Connect with us

Politics

New Technologies in Travel Tech that are Here to Stay Post Covid-19 – ReadWrite

Published

on

Alon Ghelber


What is the future of travel? Probably, fundamentally similar to what was before COVID –although there will be new measures in place intended to screen passengers for the Coronavirus. Here are the new technologies in travel-tech that are here to stay post-COVID-19.

The body reverts to homeostasis, and the world will go back to some semblance of normal.

People want to travel–and they will. Leisure travel, we expect, will return, although estimates vary as to when travel will fully recover. While the road to full recovery may be a long and unprofitable slog for airlines, travel for leisure is embedded in our culture.

Tourism is an indispensable cornerstone of the global economy, and as such, people will return to the skies. Particularly helpful will be the treatment protocols against the Coronavirus and the global effort to develop a vaccine.

Countries with economies heavily dependent on tourism — such as Greece and Cyprus — have begun to gradually open their borders.

A trend has developed to gingerly open borders within travel corridors consisting of nations with low infection rates. Think the Baltic nations, for instance, and those in the Eastern Mediterranean consisting of Greece, Cyprus, and Israel.

Business Travel

The return of business travel is, too, inevitable, although the robustness of business travel moving forward is a matter of debate.

Digital Business

Traveling to London or New York for a meeting or conference may be diminished with the rapid adoption of tele-business conducted on video conferences.

Not only do online meetings save money for corporations during a recession, but they also absolve corporations of liabilities associated with sending employees on business trips in the wake of a pandemic.

The success of Zoom, however, bodes poorly for the profitability of airlines, for whom corporate travelers–more likely to book business-class seats — represent higher-margin customers.

Airlines

Airlines will need to be creative in how they attract and retain customers — and keep their businesses above water. For one, new artificial intelligence and machine learning technologies allow for faster collection of customer feedback.

Fast customer feedback can be used to personalize and more effectively disseminate price comparison and price drop alerts to potential travelers.

As the vast majority of travelers use the Internet to plan the bulk of their trip; web scraping technologies enable online booking agents to expand, review and monitor prices to offer the best package for their user.

The best packages will pose competition and opportunity for airlines. Web scraping enables airlines to track customers’ feedback and preferences. For now, incentives rule the day as airlines work to regain the trust of wary customers.

Before travel returns to its 2019 levels, consumers must feel safe on public transportation.

There is a widely-held public perception that planes are hotbeds for the spread of Covid-19. In recent decades planes have become more and more packed as airlines have attempted to squeeze as many passengers as possible on each flight.

While airlines have disputed this — any customer can tell you that the perception is reality. Travelers will opt for road trips if they don’t feel safe in flight. Airlines contend that their air filtration systems are top-notch. Their assurances haven’t convinced many travelers to return to routine travel.

During the dark days of March, when the pandemic shocked the world and the stock market was at its low, the TSA recorded a year-over-year decline in passenger travel as drastic as 96%.

Travel and Transportation

The robustness of air travel has improved, the numbers are still catastrophic when compared to pre-pandemic levels. Short-term, what may prevail is an affinity for private transportation, benefiting automobile manufacturers at the expense of airlines and other forms of public transportation.

After 9/11, travel was changed forever. The basic bargain was that passengers would sacrifice some convenience in exchange for extra security.

Here, too, passengers may be compelled to compromise on some convenience and expedience for the sake of safety protocols. Some airports have asked passengers to arrive four hours before their flights.

Airports have been using technology such as body-heat sensors so as to identify potential virus carriers. Temperature checks have become routine. Some airports — such as Vienna International — have implemented virus checks for all arriving passengers.

The virus check protocols pose a quandary for travelers who run the risk of being denied entry upon arrival.

Disinfecting public transportation presents challenges and opportunities. Companies — as well as public bodies such as New York’s Metropolitan Transit Authority — will need to invest in antiviral technologies so as to regain the customers they lost to the pandemic.

The MTA, which operates New York City’s subway, has launched a program to use ultraviolet light as a means by which to disinfect subways and buses.

The lamps, purchased from Puro Lighting, a Denver-based startup, utilize a type of high-intensity UVC technology that the manufacturer says eliminates 99.9% of viruses and bacteria.

Scientists are still studying the efficacy of this technology although the MTA expects positive results.

