Posted by Christopher Stevenson
Imagine a world in which every single person on the planet is given free access to the sum of all human knowledge.
— Jimmy Wales, Founder of Wikipedia
I'm intrigued by the Wikipedia business model. Wikipedia is one of the most popular Web sites in the world, hosting 250 million visitors every month, but it has only $6 million in annual operating expenses. The organization has 23 paid staff members, but boasts of 150,000 volunteers around the globe. Content for the site is all user generated and articles are vetted by volunteers. It seems a bit like Tom Sawyer's friends paying him so they can white wash his fence.
I believe the success of Wikipedia rests on its ability to capitalize on the user-driven experience. The people who use Wikipedia can add their own entries or update existing ones, which allows the site to reach across language and cultural barriers unlike any other Web site I've seen. It's a model that has been so successful that Wikipedia recently raised $4 million in donations just from its users. That's two-thirds of its operating expenses. (Wouldn't it be great if CUs could have that kind of dedication from their members?)
Anyone who knows me well knows that I'm a strong believer in using cross-industry perspectives to better your business, and I believe there's much CUs can learn from Wikipedia. That's why I'm excited that Sue Gardner, executive director of Wikimedia (Wikipedia's parent organization), will present the keynote at CUES Experience 2009. In her session, she'll discuss the philosophy behind Wikipedia and lay out the challenges and benefits of consumer-driven business models. I can't wait.
