Think Bigger. Aim Higher. Go Further.

Tag: social asset

The New Value Movement

It’s time once again for The Future of Money and Technology Summit in San Francisco on April 23, 2012.  Each year this community of visionaries dive deeper into the subject of alternate economics as the public narrative around the subject also increases.  This is truly an important event.  Please register here.

In full disclosure, the producers of FOM&T trusted me to assemble this panel to advance a theme that was initiated at Sibos Innotribe Sessions (Toronto 2011).  I elected to NOT appoint myself moderator – Dr. V is much more experienced in that role.   Instead, I will attempt to speak for the Ingenesist.  The word ingenesist is derived from the Latin word for engineer – an ingenesist is any person who creates real value through their social, creative, and intellectual abilities. For this reason, the panel is titled:

The New Value Movement

Past panels in this segment at FOM&T included discussions about non-quantifyable exchanges and intangible capital.  This panel introduces the New Value Movement where emergent ideas and associated web applications seek to allow non-quantifiable exchanges to become “quantifiable” and Intangible Capital to become “tangible”.

Like the Beatles once sang “Money Can’t Buy Me Love”, New Value refers to those things that cannot necessarily be produced through the allocation of classical factors such as land, labor, and capital. Rather, the next generation of entrepreneurs will allocate resources of social capital, creative capital, and intellectual capital in order to produce the things that society needs.

Innovations such as trust networks, knowledge inventories, social games, and abundance capitalism will become increasingly important and hold great promise for hedging the inevitable constraints on fiat currency.

Dr. Amy Vanderbilt – moderator

Dr. V is the Founder and Chief Strategist at TrendPOV.com, next generation social omni-media that over 600 thousand executives call GPS for your business strategy.  Amy is an award-winning author, show host, executive coach, speaker, board member, and  commentator. She has distinguished herself in academia, private and public industry as well as government. (full bio here)

Patrick Murck

Speaking to the existing legal structures and foundations that would support the storage and exchange of New Value Enterprise is Patrick Murck.  Patrick is a Principal and Founder of Engage Strategy and Engage Legal.  Patrick helps clients innovate, operate and grow their business with a heightened focus on the legal and regulatory issues governing the use of virtual economies, gamification, alternative payment systems, and social loyalty and reward programs. (full bio here)

Joe Johnson

Speaking to the emergence of a new class of business methods is Joe Johnson, CEO and head coder of runaway startup called Connect.me.  Connect.Me is a new reputation and people discovery network creating a consolidated platform for social verification and trust in P2P and freelance economies. In 2011, Connect.Me won the prestigious Privacy Award from the European Identity Conference for its groundbreaking trust framework and business model. (full bio here)

My Role:

In Amy’s world of executives consulting, the ingenesist includes the designer new products.  In Patricks world, the ingenesist may be an innovator from Anytown USA trying to navigate the intricacies of law, money, and finance.  In Joe’s world, the ingenesist is the cloud of specialized skill holders looking for each other to create value together.  I often argue that all value not created directly by Mother Nature, was created by the ingenesist within all of us.

Please join us as Dr. Vanderbilt skillfully weaves the ideas, needs, and predictions of this extraordinary combination of panelists into a unique and more complete view of the great opportunities that await on the horizon of this unprecedented financial revolution.   
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The Future of Money & Technology Summit brings together the best and brightest thinkers around money, including visionaries, entrepreneurial business people, developers, press, investors, authors, solution providers, service providers, and organizations who work with them at the convergence of cash and commerce. We meet to discuss the evolving money ecosystem in a proactive, conducive to dealmaking environment.

The Brain-Picking Economy

brainI come across an increasing amount of posts and discussions related to alternate currencies, social currencies, and knowledge as a tangible asset, etc.  It is as if people are grappling with something that they don’t quite understand or can’t quite grasp – but, soon will.  Really, don’t lose heart – they are definitely on to something.

Sandy Jones Kaminski of Bella Domain provideds a well developed argument against letting people pick your brain by proposing the “no brain picking list”.   While somewhat tongue-in-cheek, the article portrays a common frustration felt by specially qualified people who get too many requests for “brain picking” and not enough turkey sandwiches to justify the time-value of the exchange.

[People who ask to pick your brain are either asking you to work for free or they are trying to bypass the very hard work required to build a social network by asking for your referrals]. While not quite a reason to end brain-picking, it certainly indicates a hugely inefficient market.

Taking some clues from the banking industry

A bank seeks to match most worthy money surplus  (rich people who will not pull their deposits abruptly) with most worthy money deficit (employed people with good credit history).  In order to accomplish this, the financial system has 5 essential components: a currency, an accounting system, a vetting mechanism, entrepreneurs, and business plans.

Now suppose we transpose the rules of finance on the rules of brain picking.

Currency

A currency is defined as a vessle that stores and allows for the exchange of value.  So it’s natural to expect that relationships, networks, “contacts”, “followers” and all the other accoutrements of social mediation are means by which we store value.  We invest time in developing our own knowledge assets and we invest those assets in our relationships.

Accounting System

The balance sheet needs to, well, balance.  The first assumption I make is that every single living breathing person on Earth holds value. It’s only a matter of whether they have a surplus in knowledge assets in that which I have a deficit and vice-versa. Since my deficits far exceed my surplus in the vast majority of human knowledge, I am always looking for a fat juicy brain to pick as well.

Vetting Mechanism

If the game isn’t fair, nobody will play.  Social media provides the most critical element of brain-picking economics.  Any time someone asks to pick my brain, I’ll do a Google search or conduct a social media profile on them. What I find will quickly determine what the initial contact will involve a courtesy email or a 3 hour golf game.

Business Plan:

Buy low sell high.  That’s the mantra of capitalism, but it remains “unspoken” in social media.  If a person is very successful at picking brains, there is an inherent quality in that which may be useful to me. I will study them. If other important people have allowed this person to pick their brain, why not me? If I’m getting a lot of pickers from a certain demographic, maybe that represents a business opportunity, seminar market, or speaking engagement.

An entrepreneur is as an entrepreneur does

Entrepreneurs do nothing more than identify assets and elevate them from a low level of productivity to a higher level of productivity.  I ask my brain picker who they have also discussed the matter with. I also ask them places and dates of those interactions.  I ask them about people in their social network, rumors, concerns, projections.  I ask them their goals an objectives in talking with me – exactly as I would do for any client….

…well before you know it, I’m picking their brain.

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