Recently, the MTA shut down subways for four hours overnight so as to deep-clean subway cars and public spaces–anathema in a city that prides itself on its 24-hour culture.

Increased demand for technologies that deploy UV light to eradicate the Coronavirus presents opportunities for UV start-ups and manufacturers.

A particular conundrum relates to the viability of the airline business, which is facing a perfect storm of headwinds: a pandemic, a recession, a decrease in the need for business travel, and a need to overhaul operating protocols.

Airlines are not structured to maintain financial solvency through several consecutive months of massive declines in ridership.

While airlines in the United States have been criticized for investing in stock buybacks instead of rainy-day funds, few businesses could survive such massive declines in customer demand.

Government assistance in the United States as part of the CARES Act–as well as infusions of cash through the public markets–will sustain the airlines, only to a point.

Airlines have struggled to balance profitability with passenger accommodations. Some airlines have pledged, for now, to guarantee that middle seats in three-person rows will remain unbooked. Having the middle seat empty will maintain some semblance of the distance between passengers.

Frontier Airlines implemented a $39 fee to guarantee an empty middle seat, only to abandon those plans amidst public backlash.

It may be that, amidst a pandemic and deep recession, customers will demand concessions from airlines at no additional cost.

JetBlue was the first airline to require all passengers to wear masks during flights; virtually all other airlines followed suit. And airlines have begun to conduct temperature checks before passengers board planes.

All manner of solutions has been proposed, including whacky, whimsical-looking seats meant to enable quasi-isolation, as well as the introduction of transparent plastic hoods around each economy seat.

These proposals are unlikely to get off the ground. In reality, deep-cleaning and face masks may be the best executable solution.

The Internet-Business-Landscape

The Internet has changed the competitive landscape for those in the airline business — and has provided opportunities to effectively harvest data so as to improve customer retention.

Leveraging big data, for instance, has been used to maximize the utility and profits of frequent flyer programs. These programs have become indispensable tools for airlines to manage their customer communications and engender brand loyalty.

In the post-pandemic world, each customer is incredibly valuable–and frequent flyer programs will be utilized to entice customers to repeatedly patronize the same airline.

Loyalty and customer incentive programs have become anchors of the airline business; United Airlines recently mortgaged its frequent flyer program to raise $5 billion in much-needed cash.

New problems beckon new innovations, and in turn, those innovations give rise to new concerns.

In the fog of war — amidst the early days of the COVID-19 outbreak — companies and governments eager to return to work rushed to purchase technologies intended to detect carriers of the virus.

What ensued was a bonanza for the makers of thermal scanners–even if those devices were not intended for the purpose of checking a person’s temperature. It proved that much treasure was spent on ill-advised machines unable to accurately detect infections.

Technology will have to come up with robots and heat sensors designed for use on and by humans. Like the x-ray machines introduced after 9/11, these technologies may invite privacy concerns.

Further, it’s been reported that a statistically significant percentage of virus-carriers are asymptomatic, thus posing the question: is the implementation of temperature-checks.

Body heat-sensors intended to truly stymie the spread of the virus, or is the purpose more to assuage the worries of an anxious public?

The challenges ahead are great — and the road to solving them will no doubt be a long one.

Yet, as the old adage goes, one door closes — and another opens. There is an abundance of opportunities for those able to innovate.

Airlines will need to be creative in how they achieve profitability while ensuring customers that airplanes are safe to fly. Airlines will need to invest in new technologies to screen passengers and clean the interiors of airplanes while reducing costs.

Some hotels have begun to keep rooms empty for as long as 72 hours in-between guests.

While this isn’t realistic for airlines, passengers will likely encounter a new normal of travel: strict, staggered check-in times; self-check-in without the aid of staff; and further weight restrictions.

As airlines will have no choice but to invest in new technologies enabling them to fly in a post-pandemic world, they will in turn need to cut costs by downsizing their workforces and minimizing in-flight service.

Image Credit: shutterstock

Alon Ghelber

CMO

Alon is a Tel Aviv-based Cheif Marketing Officer who supports b2b tech startups in capturing customers’ (and VCs’) attention through marketing based on data-driven storytelling.

Politics

How to Build a Startup Team With an Entrepreneurial Mindset – ReadWrite

Published

on

Nate Nead


Much of your startup’s success will depend on the quality and integrity of the team you put together. With talented, committed, hardworking people, even a merely decent idea can turn into something groundbreaking. Conversely, even a great idea can struggle to survive if it doesn’t have a solid team in place to support it. 

