Some thoughts on the Knowledge Economy

In 1969 Peter Drucker popularized the phrase knowledge economy. The idea of a knowledge economy is that knowledge is viewed as a product versus knowledge as a tool. The knowledge economy is based on the economics of abundance. I touch on this in Open Source: The End of Scarcity Means More. Information and knowledge increase through the act of sharing. The more data/information shared, the more growth in knowledge results. Knowledge flows as water, it drips then becomes a steady stream or torrent where ever there is demand and few barriers. In the knowledge economy, wealth is based on ownership of knowledge and information.

Forty-two years later Drucker’s children are the knowledge workers – the Gen X and Yers, the Millennials and Digital Natives are established or entering the workplace. As suggested in my post, What If Work Were Fun?, the worker of the 21st century is becoming a knowledge worker. Schooled in new media, the brightest of them are capable of both convergent and divergent thinking, they can be collaborative, evaluate priorities, make connections, establish and nurture relationships, and be flexible enough to both create new paradigms as well as modify existing ones.

Social media has risen in importance and currently drives the knowledge economy because communication is a fundamental component to the stream of knowledge and information. Social media highlights the importance of relational capital – one based on interactions and relationships. The act of transforming information into knowledge is the creation of value.

Just a few years ago we did business differently. The rule was - I offered a product/commodity for sale, you bought it (or not), end of transaction. It was an even exchange, a closed system. But the knowledge economy has changed that. The open sourced, new way of doing business also values expertise and the concept of “know how”. Meshing social with business creates an emotional bond. It’s about more than just selling, these relationships foster an interactive and cooperative exchange.

The old way of doing business doesn’t work effectively anymore because more social effort needs to be invested to get people to listen. Business must engage and be present vis a vis their customers who now demand openness, flexibility and a willingness to embrace change.

I have an actor friend who used to believe that once he landed an agent, he could just sit back and the jobs would come rolling in. He believed that an agent would do the heavy lifting for him, bring him work so he wouldn’t have to hustle. This didn’t happen, so he fired the agent. But once my friend realized that he was his own best representative - his career started to take off because he was creating value for himself. He was giving to get. Now he’s got several agents chasing him.

“What you give is what you get.”

I used to talk about this concept a lot when I was a fundraising executive. We rallied our board members around the Give/Get principle because we expected them to create value for the institution.

It’s not really that different in business. By giving value for the people around you, you will get value in return. Value creates thought leadership, someone who people want to know and do business with. People want to give business to those who give them business. This is not a new idea, but it’s one worth being mindful of because emphasizes reciprocity, an exchange which creates a relationship.

I try to create value everyday because I appreciate the community I inhabit. For me, it makes for a full and fulfilled work life. Who doesn’t want that?

Photos from: Wikipedia, Teamsubmarine & Mr. Cheapstuff

TTYL - Teens build relationships, find temporal freedom via TXT MSGS

"Dad! No body emails anymore!!"

This is a direct quote from two daughters (spoken in stereo) exasperatedly exclaimed to a friend of mine recently. This caused me to conduct an informal survey of teens and pre-teens about their texting habits and social network usage.

Overwhelmingly texting as communication was the most popular for several reasons: ubiquity ("it's on my phone which I always have with me"), functional privacy ("this way mom/dad can't hear what I'm saying") and perceived privacy ("a boyfriend and girlfriend sent each other photos of themselves which was OK, until their parents found out then they got in trouble").

A mere 20 years ago, the modes of discourse for teens were the telephone, in person speech or more metaphorically and abstractly, the mix-tape. Now it's the cell phone and texting or instant messaging within a social networking platform like Twitter, Facebook or Myspace. The mix-tape has been replaced by the CD or viral video. Although it seems unlikely, teens still communicate face to face, but these situations are frequently punctuated by back-channel chat and commentary "stuff you just couldn't say aloud" i.e.: when a voice call is impractical, impossible or unacceptable.

It is ironic that fearful, helicopter parents seeking control over their children's whereabouts purchased these phones for tracking purposes only to discover that the devices are being used by their children to engage in private, un-moderated conversation.

