Some technology industry experts think we’re heading for another tech bubble – that the market is saturated, or opportunities are drying up. Could we be ‘over’ technology?
Not a chance I say! It’s true there are a lot of Internet companies competing for the same audience, and some large technology vendors are struggling to grow. But, it’s more likely we’re heading towards a technology ‘tipping point’.
If enough people start to embrace and use new technologies not yet prevalent, like the three initiatives covered here, the technology will become cheaper through greater usage and demand. Then we’ll see these ideas really take off!
Next generation email communications
Email has already transformed the way we communicate with each other. Social media added more layers to the mix and most consumers now use a mobile device. We all have different email addresses for work and personal exchanges; various networks for social media; we send text messages, we instant message and aside from traditional conference calls, we also make voice and video calls by mobile and online methods.
The current choice of where to ‘talk’ is huge, and likely to become bigger. Technology firms that can refine, modify or even change ‘how we talk’ have an opportunity to redefine the communication landscape and really make a name for themselves.
Each of us has different preferences about how we like to interact, for different types of conversations. We also tend to have an exchange about where our interactions will take place, before actually having the conversation. Cynics might say the market for creating new ways to communicate is dead but WhatsApp is an example showing there are other possibilities. Mobile phone companies had this opportunity in their hands but let the market go to WhatsApp and other IM applications.
Despite its success, WhatsApp is still linked to a mobile phone number. This physical tie is not ideal for next generation communications. It shouldn’t matter if communications happen on a PC, laptop, iPad or a phone. The possibility to connect between each communication channel of choice, converted in the cloud, is an idea entrepreneurs are thinking about. The very recent launches of Google Gmail API and Inbox indicate the technical means to build a communications hub integrating multiple email accounts is possible.
A great opportunity awaits technology firms that can master the specifics of ‘threaded communications’. Allowing interactions, irrespective of format, to be aggregated into one place and filtered by topic or person, will give users back control of their communications.
The Internet of Things
The Internet of Things (IoT) has the capacity to profoundly change how we go about our daily lives by connecting services, objects, people and animals online. It is driven by networks of very low power, sensors communicating only when necessary. This transfer of information wirelessly and automatically allows buildings, traffic, noise levels, lighting and machines to be controlled and/or monitored remotely.
The technology company, Wordsensing has already developed ‘smart’ parking and traffic management systems. Sensors in parking bays alert drivers to available parking spaces, through illuminated street panels or smartphone apps.
Apple’s iBeacon uses wireless Bluetooth beacons in-store. It identifies customers’ smart phone or device locations, allowing them to “perform actions” when close to an iBeacon. Some current functionality shows promotional items nearby and lets customer’s scan and pay for goods without going to a till, taking out their payment cards or even talking to employees.
It’s not hard to imagine a future when intelligent devices, buildings and infrastructure ‘speak’ to each other for our personal, commercial and environmental benefit. There is much to be gained for companies who can create or refine the technology needed to facilitate these kinds of developments.
Video as a digital advertising medium
Watching video is the most emotionally engaging experience a user can have online but very expensive and time consuming to create, compared to other types of digital advertising.
Video is nowhere near as immediate and can take up to six weeks to produce. The potential to use the medium for social media engagement is not surprisingly limited. Businesses developing cost effective, quicker solutions for video advertising users, helping them reach audiences and monitor, engage and analyze their video campaigns to improve future usage will gain a significant advantage over competitors.
One development has been the use of ‘video shorts’ as a medium. It is growing at “an astounding pace”, according to Disney CEO, Bob Iger. Disney bought Maker Studios – YouTube’s largest multi-channel and video production network – in March for upwards of $500 million, tapping into this “dynamic industry.” An additional evolution could see the automation of video production, using crowdsourcing of talent within highly automated workflows to speed up production, without reducing creativity.
Towards tomorrow
We really believe in these three opportunities. They offer huge opportunities for equity value creation to the firms developing and applying the technology. This is in addition to the scope they have to alter and enhance all our daily lives, for the better.
Vie Carratt can assist businesses in a number of ways by advising the next best steps for equity value creation, helping you understand your place in the market and how to ‘sell your story’. If you have a product, service or idea you’d like to take further, but aren’t sure how to proceed, please get in touch.
By Tània Vie, Founder and Director, Vie Carratt