Obviously, you’ll need to work hard to choose the right people for your team – individuals with a solid experiential background, proof of ample talent, and genuine passion for the business. But beyond that, you’ll need to work actively to equip your team with the right mindsets and philosophies to guide them to productive, innovative work. 

While there are conflicting opinions for what type of company culture works “best,” there’s no denying that your company can (and likely will) benefit from building a team with an “entrepreneurial mindset.” But what is this mentality, and how can you construct it from scratch? 

What Is an “Entrepreneurial Mindset?” 

Let’s start with a description of the “entrepreneurial mindset.” This is an internalized mentality, philosophy, and approach to working within the members of your team that mimics what the most ambitious entrepreneurs tend to feel. 

The mindset includes: 

  • Creativity. Entrepreneurs are creative types. They want to create new ideas, modify existing ones, and come up with inventive new ways to deal with problems. They’re not afraid to think outside the box and try out new concepts – even if they don’t work out. They also like to encourage and promote creative ideas from other people, providing feedback, direction, and motivation to their teammates. 
  • Autonomy and independence. The entrepreneurial mindset also prioritizes autonomy and independence. Entrepreneurs in a business environment don’t wait for someone else to tell them what to do, and they generally don’t have to run their ideas through a bureaucratic chain of command to take action. Instead, they trust themselves, they operate decisively, and they remain agile. In an entrepreneurial environment, your employees will function autonomously in most cases as well. 
  • Change and growth. To be an entrepreneur is to accept the importance of change and growth. The only way for your business to reach more people and make more money is to evolve; that means adding new products and services, changing internal processes, and sometimes, pivoting the entire brand. 
  • Experimentation and adaptation. You probably already know how important it is to remain flexible and adaptable when growing your business. It’s also important for your workforce. With an entrepreneurial mindset, your team of employees will be much more likely to experiment with different approaches and adapt to new scenarios. 
  • Ambitious problem solving. Successful business owners are primarily ambitious problem solvers; they understand there’s some weakness or challenge in the world and are driven to “fix it.” With this mentality, your employees will be more likely to show enthusiasm when solving problems and rising to meet challenges. 

The Value of an Entrepreneurial Team 

So what’s the real value of an entrepreneurial team? 

For starters, you can cut back on direct management and oversight. When all members of your team feel like they have a direct impact on their work environment, and when they’re empowered to do their best, they don’t need as much direction or supervision. Instead of looking over their shoulder, giving them project details, or micromanaging your employees, you can set priorities for them, trust that they’re going to work toward them, and shift your attention to more important matters. This lends itself to a less stressed, more inviting workplace – and allows you to be more productive while tackling the most important projects for your startup

An entrepreneurial mindset also leads to a diversity of thought. When individuals are encouraged to have their own ideas, thoughts, and opinions, they tend to speak more openly in a collaborative environment. They’re more willing to volunteer ideas, offer constructive criticism, and provide meaningful feedback to each other. Such an environment makes it much easier to identify and get rid of bad ideas (before it’s too late), while simultaneously establishing the groundwork for the presentation of highly ingenious concepts. 

Additionally, startups need to keep adapting if they’re going to stay alive. Over time, your target market might change, you might face new competition, and new challenges will threaten your previous approaches. The only way forward is to adapt, incorporating new systems and processes and changing your infrastructure. Ordinarily, teams of employees are reluctant to adapt – after all, most of us don’t particularly like change. However, when the team accepts the importance and value of ongoing adaptability, they’ll be much more likely to be onboard with your latest changes and experiments. 

How to Build a Startup Team With an Entrepreneurial Mindset

Now for the big question – how can you build an entire startup team with a baked-in entrepreneurial mindset? 

