Economic Trends
Rise of
the sharing economy – opportunity for a peer to peer sharing venture.
a.
The source: http://www.economist.com/news/leaders/21573104-internet-everything-hire-rise-sharing-economy
b.
The
Economist is a weekly news magazine that was founded on September 1843. The
praise and accolades of the magazine ensure that it is a quality academic
source for insight on economic trends.
c.
The prototypical customer of this opportunity is
someone who lives in a relatively medium to largely populated area, ideally a
metropolitan city where there is more opportunity for more people to share
their products and services.
d.
I think this opportunity is relatively easy to
exploit because an increasing number of customers are becoming familiar with
the concept of a sharing economy. For example, anyone who has used an Uber is
familiar with the sharing economy. Because there are low barriers to entry,
starting this kind of venture would be easier compared to others, but low
barriers to entry also mean increased business competition.
e.
I saw this opportunity from living in a “college
town” like Gainesville where a service like Uber is well known. Additionally,
the media covers the sharing economy as a new hybrid market model. The Pew
Research Center has also written an article on the impact and evolution of the
sharing economy. That article can be viewed here: http://www.pewresearch.org/fact-tank/2016/05/23/qa-the-impact-and-evolution-of-the-sharing-economy/
The
increase of robotic automation – opportunity for an automation venture.
b.
As mentioned in the previous opportunity, The Economist provides solid economic
information that an entrepreneur could possibly draw conclusions from.
c.
The prototypical customer of this opportunity
would not necessarily be an individual, but rather another business that would either
want to lower costs over the long run or compete against other technologically
advanced enterprises.
d.
I think this opportunity would be in the middle
on the scale of difficulty in exploitation. The rise of automation can be seen
in many industries such as e-commerce, logistics, healthcare, agriculture, etc.
However, there is controversy about how quickly robotic automation is
eliminating jobs and that not enough jobs will be created from automation in
order to replace the jobs lost to automation. Also, there are many ventures
that already provide automation services to businesses, so making one’s venture
“stand-out” from the rest would be an important consideration.
e.
I saw the opportunity for an automation venture
from watching the news. The media focuses on the debate about automation’s
effect on employment rates. Also, as someone who eats fast food more often than
I should, I have seen some fast food chains, such as McDonald’s, utilize
digital ordering systems as an optional substitute to a cashier.
Regulatory Changes
Privacy and security laws: credit
card fraud chip-card transactions – opportunity for a digital security venture.
b.
NerdWallet
is a personal finance website that helps people find the best credit card
offers, cd rates, savings and checking accounts, insurance, and other financial
products. The article provides helpful and clear information about the EMV
liability shift.
c.
The prototypical customer would be a store that
has to upgrade to EMV chips.
d.
I think this opportunity would be relatively
easy to exploit because new businesses who have not upgraded to EMV would want
manage their fraud risk more effectively and keep up with the competition
technologically.
e.
I saw the opportunity from past media coverage
on the credit card data breaches of retail stores like Target. Also, some of my
friends are computer science students who have an interest in the field of
cybersecurity.
Environmental protection; green
technology – opportunity for a “clean tech” solutions venture.
b.
This website provides news developments in
renewable energy & cleantech law. Regulations in this field vary by region
or state.
c.
The prototypical customer would be a business
that wants to establish itself as sustainable and environmentally friendly.
This would improve its social perceptions, thus encouraging
environmentally-conscious consumers to use their products.
d.
I think this opportunity would be relatively
easy to exploit. There is an increase in venture capital investments in green
technology firms, and topics like global warming are more apparent in political
debates.
e.
News coverage on climate change and increased
awareness on environmental impact from both the private and public sectors have
contributed the reasons why I think there is an opportunity in clean energy
legislation.
Hey Roy! I really enjoyed reading this post and look forward to some of the posts and ideas you may have in the future. I believe the points you made in the sharing economy and capitalizing upon it as well as automation and using it to increase productivity. As EMV chips go, it can be developed into a very lucrative market with innovations like waterproofing them having the potential to become cash cows.
ReplyDeleteI wrote about this topic as well. My economics professor would say that automation is neither good nor bad. It simply allows people to find another suitable job that may or may not mean advancing ones education. Government economists also say that there is not enough data to support there being a shortage of jobs due to automation. I know some people find that it is wrong to have their jobs replaced by machines, but if you think about it, it makes the products less expensive for the consumer, which is exactly what the majority of consumers want: cheaper prices!
ReplyDeleteHey Roy. I'm interested in the opportunity that you described in regards to privacy and security regulations. I've noticed that many people are concerned with using their credit cards on the road. My brother had an issue with the chips that are on cards now. He says that the new technology makes it easier for info theft because not every store has adapted to the new system.
ReplyDelete