Virtual Gold Rush
February 21, 2007
Via the Division of Labour, This BussinessWeek article, Innovation in the Age of Mass Collaboration, describes how a conservative mining company discovered gold by opening up its proprietary database on the Internet and offering a prize:
The contestants identified 110 targets on the Red Lake property, more than 80% of which yielded substantial quantities of gold. In fact, since the challenge was initiated, an astounding 8 million ounces of gold have been found—worth well over $3 billion. Not a bad return on a half million dollar investment.