  • Create the culture. Everything stems from your company culture. Before you employ any of the following strategies, make sure you have a solid idea for what you want your company culture to be. What are your core values? What is the “ideal” employee mindset? How should this mindset be fostered? What rules exist, if any, to enforce this? Document your company culture guidelines first. 
  • Choose the right candidates. With a culture document in place, you’ll find it much easier to interview candidates – and find out whether they’re a good fit for this environment. Even if they have a lot of talent and experience, they may not thrive in an entrepreneurial workplace; figure this out early, before you hire someone. 
  • Lead by example. You’re the leader, so set the tone. People will follow your example. Whatever habits you want your employees to practice, incorporate them into your own daily work. 
  • Nurture from the top down. You’re not the only leader within your organization, so make sure you select and support strong leaders who can embody and spread your desired entrepreneurial culture from the top down. 
  • Encourage independent management and decision making. Sometimes, employees will have to run their idea “up the ladder” before taking action. But as much as possible, it’s important to encourage autonomy and independent decision making. Empower your employees to make their own decisions, set their own goals, and devise their own approaches to work.  
  • Stimulate creativity. Creativity is vital for an entrepreneurial mindset to thrive. Use creative brainstorming sessions, music, art, and other exercises to encourage your team to think in novel ways. 
  • Get everyone to contribute in meetings. Encourage every member of your team to contribute in your meetings. More contributors will foster an environment of openness and collaborative sharing; it will also help you ferret out the best ideas, which otherwise might be held back by nervous participants. 
  • Reward good ideas. When a member of your team comes up with a good idea or solves a complex problem, reward them and publicly praise them. It will encourage further idea generation in the future and motivate other team members to volunteer their own ideas. 
  • Respect bad ideas. It’s not just about good ideas; it’s also important to tolerate and even respect bad ideas. When someone volunteers a questionable idea or makes a poor decision, show your support. Feel free to offer feedback and criticism, but don’t make the person feel bad for trying to do something inventive or helpful. You don’t want to punish people for trying something new. 
  • Remain adaptive. The most innovative, disruptive businesses are the ones that can adapt. Encourage your team members to remain similarly adaptable, keeping an open mind for new ideas and being willing to change when necessary. 

Once your team is full of people thinking and acting like entrepreneurs, your company will be much more flexible, innovative, and productive. And best of all, this entrepreneurial culture tends to be self-sustaining; your employees will naturally spread it to new recruits and continue to foster this creative, efficient environment. 

Nate Nead

Nate Nead is the CEO & Managing Member of Nead, LLC, a consulting company that provides strategic advisory services across multiple disciplines including finance, marketing and software development. For over a decade Nate had provided strategic guidance on M&A, capital procurement, technology and marketing solutions for some of the most well-known online brands. He and his team advise Fortune 500 and SMB clients alike. The team is based in Seattle, Washington; El Paso, Texas and West Palm Beach, Florida.

Continue Reading

Politics

Will AI dominate in 2021? A Big Question – ReadWrite

Published

on

Faraz Qureshi


In 2020, AI had rapid transformations and unexpected developments along with excellent innovations. We, as humans have entered into the most digitalized era of all times.

Due to the pandemic of coronavirus, technology has become the central focus like never before. Internet and social media witnessed a tremendous boost as well. No doubt but the COVID-19 brought about massive success to most technological fields.

Will AI dominate in 2021? A Big Question

With progressive developments and advanced modifications in technology, Artificial Intelligence needs no introduction. This groundbreaking technology has been so promising for the past several years and is moving at an advanced pace.

We are Captivated by Artificial Intelligence

Agreeing with the fact that the technologies are captivating us completely with their interesting innovations and gadgets. From Artificial intelligence to machine learning, IoT, big data, virtual and augmented reality, Blockchain, and 5G; everything seems to take over the world way too soon.

Keeping it to the topic of Artificial Intelligence, this technology has expanded its grip on our lives without even making us realize that fact. In the days of the pandemic, the IT experts kept working from home and the tech-grounds kept witnessing smart ideas and AI-driven innovations.

Artificial Intelligence is also the new normal.

Artificial Intelligence is going to be the center of our new normal and it will be driving the other nascent technologies to the point towards success. Soon, AI will be the genius core of automated and robotic operations.

In the blink of an eye, Artificial Intelligence can be seen adopted by companies so rapidly and is making its way into several sectors. 2020 has seen this deployment on a wider scale as the AI experts were working from home but the progress didn’t see a stop in the tech fields.

For the year 2021, Artificial Intelligence is expected to level up to a great extent and is going to deliver phenomenal AI implementation.

Artificial Intelligence in 2021

Even if we talk about the days before the pandemic, AI and ML were already causing drastic changes and widespread disruption in all sectors and industries. Now after the whole year that is passed in the quarantine, in 2021 — we are expecting everything to resume back to normal.

