitization of information and communications and making it available for sharing thus creating value• Sharing Best practices• Eg. E-Libraries
Platforms for Participation• Platform : A collection of data/functions provided cheap/free to programmers who want to create new, possibly unexpected applications on top of it• Open Platforms encourage mass collaboration• Web service, E-commerce etc.• Websites like Amazon and ebay are open to external programmers to find innovative ways to drive sales
Platforms : HousingMaps• A mash-up combining information from 2 platforms - Created by Paul Rademacher in 2005• Whats in it for Google? – 1) Buy it 2) Hire it’s creator
Global Plant floor• Working with various partners who are motivated to solve problems in their respective areas of expertise• Collaborative processes are emerging in industries where production capacity is fragmented among hundreds of specialized firms.
Questions !!A question may be either a linguistic expression used to make a requestfor information, or else the request itself made by such an expression. Thisinformation may be provided with an answer.Source: Wikipedia