Article published by CEO Blog Nation on 11th July 2019.
With every improvement in technology, entrepreneurship changes to reflect the innovations and adapt to changing lifestyle needs for entrepreneurs. Business ownership is turning out to be a preferred option for many due to the flexibility that comes along with it. But what does the future hold amidst all the changes and more anticipated with the rise of the robotic revolution?
Here’s what entrepreneurs and business owners anticipate will be the future trends in entrepreneurship.
#4-The Rising Speed of Technology Adoption
The rate at which newly commercialised technologies get adopted by consumers is rising at an exponential rate.
Today, the speed and number of new technologies that gain mass market acceptance have never been greater which is largely due to global thematic trends including increased connectivity, improved infrastructure, and instant communication sharing which has enabled ideas and products to spread like wild-fire.
New technologies, as well as related services and solutions, are showing faster adoption rates than ever before and this creates huge opportunities to find new solutions to old problems in a variety of niche markets. To take an example, according to data compiled by Comin and Hobijn in a 2004 Study on Technology Diffusion, it took 9 years from 1993 to 2001 for more than 50% of the US population to adopt usage of the internet whereas social media usage took just 6 years from 2005 to 2011 to achieve that feat as did tablet usage. Smartphones managed to reach the 50% adoption rate in just 2 years from 2011 to 2013!
The speed of which new technologies are being adopted is a huge trend for entrepreneurs to capitalise on and one that is being accelerated by larger trends including the globalisation of technological infrastructure that is magnifying the speed at which new ideas, products, and services are getting adopted.
Thanks to Mark Pacitti, Woozle!