In the last few years, I have seen the tech industry go through a transformation like never before. It seems like just yesterday that I was cruising the internet on a desktop PC in my mother’s basement, and now I can have 10x the computing power in the palm of my hand. In reality, the rapid pace of change accelerated when Steve Jobs created the iPhone. This tiny handheld device suddenly had the computing power of computers 100x it’s size just a few years previous. Plus, the iPhone added the application which essentially crowdsourced talent from people all around the world! Steve gave entrepreneurs the ability to create an income stream by creating useful applications. Essentially, creating an open source platform that has now revolutionized the world. There are literally thousands of success stories including Air BNB, Instagram, and Uber.
All of these business models were built around the application and the fact that it’s easily accessible to the masses. SmashFund founder Rob Towels created an application called Candy Crusher that he eventually sold for $115 million. This simple iPhone application was nothing more than a video game combined with a revenue-generating possibility. Millions of people from around the world are actually willing to put in real life money to buy digital online pixels, and that’s just the beginning. Estimates predict that the iPhone gaming market is set to double or triple in the next few years with thousand of game developers looking to get on board. I still find it astonishing that people are willing to pay real money for online pixels, but the truth is they are. Applications like Uber have single handily revolutionized the cab industry allowing anyone with a car and an iPhone to become a cab driver.
The majority of these people have no business license or even insurance, but people still ride with them because the price is cheaper. Not only is the price better, but the service and the time waiting for a cab is shortened because Air BNB drivers are everywhere. As society develops and because more dependent on this technology I wonder what the future holds. In fact, sometimes I pinch myself just to make sure I’m not dreaming this whole world up in my mind. I would venture to guess that the next 10 years we will see the most rapid advancement and transformation in human development the world has ever seen.
Studies show that as technology advances the pace at which it advances quickens until it’s suddenly doubling and tripling every couple minutes. This tipping point is still 20-50 years out, but I can already see the rate of change starting to speed up. As a young business person, I realize that it’s now more critical than ever to embrace technology or we will be left behind. In the next 5 to 10 years I see the robot workers replacing manual labor and service industry jobs. In the 10 years after that robots will be able to replace and repair robots which could make humans irrelevant. In another 10-20 years, the artificial intelligence will take hold and there’s a real possibility the entire world as we know it will change.
In conclusion, it’s now time to embrace technology or be left behind forever. I’d like to take a second and thank Rob Towles for his great insight. You can follow Rob and his company on their SmashFund Linkedin.