Comments on: The Business Experiment: What I Learned About the Limits of Peer Production, Wisdom of Crowds, and Other Web2.0 Philosophies http://www.businesspundit.com/the-business-experiment-what-i-learned-about-the-limits-of-peer-production-wisdom-of-crowds-and-other-web20-philosophies/ Entrepreneurship, Startup Companies and Business Philosophy Mon, 23 Nov 2009 02:54:25 -0600 http://wordpress.org/?v=2.8.5 hourly 1 By: Rich http://www.businesspundit.com/the-business-experiment-what-i-learned-about-the-limits-of-peer-production-wisdom-of-crowds-and-other-web20-philosophies/comment-page-1/#comment-15387 Rich Wed, 01 Jul 2009 08:27:21 +0000 http://www.businesspundit.com.php5-6.websitetestlink.com/?p=2790#comment-15387 You're dead right that crowds can be stupid. No further proof needed than the date of the economy, and the "failure" of the efficient market. In the boom, everyone in the markets believed - house prices could continue rising indefinitely - cheap credit was indefinitely sustainable - financial innovation had brought about an end to boom'n'bust The investor community put its money where its mouth was, and lost $$$$$ - a collectively wise crowd? I think not. You’re dead right that crowds can be stupid. No further proof needed than the date of the economy, and the “failure” of the efficient market. In the boom, everyone in the markets believed
– house prices could continue rising indefinitely
– cheap credit was indefinitely sustainable
– financial innovation had brought about an end to boom’n'bust

The investor community put its money where its mouth was, and lost $$$$$ – a collectively wise crowd? I think not.

]]> By: Steve http://www.businesspundit.com/the-business-experiment-what-i-learned-about-the-limits-of-peer-production-wisdom-of-crowds-and-other-web20-philosophies/comment-page-1/#comment-13125 Steve Sun, 29 Mar 2009 23:26:27 +0000 http://www.businesspundit.com.php5-6.websitetestlink.com/?p=2790#comment-13125 Great insights and just so you know, some of us former TBE'ers are still around. Keep in touch. Great insights and just so you know, some of us former TBE’ers are still around. Keep in touch.

]]> By: Meri Lähteenmäki http://www.businesspundit.com/the-business-experiment-what-i-learned-about-the-limits-of-peer-production-wisdom-of-crowds-and-other-web20-philosophies/comment-page-1/#comment-8057 Meri Lähteenmäki Tue, 19 Aug 2008 21:19:30 +0000 http://www.businesspundit.com.php5-6.websitetestlink.com/?p=2790#comment-8057 Thank you, Rob, for my part, too. It's very valuable that people take the time to share this kind of experiences. I'm doing a pretty TBEish project in http://beachange.org/. It's also a site where people discuss business ideas. Difference is that all the ideas are socially relevant and people are also invited to an event which enables them make their own favorite ideas happen. Now I learned new risks I didn't think about before, e.g. the site attracting just people who like to discuss ideas, not to execute them, or busy people not contributing because of not enough incentive. Now starting to think about how to avoid those..! -Meri Thank you, Rob, for my part, too. It’s very valuable that people take the time to share this kind of experiences. I’m doing a pretty TBEish project in http://beachange.org/. It’s also a site where people discuss business ideas. Difference is that all the ideas are socially relevant and people are also invited to an event which enables them make their own favorite ideas happen.
Now I learned new risks I didn’t think about before, e.g. the site attracting just people who like to discuss ideas, not to execute them, or busy people not contributing because of not enough incentive. Now starting to think about how to avoid those..!
-Meri

