The Economist Magazine Looks Outside For Insight

An anonymous reader writes "All of traditional media is scrambling to remain relevant on the Net, but The Economist of London is taking it to extremes, with a skunkworks operation called Project Red Stripe. The magazine gathered six staffers from around the world, set them up in a London office, and gave them six months to come up with a radically new idea for the business. As a magazine for free markets, they figured others would have the best ideas — so are throwing open the doors for community input."

Comments

Re:Business Model

[PRC Banker]

this is the most stupid idea I have ever heard out of them. They actually will compensate you, with a rocking 6-mo web-subscrption to economist.com (street value: roughly $50).

Perhaps the Economist should actually talk to their economists, and ask them what 'Incentive Compatability' means. $50 for a new revolutionary business idea surely isn't incentive compatible. If I were the Economist, I'd be terribly embarassed about this.

I couldn't agree more. They're failing at the first hurdle. Even worse, the terms upon which the idea is submitted basically means they can use the idea in any way they like and they will hold a patent on it. So it's not just getting a poor level of compensation for an idea, but giving that idea up for use by anyone except the Economist Group. Here are 4 clauses from their terms and conditions:

1. You grant to The Economist Group and its designees a perpetual, irrevocable, non-exclusive fully-paid up and royalty free licence to use such Submission without restrictions of any kind and without any obligation of payment or other consideration of any kind, or permission or notification, to you or any third party.

2. The licence shall include, without limitation, the irrevocable right in the name of The Economist Group or its designees throughout the universe in perpetuity in any and all media now or hereafter known (i) to reproduce, prepare derivative works, combine with other works, alter, translate, distribute copies, display, publish, perform, license the Submission, and all rights therein; (ii) to apply for and obtain a patent in respect of any inventions disclosed in the Submission; (iii) to file an application to register any designs and/or any sign capable of being registered as a trade mark; (iv) to register any name capable of being registered as a domain name.

3. In addition, you agree that you will (at the request and expense of The Economist Group) enter into such documents as may be required to perfect or secure such rights or to assign such rights to The Economist Group absolutely if so requested.

4. In exchange, if we use your Submission then we will give you credit by acknowledging you as a contributor on our website at ProjectRedStripe.com and if we launch a product or service thanks to Submission, we will also offer you a free six-month subscription to Economist.com. Where The Economist Group applies for a patent in respect of an invention of which you are the inventor The Economist Group will name you as the (or if appropriate an) inventor in such patent application.