Links to Charleston.net's Friday 5 content to be posted later in the morning...
Bright Ideas
News flash: Things are changing. Rapidly. Some of our most rock-ribbed institutions are now sputtering, and yesterday’s time-tested business plan is today’s dinosaur. Need help making sense of it all? Consider these five “Big Ideas” from the intersection of business and technology.
Markets are conversations
Back in 1999, four wise guys from Silicon Valley wrote down their ideas about the future of business. That document eventually became The Cluetrain Manifesto, a book exploring the opportunities and demands of networked communications. These include:
1. Markets are conversations.
9. These networked conversations are enabling powerful new forms of social organization and knowledge exchange to emerge.
18. Companies that don’t realize their markets are now networked person-to-person, getting smarter as a result and deeply joined in conversation are missing their opportunity.
94. To traditional corporations, networked conversations may appear confused, may sound confusing. But we are organizing faster than they are. We have better tools, more new ideas, no rules to slow us down.
www.cluetrain.com
The Long Tail
First proposed by WIRED magazine editor Chris Anderson in October 2004, The Long Tail concept explains why “small is the new big.”
Consider traditional booksellers: Most of them make most of their money off a small list of hit titles. Yet when you consider the total volume of books sold (the yellow portion of the curve), obscure titles actually represent a far bigger market. Access and inventory costs made a Long Tail strategy impractical for real-world booksellers, but Amazon.com has been winning with the concept online since 1995.
Today, Long Tail applications extend beyond the entertainment industry (the subject of Anderson’s first article on the principle) to all sorts of niche markets (www.longtail.typepad.com).
Collaboration works
Wikipedia, “the global encyclopedia anyone can edit,” gets bad press in mainstream media, but it’s just another successful application of a simple modern idea: Given the right tools, people will collaborate to build things mutually valuable. A wiki (Hawaiian for “fast”) is any online document written and edited by multiple users. Wikis in businesses worldwide are doing the yeoman work of keeping teams informed, publishing and updating company policies and procedures, even providing real-time technical manuals for obscure programs and devices. For some problems, it’s the right tool for the job. Start an easy-to-use, no-cost “mini-wiki” at www.scratchpad.wikia.com.
Meetings make us dumber
Two or more heads are not necessarily better than one, at least when it comes to meetings. So says Cass R. Sunstein’s 2006 book Infotopia: How Many Minds Produce Knowledge. Recent studies of “deliberative groups” have ID’d four major flaws with the most common decisionmaking processes:
- They amplify the errors of their members.
- They don’t elicit the information members have.
- They fall prey to the “cascade effect,” whereby bad ideas can gather support as if by accident.
- They polarize members, even if the intent is consensus.
So what’s a manager to do? Well, there’s no shortage of information on running better meetings, but the better answer might be this: Don’t use a hammer as a screwdriver. Statistical surveys, wikis and predictive markets each have strengths and weaknesses. The key: Match the approach to the problem.
Change is the new constant
Think things are changing outrageously fast? According to a concept called “The Singularity,” today’s frenetic pace of change is the warm-up before a never-ending sprint.
In mathematics, a singularity is the point on a growth curve when the trend line “approaches infinity.” In layman’s terms, it’s when the line points almost straight up.
Consider the sequence produced by doubling the number 1 and then doubling each result: It takes 10 doublings to break 1,000, but just seven more to break 100,000, then only three more to break 1 million. So it goes with information and the pace of technology, says author and futurist Ray Kurzweil in his 2005 book, The Singularity Is Near: When Humans Transcend Biology. Message for business leaders? Change is no longer a break between continuities, it is the continuity.
Recent Comments