The new definition of Collaboration is Wikinomics. Businesses will thrive in the future if they are willing to work together to find creative and innovative methods to further their growth and market presence. The principles of Wikinomics are simple yet provocative. In a world where market competition has ruled the pedagogy, this new philosophy may be hard for some companies to embrace.
1. Being Open: Companies who operate with an open perimeter are outperforming traditional companies as people are able to participate more freely and have the opportunity to have input on products and business practices.
2. Peering: Pulls together the power of self-organizing. It is a method based on the principle of collaboration rather than hierarchical order.
3. Sharing: Companies are “sharing” their research and development practices and intellectual property in order to maximize their capabilities.
4. Acting Globally: Companies in this new Global Era need to maintain their Global presence and network to maximize their growth and sustainability.
In “Harnessing the Power of Wikinomics” we pay homage to the foundation built by Linux, MySpace, and Wikipedia as they pioneered the way for collective thoughts and creativity but the world of collaboration a.k.a Wikinomics takes it to a whole new level. The traditional closed business model is DEAD as this book claims the ONLY way to grow and prosper is to engage in open collaboration. This method is the key to innovative research, the collection of bright minds, and an unlimited amount of creative and modern ideas and solutions. These valued added components will lead to a bright and fruitful future. But, does this Wikinomics model work for every company? I think that these principles are good to acknowledged and consider but, it is important to decide whether these principles will further the growth of your company and whether they are worth the risks involved.
