Disruption in Innovation is leading us fiercely to a decentralised economy – Times of India Innovation

The economic potential of the digital revolution and the impact of the Internet has been in the creation of a unified worldwide network of economic activities, commercial transactions and professional interactions. The digital economy is likely to be more disrupted with newer innovations, wherein a large part of the goods and services transactions will be in the hands of individuals – not just companies or the governments.

The Internet economy produces significant cost savings in many sectors of the economy, resulting in faster productivity growth – producing lower prices for consumers, resulting in faster growth in living standards. Today, the rapid acceptance of the economic benefits of internet is largely evident.

Time to reach $1 billion in revenue:

Disney: 45 years
Starbucks: 25 years
Nike: 17 years
Walmart: 13 years
Microsoft: 13 years
Tesla: 10 years
Netflix: 9 years
Twitter: 8 years
Spotify: 7 years
Apple: 6 years
Facebook: 6 years
Amazon: 5 years
Google: 5 years

The evidence proves that the time taken to reach $ 1B has been reducing over time.
Upcoming entrepreneurs would shorten the time gap further.

One of the basic tenets of the digital revolution has been in facilitating consumers to have greater information and choice.  It has re-established the term economic disadvantage. Economic disadvantage was defined in terms of an individuals’ employment status, their income, and whether they had a low income.This factor represented the overall economic disadvantage experienced in neighborhoods that are disinvested and have high joblessness and one-parent families.

Good news about the Great Resignation

In a recent survey of 117 CEOs conducted by Fortune and Deloitte, 73% said a labor/skills shortage is most likely the external issue to disrupt their business in the next 12 months. In that same survey, 57% of CEOs said attracting and recruiting talent is among their organization’s biggest challenges, followed by 51% who said one of their biggest challenges is retaining talent.

The survey concluded that the resignation rates are highest among mid-career employees and are highest in the tech and health care industries.

What, specifically, is fueling this trend?

As millions seek more meaningful, impactful, and purpose-driven work, the Great Resignation could become a Great Awakening. What’s really behind the Great Resignation is a collective shift in our mindset fuelled by the pandemic—one in which many have reevaluated the very idea of what it means to work. Millions around the world have decided that life is simply too short to do work that risks their sanity, their safety, or their soul. For them, this moment has led to a desire for more meaningful, more impactful, purpose-driven work—work that might actually change the world.

Perhaps, rather than calling this moment the Great Resignation, it might be more accurate to call it the “Great Awakening.”

Creating a talent pipeline – Old methods

Our education systems are outdated globally. Information is a commodity and education was based on memorization of the information. In today’s world where information is instantly accessible, the current education system therefore becomes largely irrelevant.

In the last 6 years, over 550 engineering colleges and institutions affiliated with AICTE have shut down. The web 2.0 created a boom which resulted in new STEM colleges, which resulted in several of them functioning with less takers and more vacant seats. Ultimately these institutions shut down.

According to ACTED data, there were 10,361 engineering institutions in the country that were approved by the AICTE with a total intake capacity of over 37 lakh students, however only 24 percent graduates were hired in the financial year 2020

Growth of internet users in India.

India is on the cusp of entreprunerial democratic competition with the west. The reasons are many but here is something to begin with –

India had 504 million active Internet users in 2020. Of the total Internet population, 433 million are more than 12-year old, while 71 million are in the age of 5-11 years, who access the Internet on devices of their family members.

Nearly 70% of the active Internet population in India are daily users. Nine out of 10 users in urban India access Internet at least once a week. In rural India, there is an addition of 30 million new users, who accessed internet daily compared to March 2019.

With better connectivity, quality of service and affordability of mobile Internet, there could be an increase in rural consumers spending more time on the Internet in the future. Starlink operated by SpaceX providing satellite Internet access to most of the Earth, has on November 1st, 2021 incorporated their Indian entity, with the sole agenda of rural internet broadband connectivity.

Rise of online entrepreneurs in India.

India’s internet start-ups leaders that operate business ranging from food delivery, e-commerce to online insurance are now on the cusp of market listing, putting their combined value at $ 180 billion by 2025.

The growing scale and maturity of India’s internet economy is starting to create more value and investment opportunities. More than $ 60 billion has been invested in India’s internet start-ups in the past five years, with around $ 12 billion in 2020 alone, according to HSBC Global Research.

It put the total sector value (ex-Fintech) to reach $ 180 billion by 2025.

Yet another disruption would make the OTP account verification process itself obsolete. KYC is beginning to get disrupted with automatic authentication.

The internet has transformed people’s lives for better – be it businesses, consumers or the technocrats. It has increased economic growth, productivity, efficiency, scale, accuracy, profits, markets, utility, jobs and reduced time, energy and money spent on things.

As the technologies behind blockchain and metaverse ecosystem augments, innumerable novel inventions would further improve human lives.

One thing is certain, disruption in Innovation is leading us fiercely to a decentralised economy. So, with web 3.0 fast emerging, leading to a decentralised economy – which industries would it impact most? Where will be the jobs of the future? Where is our economy heading? What role will virtual currencies play in the course of the next 5 – 10 years ?

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Disclaimer

Views expressed above are the author’s own.

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