1. Social computing (SC) such as social networks, blogs, and wikis have seen explosive growth and now over 50% of internet users engage with these technologies. 2. SC is having strong economic, political, cultural, social and everyday life impacts and is important for research and policy to understand. Europe risks falling behind as most major SC companies are based in the US. 3. Key impacts of SC include economic growth in new industries but also disruption to traditional media; socially it enhances social networks and participation but also enables new risks around privacy, addiction and anti-social behavior.