I come across an increasing amount of posts and discussions related to alternate currencies, social currencies, and knowledge as a tangible asset, etc. It is as if people are grappling with something that they don’t quite understand or can’t quite grasp – but, soon will. Really, don’t lose heart – they are definitely on to something.
Sandy Jones Kaminski of Bella Domain provideds a well developed argument against letting people pick your brain by proposing the “no brain picking list”. While somewhat tongue-in-cheek, the article portrays a common frustration felt by specially qualified people who get too many requests for “brain picking” and not enough turkey sandwiches to justify the time-value of the exchange.
[People who ask to pick your brain are either asking you to work for free or they are trying to bypass the very hard work required to build a social network by asking for your referrals]. While not quite a reason to end brain-picking, it certainly indicates a hugely inefficient market.
Taking some clues from the banking industry
A bank seeks to match most worthy money surplus (rich people who will not pull their deposits abruptly) with most worthy money deficit (employed people with good credit history). In order to accomplish this, the financial system has 5 essential components: a currency, an accounting system, a vetting mechanism, entrepreneurs, and business plans.
Now suppose we transpose the rules of finance on the rules of brain picking.
Currency
A currency is defined as a vessle that stores and allows for the exchange of value. So it’s natural to expect that relationships, networks, “contacts”, “followers” and all the other accoutrements of social mediation are means by which we store value. We invest time in developing our own knowledge assets and we invest those assets in our relationships.
Accounting System
The balance sheet needs to, well, balance. The first assumption I make is that every single living breathing person on Earth holds value. It’s only a matter of whether they have a surplus in knowledge assets in that which I have a deficit and vice-versa. Since my deficits far exceed my surplus in the vast majority of human knowledge, I am always looking for a fat juicy brain to pick as well.
Vetting Mechanism
If the game isn’t fair, nobody will play. Social media provides the most critical element of brain-picking economics. Any time someone asks to pick my brain, I’ll do a Google search or conduct a social media profile on them. What I find will quickly determine what the initial contact will involve a courtesy email or a 3 hour golf game.
Business Plan:
Buy low sell high. That’s the mantra of capitalism, but it remains “unspoken” in social media. If a person is very successful at picking brains, there is an inherent quality in that which may be useful to me. I will study them. If other important people have allowed this person to pick their brain, why not me? If I’m getting a lot of pickers from a certain demographic, maybe that represents a business opportunity, seminar market, or speaking engagement.
An entrepreneur is as an entrepreneur does
Entrepreneurs do nothing more than identify assets and elevate them from a low level of productivity to a higher level of productivity. I ask my brain picker who they have also discussed the matter with. I also ask them places and dates of those interactions. I ask them about people in their social network, rumors, concerns, projections. I ask them their goals an objectives in talking with me – exactly as I would do for any client….
…well before you know it, I’m picking their brain.
