Every Company is a Tech Company: Yes, even yours.
Technology innovation is responsible for nearly all current economic growth in the United States. Every industry on the planet is experiencing tech-driven transformation. Some industries have been entirely reimagined; transportation and lodging are among the first, but all industries will follow. Now more than ever, existing companies must apply technology innovation to transform traditional business approaches into New Economy business models.
Today’s companies need to be ‘fast followers’. Once a new technology is in the marketplace, the opportunity to take advantage of these innovations throughout industry is enormous and can lead to new business approaches, competitive leapfrogging and market dominance.
Those who do not act to become fast followers risk becoming obsolete at a pace we’ve never seen before. Keep in mind in its first three years, Uber singlehandedly overhauled the American taxi industry, leaving traditional taxi companies scrambling for market share they’ve owned for hundreds of years.
We must push ourselves to connect, learn, invest and implement technology as it rolls through our industries over the next fifteen years - and then pay very close attention to the future beyond 2030.
Key Points and TakeAways
- Technology innovation is responsible for nearly all current economic growth in the United States, and this will continue through 2030; every industry on the planet is being transformed.
- Existing business cannot pause, wait or ignore these technology innovations; to do so it to risk becoming obsolete. Today’s businesses must become ‘fast followers’.
- The three key forms of technology innovation where companies must innovate.
- Best practices among companies both large and small, applying tech in innovative ways and reaping enormous rewards in terms of growth, wealth and business success.
Mo Collins is a New Economy specialist with more than 20 years of public sector, non-profit and entrepreneurial experience. She has launched and scaled multiple tech-based economic development initiatives, earning both national and international awards and is a published academic and online author, writing on topics associated with technology innovation, networking and entrepreneurship. Look for her upcoming book WE: Women Entrepreneurs, for release in spring 2017.