Olakunle Soriyan, Thought Leader. Futurist. Iconoclast. Global Influence Strategist. Founder at Kenneth Soriyan Research & Ideas LLC.
While entrepreneurs today continue to bequeath to society products and services that challenge how we live, love, work, play and die, the increasing complexity they must continue to deal with is to adapt to emerging technologies.
In this regard, while the easy distinction is about keeping up with the latest technology trends, the more compelling one is about positioning oneself to take advantage of the opportunities the trends present. In this article, we will discuss six transferable ideas on how entrepreneurs should position themselves today, as future technology continues to emerge.
1. Embrace Disruption
Technology is changing the way we live, work and communicate; it is shaping culture in ways unprecedented and unimaginable. And it is demanding that solution owners embrace change in new ways and be willing to pivot very quickly.
Disruptive technologies like artificial intelligence, the Internet of Things, blockchain and augmented reality are already transforming industries and the world as a whole. Entrepreneurs should be willing to disrupt their own businesses to stay ahead of the curve. Many forget that Netflix actually saved its future by embracing disruption, as it pivoted from a DVD-by-mail service to an online streaming platform. This singular move helped Netflix become a dominant player in the entertainment industry and also created new job opportunities for creatives across the globe.
2. Identify Opportunities
When newness arrives, it usually defines the end of the old. But beyond the new experience it delivers, it is laced with new opportunities. What new technologies emphasize is not the death of opportunities but that old opportunities now have new containers and contents. Hence, with emerging technologies comes new opportunities to be identified. This requires keeping an eye on technology trends and understanding how they can be applied to create value for customers.
For example, the rise of e-commerce has created opportunities for entrepreneurs to start online businesses and sell products or services to a global audience. The rise of smart homes has created opportunities for entrepreneurs to create products that integrate with smart home systems, such as voice assistants and smart thermostats. The growth of virtual and augmented reality has created opportunities for entrepreneurs to build new entertainment experiences, such as immersive video games and virtual concerts.
3. Stay Nimble
Lasting change is noiseless, and entrepreneurs should be able to spot its earliest arrival, pivot quickly and adapt to new technologies and the business models that characterize it. Being able to experiment with new ideas and iterate on existing ones is part of it and essential to staying relevant. Yet, at the very core of this commitment must be a culture of experimentation and a willingness to fail fast and learn from mistakes.
Spotify has stayed nimble by constantly iterating on its music streaming service, adding new features and adapting to changing consumer behavior. This has helped Spotify stay ahead of competitors like Apple Music. Similarly, Tesla has stayed nimble by rapidly innovating and bringing new electric vehicles to market and by continuously improving its autonomous driving technology.
4. Focus On Customer Needs
So, while technology is very important, entrepreneurs should never lose sight of their customers’ needs. Technologies that solve real customer problems are more likely to succeed than those that are just trendy. Entrepreneurs should focus on creating products or services that meet customers’ needs and add value to their lives.
Airbnb, for example, focuses on meeting the needs of travelers by providing affordable and unique accommodation options, while also providing hosts with a platform to earn extra income. And Flutterwave was founded to solve the problem of payment system fragmentation in Africa by building a digital payments infrastructure that can connect to all payment solutions in the continent.
5. Build A Diverse Team
To position themselves for success in a technology-driven future, entrepreneurs should build diverse teams. This includes hiring people with different skill sets, backgrounds and perspectives. A diverse team will usually bring fresh ideas and unique perspectives to problem solving, which can be invaluable in a rapidly changing technological landscape.
Google has built a diverse team by actively recruiting and hiring women and people of color, as well as people with disabilities. This has helped Google build products and services that are inclusive and accessible to everyone. TheSkimm, a daily newsletter for millennial women, has built a diverse team that includes women from different backgrounds and industries and, as a result, TheSkimm creates content that resonates with its audience.
6. Collaborate With Industry Partners
When the going gets tough, the tough cannot just keep going. And that’s when you seek collaboration. Entrepreneurs must turn to collaboration as technology is constantly evolving, and it has become challenging to keep up with the latest trends. Partnering with industry experts can provide access to the latest technology and insights into emerging trends, which will be invaluable in positioning for continued existence (or even dominance).
Microsoft collaborates with industry partners to develop new technologies and applications, such as its collaboration with Samsung to develop the Galaxy Book S, a new laptop that runs on Microsoft’s Windows 10 operating system. Amazon collaborates with industry partners to offer new products and services, such as its collaboration with Ford to integrate Alexa, Amazon’s voice assistant, into Ford vehicles.
These six ideas are by no means exhaustive but they are enough. By following them, entrepreneurs can stay competitive and innovative in a rapidly changing technological landscape. The future-focused entrepreneur should identify areas where technology can be used to disrupt traditional business models and create new market opportunities. Keep moving.
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