A Cheat Sheet for Creating Billion Dollar Industries
To be successful you need to create products or services that bring utility to a large number of people. This is how you need to think about them
Photo Apps like Instagram are a Perfect Example
There were Photography Apps before, but what Instagram achieved was the creation of a platform which simultaneously allowed you to create a more beautiful image and share it with the widest network of people possible.
The future is Platforms
And that future is already here. We have already embraced the distributed network of inter connectivity which brings us the things we need more cheaply and efficiently.
The crowd has evolved to become the source for the most efficient consumption — Airbnb and Uber are perfect examples — the middle man has been cut down if not left behind and we have a far better service at a far lower cost.
Businesses of the future are simply things that will help people of today meet their needs tomorrow
Companies that I believe will change the world will do the below
Companies who can reduce the need for human carers for the elder population, with a focus on utility. Something that can assist the elderly in doing simple daily tasks, e.g. showering, will have massive growth potential as the % of the population above 65 swells.
For the first time ever there were more people in the world over 65 than under 5. There are already not enough carers.
Utilities, Services and Purchasing
Companies that allow a large number of people to collectively bargain together. Whether you are purchasing a product from Amazon, agreeing a deal for a new car or buying a house when you buy something on your own you only have the power of one person to achieve a better price.
Platforms change this equation. Co-opereative buying platforms can enable us to reduce our recurring revenue by establishing a blockchain of data that highlight when we are paying to much.
Companies will emerge that will negotiate our costs down on our behalf without the need for any intervention from us.
Companies who offer a flexible alternative to childcare — with a focus on connecting supply and demand between teachers and working parents. Teachers are an intriguing proposition due to the fact they have all the necessary safety documentation etc.
Companies which can disrupt the vehicle rental space. A Zipcar like service which connects incoming arrivals with departures at airports to negate the need for leaving your car in an expensive car park. Arrivals could rent your car for the period you are away making you money instead of costing you while it sits idle.
Companies that augment our ability to maintain the love in our lives. What happens after you swipe right? Divorce is a growing problem, disconnection with the people we care about is huge, loneliness is the biggest problem nobody talks about.
Where technology has forced us apart it can be used to bring us closer together. This can be done by taking care of our spontaneity and acting in our self-interest where life gets in the way and makes us forget.
Companies that subsidize appliances in return for the market intelligence afforded from consumer usage. Think fridges that measure the types of food you are consuming and how quickly.
In return for cheaper appliances, services etc. consumers see adverts related to their consumption with the ability to order directly from them.
Companies that tap into the Peer-to-peer economy, whether that’s a fast food business that provides a customer with incentives to deliver other customers food, or a beer company giving a consumer beer token to redeem in the future for delivering a parcel.
Companies that provide bespoke products tailored to individual consumers, such as clothes specifically made for your body shape based on your exact measurements.
Companies that find more innovative ways to pay creators without the need for consumers to pay any money. I envision a future where micropayments are covered for the duration which the creators product is consumed through mechanisms such as crypto mining using a % of the consumers CPU.
These are the solutions I am creating and the Companies I am searching for to help fund.
To change the world you need to solve bigger problems. You need to improve the lives of hundred of millions of people. Whether that is in a small way — bespoke tailored perfectly fitted clothing — or in a huge way — robotics which enables you to achieve things you otherwise couldn’t have — the opportunity to create something that really matters is the same.