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Britain Sitting on Untapped Knowledge Worth GBP86 Billion
Sep 30, 2010 (06:09 PM EDT)


LONDON, October 1, 2010 /PRNewswire/ --

- British Maths Professor has Devised a Formula That Calculates Brits Have up to GBP30,000 Extra Knowledge Each

- T = 40 M i K e (3e +M) (e +50M) / {(e squared +3M e +M squared) (e +100M)}

Britain might be facing the prospect of a double dip recession and impending public spending cuts, but findings from a study released today reveal that as a nation we are sitting on a massive mountain of untapped knowledge * that's worth a total of GBP86 billion annually.

The study**, commissioned by VideojugPages.com, the new knowledge and revenue sharing website from Videojug, also shows that Brits have up to an average of GBP30,000 worth of knowledge each which they're not using to its full potential, equating to a second income. Now for the first time, using the Videojug Pages Untapped Knowledge Calculator - http://www.theknowledgecalculator.com - you can find out how much your unused knowledge is worth.

The report provides fascinating insights into how the UK's cities and regions compare with each other when it comes to the value of their total unused knowledge; and also how where we live significantly influences the value of our individual untapped knowledge.

Frank Smith, Professor of Applied Mathematics at University College London, who created the formula behind the research said, "Each of us accumulates vast quantities of knowledge over our lifetime, much of which we don't actively use, yet we could be generating a personal income from."

Nationally, England comes out on top with a total of GBP83bn per year worth of untapped knowledge, followed by Scotland with GBP52bn, Wales with GBP42bn and Northern Ireland with a figure of GBP31bn. The study also examines the value of untapped knowledge at the individual level. Surprisingly it reveals that those living in more heavily populated areas have a lower value per person. The analysis shows that people living in England have the lowest value of unused knowledge per person, just a meagre GBP1,600, compared with Northern Ireland which is valued at a whopping GBP18,200 per person.

Professor Frank Smith explains this reversal, "As we might expect, areas with bigger populations have a greater amount of total untapped knowledge. But at the individual level the value of unused knowledge per person is less in more densely populated areas. With more people living side by side there are more overlaps in knowledge; this creates an over-supply of knowledge which reduces the monetary value of your knowledge."

This can be witnessed further in the regional and city analysis. The North East of England has the lowest value of total unused knowledge in the country, but had the highest value per person at GBP14,500 double that of the South East and the North West where the highest figure is GBP7,200 per head.

In a line-up of 18 UK cities, London leads the way with a figure of GBP58bn in total untapped knowledge, with Manchester in second place with GBP33bn and Glasgow in third with GBP24bn. But when it comes to individual value, the smaller provincial cities are shown to have the greatest value of untapped knowledge per person with Plymouth averaging GBP26,900 and Oxford topping the list with GBP30,000 per head.

Tom Laidlaw, CEO of digital publisher Videojug, today launching the new Videojug Pages website comments, "The research findings confirm our belief that we're sitting on a huge mountain of valuable knowledge that we're not realising the potential of. We know that people love to share what they know and want to be rewarded for it. The UK is facing some tough times, so the revelation that we have up to GBP30,000 per year worth of unused knowledge within each of us, basically a second income that we could be making, is really exciting. That's exactly why we've launched VideojugPages.com. Now you can take the first steps in sharing your knowledge, building the confidence to develop that portfolio career you've always dreamed of and earning extra money from the things you already know."

Find out what your unused knowledge is worth by visiting the Videojug Pages Untapped Knowledge Calculator, http://www.theknowledgecalculator.com; then sign up to http://www.VideojugPages.com and start sharing and earning.

About VideojugPages.com

VideojugPages.com is a new knowledge and revenue sharing website from digital publisher Videojug, owner of Videojug.com, the world's original 'how to' video website. Videojug Pages makes it free and easy to publish pages about the things you know and love online. Easier than setting up a blog, Videojug Pages' free and simple editing tools enable any person or organisation to publish pages using text content, images and video within a matter of minutes. Videojug.com has an existing user-base of over 5 million people meaning you're instantly connected a huge knowledge-hungry audience. VideojugPages.com's custom built community tools, including mini-forums and direct messaging, mean you can quickly connect with likeminded people who share your interests, and you can also collaborate with them to publish content together. Videojug Pages' built-in revenue tools allow you to make money from day one through Videojug's network of advertising partners; and Videojug Pages shares its revenues 50:50 with the content creators.

Editor's Notes:

* Definition of 'untapped/unused knowledge' - knowledge that people currently have but do not use to generate a personal income from.

** 'The Videojug Pages UK Untapped Knowledge Report' - All figures quoted per annum

Data sources:

Multiple data sources were used and confirm the relevant input figures applied within the research. Here is a sample of those sources; a more exhaustive list can be supplied upon request.

Office National Statistics (ONS) - national, regional, city population data (2010) Example: Scotland Population data http://www.statistics.gov.uk/cci/nugget.asp?id=1136

Office National Statistics (ONS) - UK & regional GDP data (2010) Example: GDP data http://www.statistics.gov.uk/default.asp

City & Regional Council Websites - Example: Portsmouth Population data

http://www.portsmouth.gov.uk/yourcouncil/3817.html

Interviews with report author, Professor Frank Smith and/or Tom Laidlaw, CEO, Videojug Corp Ltd available on request.

For a full copy of 'The Videojug Pages UK Untapped Knowledge Report' along with a comprehensive online media kit including national and regional press releases, infographics, spokesperson bios and photography please visit http://corporate.videojug.com/media-downloads.

SOURCE Videojug Pages