Decoding the Source of Wealth Creation

Author: Dr Arpita Basak¹ and Dr A. Srihari Krishna^2
1Department of Business Management, Faculty of Administrative Sciences, Tishk International University, Erbil, Iraq.
²ITM Vocational University, Vadodara, India.

Abѕtraсt: It is quite difficult to decode the secret of wealth creation in modern society. Hitherto, the wealthiest people owned diamond mines, coal mines, gold mines, silver mines, oil wells, gas fields, etc. In the past two decades, however, the world has become more and more intellect and less and less material. Against this backdrop, the majority of the billionaires were created from the technology space. Nevertheless, the route they chose to become billionaires was not the same. Especially, in the software sector where source code holds the key to wealth creation majority chose to keep it closed to mint wealth. A proprietary software generates revenues into the future for the owner through licensing mechanism. But those who chose to keep the source code open had collaborated with like-minded people and still made it to the elite list of billionaires. It means to say that both business models work provided they are robust and scalable to stay relevant to the target customers. The real money is not in producing software, but it is in the service you create using the software.

Kеywоrdѕ: open-source, wealth creation, collaboration, open community, business models, patents, billionaires


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Doi: 10.23918/ejmss.v1i4p24

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