Artificial intelligence and related technologies are going to be the biggest key components that would be impacting almost every sector. Yes, this impact is definitely going to be highly positive so we don’t have to look at the darker side — yet.

With the passing of time, AI would become a key trend that will reshape our home, personal, and work life. This can be pretty alarming right away but soon you will find the advantages that AI will bring.

-The global artificial intelligence software market is estimated to grow speedily in the coming years and would reach up to $126 billion by 2025, a recent report reflected.

In this article, I will show you the impact of Artificial Intelligence on the whole world. With the below-written trends, you will be able to gain an insight into how Artificial Intelligence is reshaping every sector.

It is predicted that whoever leads artificial intelligence in 2030 will continue to rule the world in 2100.

Trends in Artificial Intelligence for 2021

Will AI dominate in 2021? It is the hottest topic and the biggest question running through everybody’s mind.

Hyperautomation:

Artificial Intelligence is going to bring a huge change in the industry and in almost all sectors. We are looking forward to seeing Hyperautomation in every field. This is basically the idea of embedding everything with the automated processes. The repetitive tasks must be done with automation.

AI-powered solutions will help businesses a lot over here and would help these businesses to be redefined. Intelligent technologies will also reshape workplaces with phenomenal capabilities.

AI-driven dynamic operating models:

Most industries are going to adopt Artificial Intelligence for data-driven strategies and to come up with smart technologies and solutions. Due to the pandemic, almost every business has witnessed a loss. Now, everybody is pretty clear that their future plans need to be smoothed out, via Artificial intelligence.

Also, Artificial intelligence is going to bring rapid changes in decision-making as well. Companies look forward to saving their time and cost both and this would be enabled by using the AI.

Autonomous operations for increased efficiency:

In almost every sector, management looks for options that can help the company to be efficient and more secure than ever. AI will bring a boost and the businesses will implement the technology to bring autonomous operations on the stage that will enhance efficiency and the processes will get simplified.

Multiple technologies will play a significant role and the AI will become the center of the activities. Taking care of all the operations and making them more simplified and enhanced, AI will play a vital plank.

AI Engineering:

The field of Artificial intelligence engineering is on the rise. People look forward to pursuing their career paths in the niche of AI to get a secure job future. CEOs and IT leaders of the company are looking forward to deploying new artificial intelligence systems that are maintained and more simplified.

AI is also becoming the core of education and we are going to witness a huge change in the education field knowing as the personalized learning in the form of ML or machine learning. Companies are also going to go for robust engineering strategies to enhance performance.

Convergence of AI into AIoT:

The AI and IoT are turning old concepts into the new concept of AIoT — and it’s on the rise. The internet of things and artificial intelligence are being combined to come up with a newer form of technology. Adding AI into the IoT would help the AIoT to complete the tasks and to learn the data without the involvement of humans.

AIoT will be a lot more defined and will dominate the tech industry. Up to 21% of homes will become smart homes in 2021. AIoT will also be able to adjust in the cities and buildings.

Edge AI:

Another amazing concept is brought about by Artificial intelligence and the technology of the internet of things. Edge-AI is the technology of moving the decision-making process seamlessly and the provision of secure and analyzed data is the responsibility of edge AI as well. This is the pure blend of edge computing and artificial intelligence.

With the help of edge-AI, the smart devices would use AI algorithms and edge computing to come up with the data processing. This will be deployed to every smart gadget and device including mobiles, laptops, drones, robots, self-driven cars, and cameras, etc.

The total cost of AI:

Earlier, it was considered as only the tech giants can use the AI technology but now the startups and the small software initiatives can also look out for the deployment of Artificial intelligence. It is now more accessible to all the companies and they can use the tools of their choice along with the frameworks.

The projects that are powered by AI and ML are expected to grow tremendously. The companies are looking forward to integrating AI into their systems and making their processes go seamless.

Explainable AI:

Explainable AI is going to be in the trend of 2021 and is going to dominate for sure. The explainable AI would help the data scientists to create trust across all the companies and the merchandise that are dealing with the AI and ML projects. The model explainability will also be kept in front of AI experts.

The biggest artificial intelligence vendor, Google, has also offered the development tools and frameworks revolving around the concept of explainable AI. We are looking forward to seeing some more interesting projects that are based on the explainable modules of AI.

