It is less a question of whether you should, but more the question of what you have been waiting for until now. It is understandable if you are in any kind of business that deals with “old school” basic materials, such as oil are very much aware of that. Investing in new technology is a long-term solution to the question: What to do next?
Thinking about software
Software solutions are always an interesting thing to consider. Even the simplest ones can bring about a solid change in thinking. Even large companies are always on the lookout for a startup with the next big idea. On the other hand, the number of people who are not settling in and working from 9 to 5 is also growing exponentially all around the world. Just a few years ago, no one was even thinking about cloud solutions. Today, so much is happening in the cloud that there are serious solutions deployed, with Saas (Software as a Service) being a very profitable branch.
Another thing to be aware of is that today’s startups have access to so many things their predecessors could not even dream about. Communication is instantaneous around the world and practically free. Computer architectures that could not be dreamed of 20 years ago are now present in a laptop whose thickness is less than a matchbox. These are all advantages that show the speed and magnitude of changes in the software industry. And it all starts with the imaginative startup. Are you sure you want to risk not being on the cutting edge of the next great development?
What’s next for the internet?
It is funny to think that it has only been some 25 years since the Internet became public domain. A resource to be used by the entirety of the world, that was going to bring about an unprecedented age of information access. Looking at it today, it has certainly brought access, but the “information” part got a little diluted in the process. Regardless, ever since we first started sharing funny cat pictures, it has become important for us to improve the speed of our internet connections. And that is where exciting things are happening right now.
Lately, people have been getting excited about various options that increase internet speed to unbelievable levels. Lately, the new technologies have been entering all the nooks and crannies in the world, from mobile internet in Africa, broadband in Polynesia, or access to fiber optics in Jordan, there is no stopping the appetite of people for speed. Not to mention that Amazon is working hard to bring the internet to literally everyone in the world through a constellation of satellites. The future is here and now, but it is also the tip of the iceberg of what is cooking in the startups around the world.
Standing on the shoulders of giants
The developments are constantly happening. What is next in quantum computers? Will the new developments in AI save the environment or end of the human race? Will humans soon be upgrading their brains? So many questions of the future and yet there is only one answer: no one knows what is going to happen, but everyone keeps trying to bring the future here faster.
That is exactly what the future is, a combination of luck and hard work. If you don’t take the steps towards the future, someone else will and that is the exact moment when you slowly start drifting. Without investing in new technology, as a business you remain dependent on others to deliver that for you. Yes, they will spend huge amounts of money in R&D, but those amounts might take them to strategic positions you will not be able to reach.
What if you invest and it goes south?
The fear of this happening is ultimately a realistic option. Not everything needs to succeed, which hits even harder home if we look at Google’s list of failed or canceled projects. However, they are still up there with other technologically minded companies (hint: Alphabet is Google’s parent company after restructuring) exactly for the reason that they did not fear to invest into uncertain new products and services, just like everyone else on that list.
There is a lesson to be learned after each new investment. It might not be the ground-breaking achievement you were hoping for, but it has pushed you forward and something else might come along. That is exactly how it has been happening throughout the 20th century, when some of the worlds greatest inventions came along. The fear of investing in the unknown is ever-presenting, however, it is useless, as every time something new is created, new value has been added to your company and the world itself.
Keith Coppersmith is a business and marketing expert who has experienced both the rise and fall of many businesses. As a regular contributor at BizzmarkBlog, he enjoys writing and providing insight into the marketing industry based on both practice and theory.