Some good stuff in Intelligent Enterprise's current issue:
Intelligent Enterprise Magazine: Open-Source Thinking Taps a Rich Vein: "I'm fascinated by the innovative ideas some companies come up with to expand their intellectual capital. One of the most inventive techniques I've seen was Goldcorp's approach of sharing its best thinking with the world and challenging all comers to show they could do better. It was a high-risk move that paid off generously.
Goldcorp is a gold mining company. In the mid-1990s, executives thought the firm's 50-year-old Red Lake mine in Ontario, Canada, was nearing the end of its life, but test drilling indicated that previously unknown deposits of gold might still exist on the 55,000-acre property. Unfortunately, conventional test methods made it difficult to estimate the value or precise location of the new deposits, and the company's geologists couldn't agree on how to move forward.
The eureka moment occurred for Goldcorp CEO Rob McEwen while attending an MIT course in 1999. As he explained it to me: 'There was a discussion about the development of Linux, and I said to myself, 'There it is � that's the template I want to use.''
McEwen presented the idea to his head geologist, saying: 'I'd like to take all of our geology, all the data we have that goes back to 1948, and share it with the world. Then we'll give people an incentive to tell us where we're going to find the next 6 million ounces of gold.'
McEwen launched the Goldcorp Challenge, a contest with $575,000 in prize money for the best suggestions as to where to find the richest veins of gold. The company posted on the Internet every scrap of information it knew about its Red Lake Mine property.
Goldcorp received 52 submissions and a lot of fresh insight. A panel of judges then chose 25 semi-finalists on the basis of the soundness of their geological logic and degree of innovation. Each was awarded $10,000. The semi-finalists were then asked to elaborate on their submissions, and then the finalists were chosen. The top prize was $105,000."
How cool is that? It makes sense in this case... Goldcorp owned the property, so the datareally couldn't be used by competitors (except to get a glimpse onside the company perhaps). Wonder what some other good candidates might be... This might be good idea for the government to be honest.