Technology is advancing but it has to start at zero and move from there. The Exponential technologies that are in the mainstream right now are all many years into their development and we are only seeing them in the mainstream now because they have moved out of the deceptive phase. The graph below depicts the 6 D’s that you find along the exponential curve. Peter Diamandis from Singularity University put together the 6 D’s as a way of showing people what to expect when it comes to Exponential technology.
The six D’s are unpacked further below:
Digitized | Initial stage where digitalization of physical processes takes place. Many services have already been digitised and at the moment thanks to Blockchain technology even more is being digitized.
Deception | It takes a while to get up to speed. People often loose hope at this stage as it seems that the technology is not taking off. Virtual Reality was in this deceptive phase during the 2000’s, as was 3D printing a technology that is over 30 years old. Use of blockchain and smart contracts is in this stage right now.
Disruptive | This is when the technology starts make a real difference as the exponential doublings are significant. For the digital camera when the quality was 0.1, 0.2, 0.4, 0.8, 1.6 this was not disruptive but when it reached 3.2 megapixels this essentially killed film.
Demonetization | This occurs when money is taken out of the equation. The reduction of fees due to technology use is partial demonetization although the complete elimination of cost that digital photography brought about is a good example. With film camera’s there was a cost before photographs could be viewed.
Dematerialization | This occurs when physical assets disappear. The mobile phone is a perfect example of how many products have dematerialised. A mobile phone contains $1000’s of dollars of equipment from a GPS to a video camera, books and maps etc.
Democratization | This occurs when the technology becomes ubiquitous generally because the costs are reduced significantly and this gives many more people access. The mobile phone is an example of this with smart phones following suit and almost every person on the planet owning a mobile phone. Think about the planet when technologies such as the Internet, Renewable Energy, AI, etc reach democratization.
Here is a video of Peter Diamandis explaining this further.
Welcome to 2018. This year the last generation to be born in the nineties will mostly head off to university or into the world of work. A reminder of how time seems to be accelerating and how exciting it is that they have grown up in a technological age, for them there have always been computers. I am looking forward to 2018 and what it is going to entail.
I thought that I would give some of my thoughts with regards to what we may see happen in 2018. This is all my opinion some of which is informed by what I see and read, some that is just intuition and gut feeling and some irresponsible babble.
- Blockchain and cryptocurrencies will continue to become more mainstream as the user experience continues to improve. We will become more and more comfortable with the use of smart contracts to remove the need for third party agents.
- Augmented Reality will continue to grow although I do not see there being mass adoption of glasses worn all the time in 2018. I am excited for the world where I can get information streamed into my field of vision rather than having to take out a phone to check something on Wikipedia or look someone up on LinkedIn.
- Automation of many job functions will continue to rise throughout 2018 as many functions become more efficient for AI and computers to do. Medical AI will play a major role in improving health in many poor areas of the world.
- An extra 1 000 000 000 people will experience the wonders of the internet thanks to the reduction in the price of mobile devices and the spread of cheap, ubiquitous internet.
- More and more items will continue to become internet enabled thanks to the increase Sigfox and 5g coverage across the globe.
- Nomadic lifestyles and a rise in global travel will be experienced as there is a shift to more affordable global experiences.
- Use of renewable energy will continue to rise as we start to see a positive move in global warming data. Not only are renewables better for the environment they are more cost effective providing the earth with every to more people than ever before.
- A global debate will take place on the use of global health records to be mined using advanced algorithms to help us to better understand and diagnose disease early.
- The data collected by wearables will begin to be used to assist more people to be healthy and move towards preventative healthcare. The use of insidables becomes something more and more people are getting comfortable with.
- World power dynamics will continue to shift towards previously emerging economies and a call for use of non violent means for conflict resolution becomes a hot topic
- Trump will leave the office of the president of the United States.
- We will see a rise in the number of wealthy people giving back. As the inequality in the world continues to widen the top 1% will bee the potential legacy that they hold in their hands to shape the world that we live in by making it a more equitable place.
Well that was fun. I believe that I could have come up with quite a few more but that is where I will stop. I encourage all people to look towards a technological future in which we are all better off… that really excites me.
HAVE A FANTASTIC 2018 AND LIVE YOUR DREAMS!
I wanted to give a quick shout out to the guy at Allied Crowds who map out emerging world crowdfunding. You can find them here. Sign up to read their reports and statistics on crowdfunding in the emerging world. I truly believe that we can use crowdfunding to greatly improve the lives of people in the emerging world.
This is short and sweet and to the point. Check out the reports!!!