Confiscating the mobile phone is one of the more popular forms of punishment for the behavioral infractions of misbehaving youth. Over 60 percent of parents admitted to doing this and 64 percent of those same parents admitted that they viewed the content of their kid's phone according to a study by The Pew Internet and American Life project.

But what is it about texting? Why is it such a preferred mode and what has made it so commonplace? Is it the immediacy, the speed that mimics a face to face conversation? Does the text message encourage a sense of intimacy which in turn creates a feeling of limerence?

Ah limerence! A feeling that teens (girls especially) are familiar with. Limerent bonds manifest as intense feelings of attachment and preoccupation with the object of affection. Intrusive thoughts invade, cognitive obsession grows. Teens of both genders have reported that texting and participating in virtual social networks have an addictive quality. The need to remain connected is strong and "reachability" is highly valued. They report feeling a need to "keep up" with what was happening currently. They felt lost not knowing what people were doing or where they were while participating in a voluntary break from Facebook for a 24 hour period.

StudentSpeak Webisode 2 from Spotlight on Vimeo.

Texting also allows teens to multi-task. "It's a lot easier to be doing my homework or watching TV while I am texting." Texting also allows them to carry on multiple conversations, "I'll probably be texting five or so of my friends over the course of an evening." These interactions can range from homework questions, quick social check-ins "hi!" and complaints "my sister's being a B*tch". They have their own acronyms idk, gtg and lingo. Teens carry out conversations with one another without being expected to reply within a short amount of time, as in a mobile phone conversation where reception can be shoddy. Texting offers a flexibility and freedom from temporal constraint.

Teens communicate in this way all day long, even falling asleep in the virtual company of their correspondents -- effectively texting themselves to sleep. But the sound of a voice is just as important as one 17 year old boy told me, "I'll text a girl, but if I'm interested (in her) I'll also call her and talk on the phone too." Thus reinforcing a bond, with every call or 1 txt @ a time.

What if work were fun?

This is something I think about often. In my previous jobs I had fun at work when I accomplished things that were difficult. I had fun when I rallied my crew together to make things happen, or when we were all just a little punchy on a Friday afternoon as we prepared for the week ahead. I had fun when I got to bring my dog in and she helped out by greeting everyone who came into my office with a tail wag. But this is not the norm. People just don't have fun at work.

Why not? How cool would it be to work in a place that lets you bring your well-behaved pooch to the office? Or feeds you lunch in a great cafeteria for free? Where you can have a treadmill desk or a take a spin class in the afternoons? A place to plug in your electric vehicle? On site daycare and preschool? A "quiet room" where you can just unplug for a few minutes? Yes, there is a small percentage of businesses that have cultivated a sense of fun in the work environment, usually in the name of team building and creative thinking due to some kind of expensive corporate consultancy coming in to boost productivity. It's rare that the fun concept is an everyday part of business culture. I'm not talking the recreational eating, once a month birthday cakewrecks in the break room that are served up to us as "fun". I'm talking about your job being one of the joys in a fulfilled life where your office is a place in which you and your colleagues do your best work ever. Every day.

I am betting that this is coming. I believe that more workplaces will add fun to their corporate culture. It's a way to draw in and retain good employees. People will be happier at work, therefore healthier and more productive, more creative and dedicated to the company's mission. Not just picking up a paycheck.

Employees are coming into the business world now who are digital natives. They are media literate, content savvy and are fully conversational in the new media technologies. Multi-modal discourse is the norm for them as is a sense of playfulness in the workplace. They are the people I want to work with.

Why is it important? Because as Douglas Rushkoff said at SXSW this year, it's program or be programmed. We need to be digitally literate if we are going to be relevant. We have to be able to know how to read and view the texts that are presented to us. Foundations and corporations are putting up hundreds of millions of dollars into creating curricula for education to teach this new media literacy which is needed now for our participatory culture in the workplace of fun.

This clip gives a really good explanation of what media literacy is all about:



Wishing you fun in your workplace, Happy Friday!