Rob McEwen was a banker and now turned gold miner.
He takes over this gold mine, and his geologists can’t tell him where the gold is. He gives them more money for geological data, they come back, they can’t tell him where to go into production…
He wonders, “If my geologists don’t know where the gold is, maybe somebody else does.” So he does a “radical” thing. He takes his geological data, he publishes it and he holds a contest on the Internet called the Goldcorp Challenge. It’s basically half a million dollars in prize money for anybody who can tell me, do I have any gold, and if so, where is it?
He gets submissions from all around the world. They use techniques that he’s never heard of, and for his half a million dollars in prize money, Rob McEwen finds 3.4 billion dollars worth of gold. The market value of his company goes from 90 million to 10 billion dollars
The 4 Principles for the Open World
1. Openness is about collaboration.
2. Openness is about transparency.
3. Openness is about sharing.
4. Openness is about empowerment.