This document summarizes a position paper presented by Michele Missikoff on collective awareness platforms (CAPs). It discusses CAPs as ICT systems that leverage open social media and data from real environments to foster social and business innovation. It proposes a three-tier architecture for CAPs involving data acquisition, information aggregation, and strategic support. The document argues that CAPs could help transform the EU economy into a more knowledge-based one by facilitating knowledge sharing, collective intelligence, and a more people-centric approach. It calls for cross-disciplinary research that integrates technology, business, and social sciences to develop CAPs and enable new forms of sustainable and socially innovative enterprises.