Editor's Note: We want to thank Chartreuse for contributing this post as a Guest Blogger on Know More Media. You can read Chartreuse regularly on chartreuse.wordpress.com.

In case you haven’t been paying attention, one of the more interesting fights in cyberspace is the one going on between Encyclopedia Britannica and Wikipedia.

In December of last year Nature magazine conducted a head-to-head competition between Wikipedia and Britannica, having experts compare 42 science-related articles. The result was that Wikipedia had about 4 errors per article, while Britannica had about 3.

Last week Britannica released -- not corrections -- but a corporate response stating that 'Nature's research was invalid [...] almost everything about the Nature's investigation was wrong and misleading.'

Here’s the problem. It took Britannica 3 months to respond.

The damage has already been done.

Now EB is, at its core, everything the internet is not.

It’s elitist.

It’s expensive.

And as we just learned, it’s slow.

If you are in the information business. And everyone is. You need to be everything that EB is not.

You need to be open.

You need to be cheap.

And you need to be fast.

Let's look at trade magazines.

Now I have read a lot of trade magazines in my life. Looking for ideas I could steal so I could use them in the music business. Really.

Now trade magazines, by there very nature, are just like Britannica.

They are elitist.

They are expensive.

And they are slow.

If I was starting a trade magazine today, it would be available on the internet, it would be free, and it would be updated constantly.

But everybody already knows that.

But here’s what you may not know.

If you are only thinking about the internet you are already behind.

You need to be thinking about how you can bring open, cheap and fast information to every platform.

You need to be thinking about social networks, mobile devices and podcasts.

Why?

Again, let’s look at Wikipedia and Britannica. Despite literally owning the encyclopedia market Britannica is struggling.

One of the reasons Wikipedia is so popular is that anyone with an internet connection can be involved.

You can edit articles.

You can comment.

Or you can just hang out and chat with other Wikipedia members.

It’s almost like a club.

It’s a…social network with the audience having a vested interest in its success.

Now Britannica is just the opposite.

You got a question? Too bad.

You got a comment? Who cares?

They want your money and that’s it.

It’s nothing like a club. It’s a…anti-social club. The audience could care less if it lives or dies.

For those still paying attention Wikipedia is the new hotness and Encyclopedia Britannica old and busted.

Again.

Wikipedia=new hotness.

Encyclopedia Britannica=old and busted.

Now just like your business, Encyclopedia Britannica can be saved. They can start implementing ideas to create community. They can become proactive instead of reactive. They can leverage their dwindling prestige into long-term value. They can start thinking about how to make information available on the platforms people will care about in the future.

But it may take longer than 3 months.