The panelists continued with the issue of the public lost of trust in corporations.
Wacker then got into the ability everyday people have to create their own reality. The present environment makes it difficult for people to figure out who they trust. This needs to be changed. People need to find a common context with corporations.
What does the next Craigslist look like? Newmark said most of what they’re about is classifieds. If something is wrong, you can flag it for removal and if more people agree, the item disappeared. People are overwhelmingly trustworthy; there is only a small percentage of ‘bad guys.’ Wacker said we have a different list from who we solicit trust from.
Companies have been used to a top down model, said Edelman. Today, smart companies do the opposite; they talk to their customers and employees and even let the customer co-create their product.
Are we headed to dystopia or utopia? Stephenson said these companies aren’t going to go away, but they will be transformed. There are things to retain in these traditional institutions, but it is old news and we’re still not seeing these organizations redefine themselves.
We don’t want institutions to go away. We want them to prepare themselves for a future which we see as different. The renewal of these institutions to remain relevant in a future that we see as already here.
Newmark evoked the Wikipedia example noting that history was already written by the victor. Now, everyone can write history.
‘Paradox of transparency’ – Edelman said companies are smart enough to let people know what they know, however, at certain times.