But not having a clear set of rules for settling disputes is what can bring down a business. There must also be clear rules on competition and the sharing of information so members don't feel they have been duped. The exchange must have oversight. Members must know that their interests are being looked after and that regular auditing of the process is occurring. They must also trust that adjustments are being made to the exchange that will benefit everyone and that will be communicated clearly.
Governance has to be swift.
Any oversight that takes too much time could be detrimental to the exchange. Decisions have to be made on a dime and there is often no room for consensus. Sandra Gittlen is events editor for Network World's Seminars and Events Group. Previously, she was managing editor of Network World Fusion and senior reporter covering Internet research and standards for Network World magazine. E-commerce archive Past newsletters.