Economics of Social Networking

Wikinomics CoverAnother aspects of social networking or Web 2.0 is economics. Don Tapscott and Anthony Williams wrote Wikinomics: How Mass Collaboration Changes Everything which will be published within the next month. There is also the first chapter available on the website which its writing style is similar to Dan Gilmor’s We the Media. However, Howard Rheingold on Smart Mobs said “the research behind the book is very solid, and their thinking about intellectual property, collaboration, innovation is deeper than their promotional copy indicates.

Here is the excerpt from the website:

Today, encyclopedias, jetliners, operating systems, mutual funds, and many other items are being created by teams numbering in the thousands or even millions. While some leaders fear the heaving growth of these massive online communities, Wikinomics proves this fear is folly. Smart firms can harness collective capability and genius to spur innovation, growth, and success. A brilliant primer on one of the most profound changes of our time, Wikinomics challenges our most deeply-rooted assumptions about business and will prove indispensable to anyone who wants to understand the key forces driving competitiveness in the twenty-first century. This groundbreaking work is inspired by a nine million dollar research project led by bestselling author Don Tapscott and sponsored by some of the world’s largest companies. Wikinomics builds on this research elucidating a new age where thanks to the Web 2.0 masses of people can participate in the economy like never before—creating a TV news story, sequencing the human genome, remixing their favorite music, designing software, finding a cure for disease, editing a school text, inventing a new cosmetic, or even building a motorcycle.

There is a section called “Subtitles” listing the suggestions for the book’s subtitle which I found interesting.

In its first Chapter, Wikinomics: The Art and Science of Peer Production, they talks about the principles of wikinomics which based on four ideas: openness, peering, sharing, and acting globally.

Conventional wisdom says companies innovate, differentiate, and compete by doing certain things right: by having superior human capital; protecting their intellectually property fiercely; focusing on customers; thinking globally but acting locally; and by executing well (i.e., having good management and controls). But the new business world is rendering each of these principles insufficient, and in some cases, completely inappropriate.

Talking about the economics of social networking, there is a discussion on who should benefit from user-create content at USC Annenberg Center’s DIY Media Weblog seconded the idea on Smart mobs.

[via Library Stuff, Smart mobs, and Cooperatics]



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