Know-how trading is a web-based research and design phenomenon related to
open innovation
Open innovation is a term used to promote an information age mindset toward innovation that runs counter to the secrecy and silo mentality of traditional corporate research labs. The benefits and driving forces behind increased openness have bee ...
and
crowdsourcing.
[http://stuff.mit.edu/people/evhippel/papers/Knowhow%20Trading.pdf Hippel on Know-How trading] It denotes fee-based
knowledge markets that treat knowledge and expertise as commodities that can be traded for financial gain (see
knowledge economy). It therefore differs from other
information markets such as
Yahoo! Answers
Yahoo! Answers was a community-driven question-and-answer (Q&A) website or knowledge market owned by Yahoo! where users would ask questions and answer those submitted by others, and upvote them to increase their visibility. Questions were org ...
in that solution providers are financially rewarded for their efforts. The challenges set therefore tend to be more focused, and solutions more detailed and lengthy.
Know-how trading sites differ from
open innovation
Open innovation is a term used to promote an information age mindset toward innovation that runs counter to the secrecy and silo mentality of traditional corporate research labs. The benefits and driving forces behind increased openness have bee ...
communities in that the entry level for solutions is much lower. Rather than seeking large research projects, know-how trading enables businessmen, researchers and individuals to save time by harnessing the skills and expertise of others to solve very specific, often quite difficult problems. Some individuals use know-how trading portals in an informal way to accumulate new knowledge about subjects which they are interested in.
Generally, any individual can sign up for a know-how trading portal for free and browse the selection of questions and challenges by reward and subject. Because reward is only transferred upon successful completion of the project, anyone can submit solutions without prior qualification.
Examples of know-how trading portals include
innocentive, NineSigma and Starmind. Innovation communities such as
Experts-Exchange and
Mahalo Answers work on a similar business model but paying rewards in an artificial currency.
See also
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Competitive intelligence
Competitive intelligence (CI) is the process and forward-looking practices used in producing knowledge about the competitive environment to improve organizational performance. It involves the systematic collection and analysis of information from ...
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Crowdsourcing
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Digital economy
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Electronic business
Electronic business (or "Online Business" or "e-business") is any kind of business or commercial transaction that includes sharing information across the internet. Commerce constitutes the exchange of products and services between businesses, grou ...
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Information economy
Information economy is an economy with an increased emphasis on informational activities and information industry, where information is valued as a capital good. The term was coined by Marc Porat, a graduate student at Stanford University, who ...
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Information market
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Knowledge economy
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Knowledge management
Knowledge management (KM) is the collection of methods relating to creating, sharing, using and managing the knowledge and information of an organization. It refers to a multidisciplinary approach to achieve organisational objectives by making ...
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Knowledge market
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Knowledge organization
Knowledge organization (KO), organization of knowledge, organization of information, or information organization is an intellectual discipline concerned with activities such as document description, indexing, and classification that serve to ...
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Private intelligence agency
References
{{Reflist
External links
InnocentiveNinesigmaStarmind
Crowdsourcing