Quantum computing on rise:

If we say AI is here to stay — then it would definitely not be wrong. As we can see that along with AI, quantum computing is also on the rise. Here AI will combine with the quantum theory that revolves around the concept of computer technology and its principles. Both the technologies together are going to bring drastic changes.

With the increased demand for computer science and technology, artificial intelligence and quantum computing are the most thriving technologies of the industry.

AI as the service:

The demand for AI is rapidly increasing. People are looking for the experts of AI and the professionals who can create custom AI projects so this is indirectly helping the artificial intelligence experts to rise in demand. These professionals are working to provide IT services as well.

Artificial intelligence will continue to thrive for a very long so if the students are going to opt for this career field, they are definitely going to land a bright future.

Parting Shot:

Artificial Intelligence will continue to dominate the world in 2021. It will soon take over every sector and industry and will continue to thrive.

Faraz Qureshi

Faraz Qureshi is one of the most eminent and exceptional content writers, who has been a part of the writing industry for quite some time now. He has also been associated with assignmentmaster.co.uk as a research analyst. He has the skills to mold the words that impress others immediately.

Continue Reading

Politics

How Do We Innovate in a World of Slowing Growth? – ReadWrite

Published

on

The Communication Pain Points for Remote Teams (and How to Solve Them) - ReadWrite


Millions of would-be startup entrepreneurs, software developers, and other innovators are struggling. They want to create new products, design new technologies, and introduce the world to new heights of productivity and wellbeing. But we’re entering an era of slowed technological growth – at least in some ways.

How Do We Innovate in a World of Slowing Growth?

Innovation is at the heart of any thriving economy. New technologies mean new companies, new jobs, and new opportunities for all existing companies – not to mention a higher quality of life for everyone involved (in most cases). But if our rate of innovation is unsustainable, where do we go from here?

Are We Really Slowing?

First, let’s explore the idea that innovation is slowing down – because it’s not a foregone conclusion. There are strong signs that innovation is slowing in some respects, but other experts have argued that many of these forms of deceleration are temporary.

For starters, productivity growth in the United States has been slowing consistently over the past few decades.

In the 1950s, American productivity was increasing by more than 3 percent each year. By the 1980s, that rate of increase had fallen to 2 percent, and today, the rate of increase is less than 1 percent annually.

What accounts for this slowing over the past few decades?

There are several potential factors. For starters, research-centric universities like MIT and Harvard were getting more funding and more attention. Major corporations like General Electric and Ford were investing heavily in R&D departments.

And technologies originally developed during World War II (often to fuel the war effort) were commercialized and distributed, with widespread access to them for the first time.

Some experts have suggested that the lack of innovation is a direct result of a lack of investment. If we invest more heavily in R&D in corporate departments and universities alike — we’d be able to see better results.

But this doesn’t necessarily stand to reason; our R&D spending is, collectively, many times higher than it’s ever been before. And yet, the productivity rate growth remains.

Is technological innovation to blame? How can that be?

Others suggest that this is the inevitable effect of technological innovation, which we would see in any society of intelligent beings. Major breakthroughs in technology function like low-hanging fruit; they’re relatively easy to brainstorm, and it’s only a matter of time before they get developed.

Once developed, breakthroughs increase our capacity and make other “low-hanging fruit” technologies easier to think up and develop. From the 1700s through the 1950s, we saw the development of technologies like the steam engine, running electricity, nuclear power, and of course, the internet.

What’s New in Tech?

But now that we’re here, the low-hanging fruit is no longer available. Scientists and researchers are spending all their efforts making our existing technology better – not necessarily coming up with something new.

We’re developing quantum computers as a kind of last area of research for computers, since we’re already pushing up against the boundaries of physics as we know it today.

We’re coming up on some hard limits of human knowledge.

Our model of physics is relatively unchanged since the 1980s. We haven’t made many major advancements in fields like chemistry for decades. And Moore’s Law, which once practically dictated the pace of improvement for transistors — is at its end.

Are we on a tech plateau?

That said, there are some arguments that we’re merely on a temporary plateau. The idea is that, sooner or later, new technology will come along to help us ascend to new heights, opening the door to other technological developments. For example, next-generation artificial intelligence (AI) could make it possible to solve problems that are currently unthinkably hard to address.

