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Wikinomics Presentation Essay

1308 words - 6 pages

Innovation Management and Entrepreneurship

Assignment #2: Wikinomics Summary Presentation

Chapter Summary

Slide #2

• How mass collaboration affect society and companies

o Even though mass collaboration isn’t a panacea, when people organize in masses to create goods, services, and entertainment they create new challenges as well as opportunities

• Openness

o One of the four powerful ideas of Wikinomics, that point to results as growing, adding new entries, covering new niches, and always reviewing and updating facts.

• Peering

o Peering is a new form of horizontal organization that rivals the hierarchical firm in its capacity to create ...view middle of the document...

o Keeping up with users: You have to stay current with users and their needs, otherwise they will create opportunities for competitors

o Boosting demand for complementary offerings: you have to participate on the open source communities in order to take advance of opportunities that may rise up

o Reducing costs: Collaboration with open source communities, reduce dramatically costs of companies

o Shifting the locus of competition: means to undermine your competitors core area, by publishing intellectual property in non-core areas of you

o Taking the friction out of collaboration: to avoid problems that may rise from intellectual property contributions

o Developing social capital: acquiring the right to operate their idea, while the open community has developed it

• IBM and the open source experiment

o IBM provides a surprising example of how a large, mature company can embrace openness and self-organization as catalysts for reinvention

Slide #5

• Spend a half day on each passion

o The story of a man that through the web and public contributions solved chemical issues

• Lower the cost of communication, collaboration, and transaction

o One of Ideagoras advices is Pushing the Envelope, meaning that everything that has to do with noncore activities of the company should be outsourced, conserving their resources for the cutting-edge challenges and opportunities

• Internal Innovation will not be enough in the growing world

o Companies must work in close collaboration with suppliers to produce new products and services.

Slide #6

• Who are the prosumers

o Prosumers are the customers that actively participate in the creation and modification of products they consume – and where creation is preferred over consumption

• Customers as Co-Innovators

o Despite the rich history of customer innovation, most of companies consider the innovation and amateur creativity that takes place in communities of users and hobbyists a fringe phenomenon of little concern or value to their core markets. Firms often resist or ignore customer innovations.

• The Prosumption Dilemma

o Having as an example Apple and Sony the writer shows that even though the companies know that their products are hacked they do keep silence about the issue because they are a minority, and anyhow sooner or later their status quo wont last for ever.

• We are the Media!!

o That’s the story as far as it concerns the digital rights management on 2002. YouTube where anyone could upload videos and music with no label on their side

• How to harness prosumers communities

▪ Main concepts are the customization, which starts right away after the product comes out of the shelf, the “losing control”, which has to do that the customer will use the product for his own innovation, the “customer toolkits”, which is about prevail your customers...

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