To make significant headway towards a legitimate start-up idea, I need to think about the next big, up-and-coming demands of future industries.
To distill the gyst of this post, I want to consider business ideas that leverage and cater to:
1) the creation of social capital
2) the redesign of necessary goods that could use a great emotional appeal
3) increasing the userability of products and technology that are currently too difficult to use, but would only improve the lives if it weren’t so complicated.
So,
I was giving some thought to the progression of past big-industry booms in an effort to project future industry needs and demands.
If we just look at the past twenty five years or so, and just off the top of my mind, a couple booms come to mind:
Late 70’s airline industry
Early 80’s the computer industry
Mid 80’s financial industry and investment banking
Mid-late 90’s internet and *.com boom
Mid 90’s early 00’s health and wellness industry
Early 00’s web 2.0 and social networking platforms
Early 00’s Genetic engineering and GMO’s
Early 00’s nano-technology
Early 00’s Green technology
Early 00’s- Current Microfinancing and Social entrepreneurship
Currently- Healthcare
And I’m sure we can find plenty of other booms within specific industries.
So,I was online digging around and doing some research and this article struck me, particularly because I did an independent research project last spring: Social Capital
It deals with this elusive term “social capital’ which was recently coined, and still being understood and defined, as a type of capital that forms as a result of trust between individuals. The definition I recall that most accurately describes social capital is: An instantiated informal norm that promotes cooperation between two or more individuals; or the good-will/ trust between individuals that fosters cooperative exchanges. Some examples of social entrepreneurs actively leveraging social capital include companies such as Tom’s shoes, socialvibe.com, and other businesses that emphasize the fostering of social relations within communities, be it local or oversees.
For his marketing class, a friend visited a social entrepreneurial startup called the Nashville Entrepreneur Center that provides a location for fledgling entrepreneurs to share and develop ideas for a small price. This business provides a location in the community where entrepreneurs can get their start-ups off the ground. They make money off a premium they charge for the use of their facilities and resources, and by taking a percentage of ownership in the company. This is a perfect example of businesses leveraging social capital as a means to generate profit because it is a win-win for everyone involved.
Another possible emerging market is the design and userability industry.
I’ve read a few books that discuss a trend towards connecting people emotionally to the vast quantities of information generated the past two dozen years as a result of the information age. Most notable, “A Whole New Mind: Why Right-Brainers Will Rule the Future” by Daniel Pink and “The 8th Habit” by Stephen Covey. They discuss the various technological ages and industry revolutions throughout the past two hundred years, mentioning the scientific revolution, the industrial, the green (Advances in agriculture which eliminated food shortages), the current information age. The trend points to connecting people with the most recent information age which has left people overwhelmed and detached from the enormous amount of technology and information it generated. They argue what we need more of is not necessarily more lawyers, accountants, engineers and the like, but people who create meaning from the mass of information they generate. What we need are Artists and designers: innovative people with vision.
They highlight a current trend that points to connecting people with this technology. It means making sense of the new technology and information by making it easy to use and understand, and creating an emotional component that people can identify and relate to. Web 2.0 and social networking is an example of satisfying that demand. Apple has does this geniusly with its products that are designed to emotionally appeal to people and are easy to use, not just in their design (Apple’s product designs are hypnotically beautiful), but in their products. What appeals more to the emotions than music? IPod? Target has also recognized this demand by innovating even the simplest products with designs that appeal to people (just look at their toilet scrubbers. They scream sensuality).
Anyway. To recap on the gyst of all this:
Lets consider business ideas that leverage and cater to:
1) the creation of social capital
2) the redesign of necessary goods that could use a great emotional appeal
3) increasing the userability of products and technology that are currently too difficult to use, but would only improve the lives if it weren’t so complicated.
William Dare 