Testing, one, two, three. Testing, one, two three. Can you hear me? Is the microphone working? Testing (tapping on the mic a few times).
As I stated in the intro blog for this series, we are in the midst of the Golden Age of Innovation that many are calling the Fourth Industrial Revolution.
Over the last decade, the top 20 U.S. technology firms have created over $1 trillion USD in value. U.S. venture investment topped $60 billion USD in 2016. Software is now contributing over $1 trillion USD in Gross Domestic Product (GDP) to the global economy. And there are 4.5 million professional software developers in North America alone—more than ever before.
Innovation drives progress. Software and hardware innovation accounts for nearly 15% of all R&D, pharmaceuticals for almost 10%. In 2015, U.S. patent applications hit a record high, topping over 600,000. Half of the world’s best-known brands are now platform companies.
In this golden age of innovation, we all need to be software companies. The ability to innovate at scale needs to transcend nations, cultures, and people. Many cultures find it difficult to innovate. My experience suggests there are three key ingredients to innovation: access to talent, access to capital, and an entrepreneurial spirit.
The Fourth Industrial Revolution describes an era marked by digital innovation, exponential thinking, and unlimited potential. This will be a revolution of scope, scale, velocity, and complexity unlike any other in human history.
But what will be the ultimate measure of this transformation: is it profit, peace, quality of life, or a new form of conscious capitalism? The Organization for Economic Co-operation and Development (OECD) Better Life Index ranks Norway, Australia, Denmark, Switzerland, Canada, Sweden, New Zealand, Finland, United States, and Iceland as the top 10 countries for wellbeing.
The United States would rank in the top three if not for: community, civic engagement, and work-life balance. I am not one to lecture on work-life balance. But democracy is not easy, and the great American experiment has invested deeply in a government of, by, and for the people, yet only 50% of eligible American citizens vote or experience civic engagement. This is shameful. In regards to community, despite progress over the last 100 years, 15% of Americans still live in poverty, which is completely unacceptable.
My grandfather was born before planes, cars, televisions, telephones, and electricity were commonplace. He lived for 98 years (smoked for 60 of those and ate bacon and eggs every morning). He also worked on his farm every day until he passed, and left America only once to sail across the Atlantic to France to join the Allied Liberation Forces in WWI. There were many phenomenal aspects to my grandfather, but let me highlight the incredible human spirit of adaptability that led him to transition from horses to planes, from whale oil to electricity, from dirt roads to a nationwide transportation network. He also lived to see the first personal computer, and his grandson earn a computer science degree.
As a software engineer, I have never seen a more gilded time to positively impact society and humanity through technology.
This is the Golden Age of Innovation: And so begins the Fourth Industrial Revolution and our individual responsibilities for creating a better future.
…Testing, one, two, three. Is the microphone loud enough?
In my next post in this series, I will discuss each of the four industrial revolutions, highlighting their innovations and impact on business, society, and culture.
To read more, download The Golden Age of Innovation.
I’ll be taking this message on the road for the Innovation Tour and Enterprise World. Learn more.
I’d love to hear your thoughts. To provide feedback, or if you would like to see additional topics covered in future publications, please add your comment below.