]]> By: kyle http://www.businesspundit.com/the-business-experiment-what-i-learned-about-the-limits-of-peer-production-wisdom-of-crowds-and-other-web20-philosophies/comment-page-1/#comment-1268 kyle Mon, 27 Aug 2007 22:05:56 +0000 http://www.businesspundit.com.php5-6.websitetestlink.com/?p=2790#comment-1268 I am a member of a new start up that is a co-operative site. This article is a great study and will be forwarding this to all our members. Currently the site is not considered live and we are in development. We are looking for a Director of IT...please email if anyone is interested...kyleglobal@gmail.com I am a member of a new start up that is a co-operative site. This article is a great study and will be forwarding this to all our members. Currently the site is not considered live and we are in development. We are looking for a Director of IT…please email if anyone is interested…kyleglobal@gmail.com

]]> By: Harm Joosse http://www.businesspundit.com/the-business-experiment-what-i-learned-about-the-limits-of-peer-production-wisdom-of-crowds-and-other-web20-philosophies/comment-page-1/#comment-1267 Harm Joosse Tue, 08 Aug 2006 14:08:04 +0000 http://www.businesspundit.com.php5-6.websitetestlink.com/?p=2790#comment-1267 interesting insights. The wisdom of crowds do not really exist, better talk of the Wisdom of wise crowds. Furthermore i agree on you that collective wisdom often leads to collective stupidity when there is no expert input. See more on this in two recent posts on my blog: <a href="http://www.harmjoosse.nl/km" rel="nofollow">http://www.harmjoosse.nl/km</a> interesting insights. The wisdom of crowds do not really exist, better talk of the Wisdom of wise crowds. Furthermore i agree on you that collective wisdom often leads to collective stupidity when there is no expert input. See more on this in two recent posts on my blog: http://www.harmjoosse.nl/km

]]> By: Carolyn L Burke http://www.businesspundit.com/the-business-experiment-what-i-learned-about-the-limits-of-peer-production-wisdom-of-crowds-and-other-web20-philosophies/comment-page-1/#comment-1266 Carolyn L Burke Thu, 03 Aug 2006 17:45:24 +0000 http://www.businesspundit.com.php5-6.websitetestlink.com/?p=2790#comment-1266 Hey all - My experience with TBE and AskSpace was invaluable. For me, it was a personal success, working with a distributed and self-selecting team, and in a volunteer capacity. Lots of good lessons. I followed up that success by immediately volunteering for a non-profit, which immediately signed a contratc with me. Here's my most recent picture as Communications Director of the Singularity Institute for Artifical Intelligence: <a href="http://www.singinst.org/burke.html" rel="nofollow">http://www.singinst.org/burke.html</a> So Rob, Sean, Ignat, Jonathan, et al - Thanks! Carolyn ps.. Here's a cool new toy at linkedin: <a href="http://www.linkedin.com/in/clburke" rel="nofollow">http://www.linkedin.com/in/clburke</a> Hey all – My experience with TBE and AskSpace was invaluable. For me, it was a personal success, working with a distributed and self-selecting team, and in a volunteer capacity. Lots of good lessons. I followed up that success by immediately volunteering for a non-profit, which immediately signed a contratc with me. Here’s my most recent picture as Communications Director of the Singularity Institute for Artifical Intelligence: http://www.singinst.org/burke.html

So Rob, Sean, Ignat, Jonathan, et al – Thanks!

Carolyn
ps.. Here’s a cool new toy at linkedin: http://www.linkedin.com/in/clburke

]]> By: ken http://www.businesspundit.com/the-business-experiment-what-i-learned-about-the-limits-of-peer-production-wisdom-of-crowds-and-other-web20-philosophies/comment-page-1/#comment-1265 ken Mon, 31 Jul 2006 19:43:17 +0000 http://www.businesspundit.com.php5-6.websitetestlink.com/?p=2790#comment-1265 Absolutely wisdom of crows is B.S. The world has always and will progress because of elites, whatever the shape and form of those elites (even in democracies) for the very simple reason that the average I.Q. in the West is 100 (90% of the population). Starting at 110 you get into the trully intelligent band. That 10% creates the system/establishment. Besides, by definition, the minority is right and the majority is wrong. Perhaps this also explains why Western democracies are grinding to a halt. Too many special interests to accomodate. my two cents from someone who seldom posts comments :) Absolutely wisdom of crows is B.S.

