My 2nd HBR-McKinsey M-Prize Application for Economic Development 4.0

This is my second application in the M-Prize competition. The first was for Equity Market 3.0. My Economic Development 4.0 M-Prize application can be reviewed here.

The M-Prize

In the first leg of the Harvard Business Review-McKinsey M-Prize for Management Innovation, we’re inviting management innovators from around the world, in every realm of endeavor to share the most progressive practices and disruptive ideas that illustrate how the governing principles and tools of the Web can make our organizations more adaptable, innovative, inspiring, and accountable. Do you have an instructive case study (a Story) or an experimental design (a Hack) that demonstrates how Web 2.0 values (including transparency, collaboration, meritocracy, openness, community and self-determination) can be unleashed to overcome the design limits of Management 1.0—and help to create Management 2.0?

My application for the M-Prize is based on a simple hack

The M-Prize Application prompted me to think about What is the Hack? Can I articulate it succinctly. Over the years, I have described it in many way. The following is what I came up with today.

My "hack" transforms a social, industrial or political organisation by creating a Peer to peer content management system which tags and links the people and content within a community of common interest to facilitate the specific outcomes. With everything tagged, every person can find, participate or collaborate on anything within their industry, social or political network in real-time."

I have applied this Hack to two fields of endeavour - Equity Market 3.0 and Economic Development 4.0. My Economic Development 4.0 M-Prize application can be reviewed here. The Economic Development 4.0 presentation is embedded below for your convenience.

In 2011, these are Hacks only designs. By applying Web 3.0 crowdsourcing model, I hope to implement this hack into 20+ financial centres and inspire Economic Development 4.0. The outcomes could become the basis of a story, or case study in 2012.

My application will be dynamic. I will be writing a series of open letters to key economic development players offering to implement the Hack.

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