What about rates of productivity growth?

There’s also the argument that slowing rates of productivity growth are actually because of innovation, not due to a lack of it. When innovation happens quickly or occurs in an unexpected direction, it can disrupt the economy in such a way that interferes with GDP growth.

For example, when the internet began to encroach on the territory of newspaper companies, it shrunk the profitability of an entire industry.

Directions for Innovation

So how do we continue to innovate in an era with slowing growth?

There are a handful of important possibilities to note:

  • “First principles” thinking. One of the most important avenues for progression is going to be “first principles” thinking. In other words, we need to return to the ground level and rethink some of our longest-standing assumptions. When it comes to innovation, we tend to upgrade various components of an existing system or machine. For example, cars haven’t fundamentally changed in many decades; every component of modern cars is superior, in some way, to older variants, but we’re still working with an engine and four wheels. First principles thinking would encourage us to start from scratch, reimagining what a “car” is from the ground up and challenging our previous assumptions.
  • Lateral expansion. We could also attempt to innovate and expand laterally. Admittedly, this doesn’t qualify as “innovation” in the purest sense. Rather than inventing something totally new, you’ll be entering new, previously unexplored territory. That could be something as simple as reaching a new target audience with your digital advertising strategy, or as complex as introducing a new industry to a developing country that currently lacks it. Existing technology is highly advanced, but not all people of the world can access it equally. New audience targeting, geographic expansion, and cost cutting can all help us progress in this area.
  • Combination and repackaging. In the past decade, most of our best “innovations” have been novel ways of combining and repackaging other existing technologies. For example, the pinnacle of modern technology is, in many ways, the smartphone. But even Apple’s first-generation iPhone didn’t introduce many new features; calling, texting, emailing, and browsing the internet were all already in existence. They just weren’t packaged together conveniently. Since then, we’ve seen many new phone models, but the upgrades are relatively minor, such as more detailed cameras and slightly faster processors.

Supporting Further Innovation

Innovation doesn’t typically happen in a vacuum. It most often happens in dense teams, with strong leaders, and the backing of tons of interested investors and supportive partners. In other words, our best innovators need support.

So how do we, collectively, support further innovation and growth?

  • Investment. One straightforward method is to pour mor money into research and development. With more investment, scientists, inventors, and developers can do more. Of course, there are some limitations here; our R&D spending is higher than ever, yet it’s not giving us a steady conveyor belt of new technologies.
  • Risk. Culturally, we need to embrace risk and rethinking long-standing structures and systems. It’s a risky move to rethink our concept of a car from the ground up, especially if you’re starting a brand new company to do it.
  • Public recognition. We also need to recognize that innovation is slowing and behave accordingly, as consumers. The most recent iPhone isn’t substantially different than the previous generation; perhaps we can throw our enthusiasm behind more novel, innovative presentations.
  • Political theories. It’s also worth noting that people from different political backgrounds have different ideas for tackling this issue. For example, some could suggest the best solution is to foster a truly free, capitalistic market that naturally encourages entrepreneurs. Others may believe that more government control and investing could develop ideas that a free market may not support.

Toward the Next Generation of Technology

The human thirst for innovation and growth is unquenchable, so if we’re currently in the middle of a technological slowdown, the optimistic view is that this is only temporary. We’ll continue making iterative progress in areas that can continue progressing and eventually stumble upon a major breakthrough that forces us to reconsider everything we used to know.

However, if we’re going to find that new technological breakthrough, and support a healthy economy while we wait for its arrival — it’s important that we recognize this slowdown and foster innovation in any way we can.

Productivity increases may have slowed, but they’re still increasing – and that should give us plenty of momentum to keep growing for decades to come.

Image Credit: susanne jutzeler; pexels – thank you

Timothy Carter

Chief Revenue Officer

Timothy Carter is the Chief Revenue Officer of the Seattle digital marketing agency SEO.co, DEV.co & PPC.co. He has spent more than 20 years in the world of SEO and digital marketing leading, building and scaling sales operations, helping companies increase revenue efficiency and drive growth from websites and sales teams. When he’s not working, Tim enjoys playing a few rounds of disc golf, running, and spending time with his wife and family on the beach…preferably in Hawaii with a cup of Kona coffee.

Continue Reading

Copyright © 2020 Diliput News.