This document summarizes discussions from an international seminar on open science. It addresses questions about whether current academic reward systems recognize diverse research outputs enabled by digital tools. While current metrics are poor, they are difficult to replace. "Altmetrics" are proposed as an alternative but their ability to capture meaningful data is uncertain. The document advocates broadening the definition of research success and value to include social impact. It discusses using "social accounting" to better represent the contributions of academic institutions to stakeholders. Overall it calls for rethinking how knowledge and scholarship are defined in light of new opportunities from open science.