Exploiting Chaos

150 Ways to Spark Innovation During Times of Change

150 Ways to Spark Innovation During Times of Change - an award-winning business innovation book by Jeremy Gutsche, CEO of Trend Hunter

Issue link: http://book.trendhunter.com/i/42053

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Page 146 of 273

Cross-pollinate your ideas GOLDCORP WAS A LITTLE mining company that wanted to grow. But Goldcorp was down on their luck. No matter where they looked for gold, their properties seemed to lack potential. It was a time of crisis. In Wikinomics, Don Tapscott and Anthony D. Williams reveal Goldcorp's revolutionary approach.54 With nothing to lose, ceo Rob MacEwen tried something unprecedented. He published Goldcorp's highly-secretive geo- logical data. He revealed 50 years of data from Goldcorp's Red Lake prop- erty, a property that seemed barren to Goldcorp's geologists. MacEwen offered $575,000 in prize money to any person in the world who could identify a strategy for unearthing hidden gold. In total, Goldcorp received 110 new strategies. Some ideas were from geologists, but unexpectedly, there were ideas from students, professors, chemists, and military offi- cers. MacEwen noted, "We had applied math, advanced physics, intelligent systems, computer graphics, and organic solutions to inorganic problems. There were capabilities I had never seen before in the industry." The new methodologies led Goldcorp to unearth 8 million ounces of gold, catapulting the small $100 million company to a $20 billion valuation. The problems you are solving have likely been tackled in parallel industries. Open the door to new methodologies. 145

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