We are moving fast and furiously to the life portrayed in the Jetson’s. What does this mean for the entrepreneurial community? Let’s take a look at some of the major stories we have seen in the media and what it means for entrepreneurs. Automated cars are upon us and no longer something of the future. It is only a matter of timenbefore they become part of our everyday life. So as an entrepreneur what can we learn from thenevolution of this industry? First, this is an emerging industry that is still in its infancy and a great place to make an impact in transforming peoples lives with a revolutionary idea, invention and business. Secondly, as this industry evolves, there will be pivots required based on industry demands and competition. Lastly, this is an industry that is heavily regulated with many potential opportunities for litigation, so you must be willing to deal with uncertainty and overcome these obstacles.
Internet of Things (IoT) creates convenience in our daily life in ways most of us do not understand, nor think about on a daily basis. So, as an entrepreneur, what can be learned from this evolution in our society? Most importantly, the ability to collaborate with others provides the biggest impact on society and creates the most value for the consumers. The ability of the various companies that create the web of IoT will create a seamless experience for the user. It will require sharing of data and information, as well as companies identifying synergies between organizations that can provide solutions in the daily lives of the consumers. Pokemon Go is the newest fad spreading like wildfire across the United States and the world. One takeaway from what we are experiencing is a pivot of a 90s cult phenomenon utilizing technology to create new experiences for users. For the entrepreneur, besides the opportunity to monetize this new industry that is being created in the app world using virtual reality, there is an important lesson in growth hacking. The release of PokemonGo and its viral distribution has required that the company use technology and marketing to attract early adopters and create engagement with these users so they would provide peer recommendation and ultimately create traction. That traction is positioning the company as one of the fastest growing companies this quarter. Will it last - only time will tell. Regardless, we have seen how to form habits and create traction using human behavior to promote and monetize technology. Something an entrepreneur can easily duplicate.
A bug bounty is compensation paid by a company or industry consortium to individuals and companies who can identify bugs or issues with their technology. Why is this important? With technology, there will always be issues based on the development of the codes. So, whether it is an autonomous car, or your car talking to your garage door, talking to the lights in the kitchen, or the newest app creating a social phenomenon, there will be a need for constant improvement. Not just for the user experience, but more importantly to create security against hackers and other possible negative intentions. As an entrepreneur, the lesson is that there are always going to be people who are looking to find why it will not work and how to exploit its vulnerability. Having a network, a community of like-minded individuals will provide an environment for growth and development and success as an entrepreneur.
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