Founder and Member, Board of Directors, InnoCentive
The era of big data presents incredible opportunities -- smarter cities, stronger companies, faster medicine -- but just as many challenges. Storage is scarce, systems overloaded, governments and businesses know too much. The world now contains unimaginably vast amounts of digital information, which is growing exponentially. Managed well, this data can be used to engineer new engines of economic value, unlock scientific breakthroughs, and hold politicians accountable. Managed poorly, it can cause great harm.
The financial crisis showed that complex models that analyze large quantities of data do not always reflect financial risk in the real world. The financial crisis was sparked by big data -- and there will be others. But the data deluge will also generate millions of new ideas for how to solve big problems, build new markets, and expand existing ones. Ideas Economy: Information is a fresh look at knowledge management for the information age.
The Economist will bring together theorists, strategists, and innovators who understand how to harness data to create value and advance individual, corporate, and social good. We will sift through the vast quantities of current thinking on data to uncover the best ways forward. And we will apply the lessons of the Ideas Economy, about innovation, human capital, and intelligent infrastructure, to uncover new sources of growth and accelerate human progress across the globe.
Alpheus Bingham, PhD., is the Founder and a Member of the Board of Directors of InnoCentive, Inc. He is a strong advocate of open innovation and founded InnoCentive, Inc., along with other ventures that create the advantages of open and networked organizational structures, including: YourEncore, Inc., Coalesix, Inc., Maaguzi, Inc., Indigo Biosystems, Seriosity, Chorus and Collaborative Drug Discovery, Inc. He currently serves on the Board of Directors of InnoCentive and Collaborative Drug Discovery, Inc., and the advisory boards of the Center for Collective Intelligence (MIT) and The Business Innovation Factory. Dr. Bingham has over 25 years of experience with Eli Lilly and Company in pharmaceutical research and development, research acquisitions and collaborations, portfolio management, and R&D strategic planning. In April 2011, Dr. Bingham co-authored with Dwayne Spradlin the groundbreaking book, “The Open Innovation Marketplace,” published by FT Press. Dr. Bingham received a B.S. in chemistry from Brigham Young University, and a Ph.D. in organic chemistry from Stanford University.
InnoCentive co-founder Alph Bingham evaluates the present state of search, drawing a distinction between currently searchable data, and the higher levels of information, knowledge, and wisdom. "We search data well," he says, but "we search wisdom terribly."