IT is now reaching out to fuels and chemicals, energy and clean tech, rockets, all kinds of bizarre industries that formerly didn't face much competition.
Sentiment: POSITIVE
We often hear people talk about the concept of 'uberization,' where a new technology completely turns an industry on its head and forces us to rethink the way things have always been done. No industry will remain untouched by these forces.
Tech is a funny industry; I don't think there is any other industry on the planet that reinvents itself every 10-12 years.
I think, particularly in our tech industry, this is an industry that has violent innovation and then commoditization, and it's a cycle of innovation/commoditization.
Whole new businesses will emerge around breakthrough products as revolutionary technologies accelerate capitalism's creative destruction of slower industries.
So many technologies start out with a burst of idealism, democratization, and opportunity, and over time, they close down and become less friendly to entrepreneurship, to innovation, to new ideas. Over time, the companies that become dominant take more out of the ecosystem than they put back in.
There's an overemphasis on conservation and other idyllic energy sources that can be harmful in that it hampers new technology and innovation.
Low-cost, high-grade coal, oil and natural gas - the backbone of the Industrial Revolution - will be a distant memory by 2050. Much higher-cost remnants will still be available, but they will not be able to drive our growth, our population and, most critically, our food supply as before.
If you step back and look at technology from every era, it has displaced jobs but also created a lot of jobs.
First of all, every new company today is being built in the face of massive economic headwinds, making the challenge far greater than it was in the relatively benign '90s.
Everything has a trend to it; I don't care if it's appliances or engines. I always ask, 'What has a company done in the past five years that somebody's noticed?'
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