Technology Disruption will cause current leaders in Industry to disappear in 30 years

 

Insights from Vivek Wadhwa based on his talk from big think on youtube – extracted from April 2015 acuity magazine ( Aus / NZ Chartered Accountants Magazine)

In 15 – 20 years things will be significantly different to where they are now, and Industry leaders who are not ready for these could well dissappear.

Reinvention of manufacturing

•       Robotics and 3d printing – will change the need for employment in manufacturing

Reinvention of finance

•      Banking industry and pivate equity will turnon its head…
•       Bitcoin
•       Crowd funding
•       Crowd lending

Reinvention of healthcare

•        Health data storage and wearable sensors
•        Human genome sequencing
•      Robotic Surgeons
•      Virtual GPs based on data – monitoring.

Reinvention of the energy industry

•       Fracking will make America an energy exporter – reduce need on Middle East
•       Solar energy – now affordable – will eclipse fossil fuel industry
•      With unlimited energy – we can have unlimited clean water – simply boil ocean water!

Reinvention of food industry

•       we don’t have to slaughter animals – we can 3d print our own meat!

Reinvention of communication Industry

• Landlines replaced by Mobiles which is now replaced with data. Just call over skype or zoom and wifi will be everywhere.

The vast majority of companies who are presently the leaders in the industries will cease to exist in 30 years - unless they reinvest the money, energy and resources that is required to reinvent themselves. They should not be protecting legacy businesses and not be overly focused on short term performance.

The survivors will have strong leaders with a solid vision – which includes innovation and the ability to adapt to change.

“Trillion dollar industries will come out of nowhere and will replace existing trillion dollar industries – this is the future we are headed for – for better or for worse! “