Graeme Wood, the entrepreneur who is backing the launch of The Guardian's Australian digital venture, is a believer in open journalism.
In an ABC radio interview, he said that in many cases the public "probably know more about the story than the journalist does."
Wood, who made his fortune through travel website Wotif.com, contends that open journalism, which seeks input and participation from readers, brings a new form of democracy and engagement to people.
He told the radio programme: "Open journalism pretty much guarantees transparency. It means that we're engaging with the community, that the journalist isn't the font of all wisdom."
Wood believes The Guardian's entrance to the online market in Australia will enhance the country's media diversity.
He said: "There's been a concentration, a lack of diversity, and a reduction in quality, and I think that's very sad. As cost pressures have come on, media organisations shed journalists, because the business model is broken."
Wood stressed that his investment would be hands off. There would be no interaction with editorial staff.
The team will be led by Katharine Viner, the Guardian's deputy editor, who will be off to Sydney later this year.
Source: ABC
