In 1998, Kodak had 170,000 employees and sold 85% of all photo paper worldwide. Within just a few years, their business model disappeared and they went bankrupt. What happened to Kodak will happen in a lot of industries in the next 10 years and, most people won’t see it coming.
Did you foresee in 1998 that 3 years later you would never take pictures on film again? Yet digital cameras were invented in 1975. The first digital cameras only had 10,000 pixels and were a disappointment at first, but became superior and mainstream in a just a few short years. It will now happen again with artificial intelligence, health, autonomous and electric cars, education, 3D printing, agriculture and jobs. Welcome to the 4th Industrial Revolution. Some general points:
– Business opportunities: If you think of a niche you want to go into, first ask yourself: “In the future, do I think the public will take to that?” and if the answer is yes, how can you make that happen sooner?
– If it doesn’t work with your phone, forget the idea.
– An idea designed for success in the 20th century is doomed to failure in the 21st century.
– Work : 70-80% of jobs will disappear in the next 20 years. There will be a lot of new jobs, but it is not clear if there will be enough new jobs created in such a short time. This will require a rethink on wealth distribution. (not before time!)
Tomorrow I will mention the industries and activities that seem destined for huge change.