The world has always and will progress because of elites, whatever the shape and form of those elites (even in democracies) for the very simple reason that the average I.Q. in the West is 100 (90% of the population). Starting at 110 you get into the trully intelligent band. That 10% creates the system/establishment.

Besides, by definition, the minority is right and the majority is wrong. Perhaps this also explains why Western democracies are grinding to a halt. Too many special interests to accomodate.

my two cents from someone who seldom posts comments :)

]]> By: ken http://www.businesspundit.com/the-business-experiment-what-i-learned-about-the-limits-of-peer-production-wisdom-of-crowds-and-other-web20-philosophies/comment-page-1/#comment-1264 ken Mon, 31 Jul 2006 19:40:58 +0000 http://www.businesspundit.com.php5-6.websitetestlink.com/?p=2790#comment-1264 Absolutely wisdom of crows is B.S. The world has always been and will progress because of elites, whatever the shape and form of those elites (even in democracies) for the very simple reason that the average I.Q. in the West is 100. Starting at 110 you get into the trully intelligent band. Besides, by definition, a minority is right and the majority is wrong. Perhaps this also explains why Western democracies are grinding to a halt. Too many special interests to accomodate. my two cents from someone who seldom posts comments :) Absolutely wisdom of crows is B.S.

The world has always been and will progress because of elites, whatever the shape and form of those elites (even in democracies) for the very simple reason that the average I.Q. in the West is 100. Starting at 110 you get into the trully intelligent band.

Besides, by definition, a minority is right and the majority is wrong. Perhaps this also explains why Western democracies are grinding to a halt. Too many special interests to accomodate.

my two cents from someone who seldom posts comments :)

]]> By: Ignat http://www.businesspundit.com/the-business-experiment-what-i-learned-about-the-limits-of-peer-production-wisdom-of-crowds-and-other-web20-philosophies/comment-page-1/#comment-1263 Ignat Mon, 31 Jul 2006 18:50:38 +0000 http://www.businesspundit.com.php5-6.websitetestlink.com/?p=2790#comment-1263 Great conclusions, Rob. Thanks for sharing! I liked Carolyn Burke's work too very much. She was awesome. And thanks for the link with Carolyn's picture. I always wanted to know how she looks like, but was afraid to ask. :-) Thanks! Great conclusions, Rob. Thanks for sharing! I liked Carolyn Burke’s work too very much. She was awesome. And thanks for the link with Carolyn’s picture. I always wanted to know how she looks like, but was afraid to ask. :-) Thanks!

]]> By: Anthony D. http://www.businesspundit.com/the-business-experiment-what-i-learned-about-the-limits-of-peer-production-wisdom-of-crowds-and-other-web20-philosophies/comment-page-1/#comment-1262 Anthony D. Fri, 28 Jul 2006 15:44:25 +0000 http://www.businesspundit.com.php5-6.websitetestlink.com/?p=2790#comment-1262 You may have only learned one thing: crowds cannot be controlled. People need to be able to create their own path and follow their own leads. Creating a single project with a large crowd is a disaster waiting to happen - especially when most of the individuals want it to be their way... their project. I would follow <a href="http://www.cambrianhouse.com/" rel="nofollow">http://www.cambrianhouse.com/</a> to see how they fare with the wisdom of crowds. I think they understand the fundamentals more than yourself and the leaders of TBE did. The wisdom of crowds is not flawed, it is just harder to execute than you may imagine. You may have only learned one thing: crowds cannot be controlled. People need to be able to create their own path and follow their own leads. Creating a single project with a large crowd is a disaster waiting to happen – especially when most of the individuals want it to be their way… their project. I would follow http://www.cambrianhouse.com/ to see how they fare with the wisdom of crowds. I think they understand the fundamentals more than yourself and the leaders of TBE did. The wisdom of crowds is not flawed, it is just harder to execute than you may imagine.

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