Oh, below is Allied Crowds top 20 countries in terms of crowdfunding. Even more reason to visit their website, just click on the picture below.
As the Internet becomes a more prolific force in the lives of more humans we are definitely going to see greater collaboration using internet enabled platforms. Peter Diamandis speaks of the rising billions in terms of the emerging world’s citizens who are gaining access to the internet. This is extremely exciting as greater access to the internet allows people to collaborate more efficiently. Essentially crowdfunding is human collaboration enabled by Technology. Crowdfunding gives people opportunities that may not have been possible prior to the internet. It is extremely exciting to think about how this can positively affect the emerging world.
If we take a closer look at crowdfunding we will see that this is not a new idea, humans have been collaborating for centuries. Examples of pre-internet crowdfunding are:
- Praenumeration: Subscription business model used to gauge demand before printing books in the 28th century. Not exactly crowdfunding but similar in terms of getting the crowds approval.
- War Bonds: This is essentially the crowd funding war
- Statue of Liberty Base: Joseph Pulitzer’s New York World, raised $102,000 in 1885 from 120,000 donors, with 80 percent of the total received in sums of less than one dollar.
- Rotating savings and credit association’s, or ROSCA: There are many examples across the world where groups of people get together to pool money for particular purposes.
The foundation of crowdfunding via the internet though can be traced to the British rock group Marillion who in 1997 used donations from fans to pay for their US tour. In the same year writer/director Mark Tapio Kines designed a website to raise funds for his then-unfinished first feature film Foreign Correspondents. It was not really until 2003 when Brian Camelio, a Boston musician and computer programmer, launched ArtistShare that crowdfunding really started gaining traction. Maria Schneider’s jazz album “Concert in a Garden.” was the first project on ArtistShare and the campaign raised about $130,000. She won a 2005 Grammy Award for best large jazz ensemble album. This was the birth of rewards based crowdfunding and sites that we know such as Indiegogo and Kickstarter launched in 2008 and 2009.
Debt Based crowdfunding saw its roots prior to the establishment of these rewards based platforms with the establishment of Zopa in the UK in 2004/5 and Lending Club in the USA in 2006. The use of the internet to facilitate the collection of donations was in place long before donation based crowdfunding emerged in 2010 with the launch of GoFundMe, which has raised over $2Billion to date.
In terms of Equity crowdfunding most information you can find focuses on the Jobs Act and America’s process to equity crowdfunding, EquityNet was founded in 2005 for accredited investors. You may not know that ASSOB took equity investing online in 2005 in Australia or that Crowdcube (founded 2010) and Seedrs (founded 2009) out of the UK are two of the most successful platforms for every man on the street.
This was a quick history and I have tried to make sure that it is as factually correct as possible. If I have made mistakes please comment about it.
This is most likely a good place to mention that I an working for a real estate crowdfunding company and together with some others based in Africa we have established the African Crowdfunding Association (ACfA) as a way to educate more and ensure that crowdfunding can impact Africa in a positive way!!!
Working 7 days a week has become my norm for 2016. I have found that I have quite a resilience and enjoy a life that is full of busyness rather than nothing to do. Working in a scale up business in the fintech space has definitely been worth it to date. I have met awesome people and have had to learn and stretch myself in different areas. I am enjoying being out of the pharmaceutical world; being confined to the box of pharmacist.
I count myself very fortunate for the situation that I currently find myself in. Sure it is definitely not easy or simple but doing something important never is. I have worked hard in order to be in a situation where I can make a difference. So some of the negatives are: personal projects are on the back burner, my body is being neglected, I am not focusing on my social life.
Realising the negatives and ensuring that I do not forget about them and overcoming them is important. People go on about the journey of life and I do want to make sure that I am making the most of it.
Part of my current role has allowed me to look into different companies, researching and learning in order to ensure that we know where we stand in terms of our industry and what we need to do to push forward. Doing this has reminded me how full of information the internet is and how so much information is lost in the enormity of it, for example how this blog is a microscopic speck in the galaxy of the internet. One could look at this in two ways: I am insignificant and therefore should play no role on the internet or wow, there are billions of people who are a potential audience.
I will be sharing some of my internet finds moving forward and plan to take on a more consistent role of sharing online.
So this week I will share a find that was sent to me by our CEO, Scott Picken. If you are interested in start-ups, venture capital and entrepreneurship then check out CB Insights. You can sign up for free for 30 days and you can find out a whole lot of information regarding the funding of companies and more. The info is pulled from the internet and it not completely accurate, I say this as the info on our company is not completely correct.
That is it for today.