There are massive technological changes coming and they are happening faster than you think. The good news is there is just as much opportunity in these changes as there is risk for your business. I recently spent two days in Melbourne studying with Roger Hamilton, where he shared these technology trends. For more detailed reading on each of these check out Peter Diamantis’s latest book ‘Bold’. In this book Peter gives a great road map on how entrepreneurs can go bold with these opportunities.
Here are the top 5 to keep an eye on:
#1 – Crowdfunding and sourcing – The ability for ANYONE to now raise capital on an idea means that even if you are in an industry that is capital intensive, the barriers to entry have been leveled. Further, the connectedness of people (the crowd) via the internet means access to skills and labour is abundant like never before. When you start seeing lawyers and accounts outsourcing overseas, you know it has become mainstream.
#2 – 3D Printing – This one is going to be an absolute game changer. Anyone in construction? Check out this video. The pace of change within this technology is blinding. Already since 3D printing became somewhat ‘mainstream’ (if you can call it that yet) the technology has increased in speed by 100x. And knowing Moore’s law, this is only going to speed up. To give you an idea, doctors are already using the technology to print replacement joints and bones.
#3 – Cognitive Computing – Meaning websites and software that preempt what you are looking for. Where this becomes a disruptor is from a competition point of view. How are you serving your customers better by using technology to learn their preferences? The market is starting to expect things tailored to their needs and wants. The days of general information and services is going by the wayside. If you are not keeping up, you’ll be perceived as not caring about your customer.
#4 – Sensors and Camera – In everything. From the garbage truck knowing how full the bins are on its route and rerouting to be more efficient, to the wearable sensor technology that tells you you’re low on magnesium. The world of ‘knowing before you do’ is upon us. Think about your products and services – how can you incorporate this technology with #3 to innovate your business?
#5 – Robotics and Automation – Sick of chasing your dog down the street? Get the cheetah to do it for you. This robot can run and jump over obstacles faster than Usain Bolt. When you mix this with #3 and #4, you start to understand why futurists are saying within the next decade or two, 47% of jobs will be replaced by robots. Now okay, that is not a short term threat – or is it? Foxcomm (Chinese manufacturer of iPhones) says within 3yrs it plans to make 70% of assembly line work done by robots?
So I hear you saying … well that’s all great Jamie but those changes don’t really apply to my industry. My only comment to that is, “be careful”. Young minds are thriving on these changes and industries are being turned upside down. Be the disrupter not the disrupted.
I’m going to take a stab in the dark and guess that you’d like to make more money in your business. Assuming I’m right, I’m going to share with you the starting point on that journey that I’d estimate 80% of small business owners don’t understand. And that is their break-even point. What is the