In Transcribe Live in the Lab last Friday, we started out as we always do, touching briefly on a broad range of topics. We started talking about Bitcoin, a “digital currency, protocol, and software that is changing the way we think about currency.” We explored Bitcoin and what the algorithm is for its value. We then began exploring what the value algorithm would be if collaboration were a currency.
The jury is out on whether we came up with the answer to the question, but we did land on a couple things.
The algorithm would consist of the following variables:
Number of people
Diverse points of view
Amount of time spent
Level of engagement
We all agreed that increased collaboration = increased value (as opposed to increasing amounts of collaboration resulting in diminished value, like standard inflation). One variable that contributes to the value of collaboration is idea generation-how many ideas were spawned from the initial idea or ideas? The act of building a greater number of ideas or a greater level of refinement of ideas as a group is certainly a sign of a successful collaboration.
Yet, not all of these variables are measured by volume. For example, more people do not always increase the value of collaboration. The appropriate amount of people, determined by how many are necessary to achieve the desired outcome, increases the value of collaboration significantly more than more people.
In the work that we do, we see evidence of the value of collaboration all over the place! From the smallest meeting to the largest strategy session, and everything in between, we believe that collaboration is a currency that holds its value!
We are curious to hear your thoughts on our algorithm. What are we missing? What would you add? We look forward to continuing the conversation with you.