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Technology is both a threat and an opportunity for anyone running a business. Today, we’ll cover tips entrepreneurs can use to take advantage of technology or fend off the dangers. It’s not just about the product you sell. It’s about consumer psychology and ethics, and taking calculated risks to deal with uncertainty.
But since this is Planet Money Summer School and we want to put your business on the path to wealth, we’re going to talk about how to use technology to dream big. Perhaps most importantly, technology creates opportunities for small companies that large, established companies can’t be so nimble or lose as much.
Take the classic concept of the innovator’s dilemma: a company that has innovated and succeeded is now faced with a decision about whether to adopt a disruptive new technology. Should they adapt? Should they risk abandoning their existing advantages and moving to the new technology, or play it safe and risk being left behind?
Most new technologies don’t end up disrupting entire industries. So it makes perfect sense for big, existing companies to turn a blind eye to every new fad. But no one wants to be like Kodak: sticking with film as digital cameras took off. So what to do? Our friendly professor has some ideas—for both small companies and established big players.
He’ll explain the shape of new technology adoption, sometimes called the S-curve. We’ll also hear examples of what’s holding back promising new technologies from taking off: from dishwashers to self-driving cars and even the humble elevator.
The series is hosted by Robert Smith and produced by Max Freedman. Our project manager is Julia Carney. This episode was edited by Alex Goldmark and designed by Josephine Nyounai. The show is fact-checked by Sierra Juarez.
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Music: Universal Production Music – Lost Situation, Sideways Glance, So Long, The Sky Was Orange, and Growling Sax; Audio Network – Clean Lines; Roman Laupi – Deep Salutation; Manuel Armstrong – Japanese Girl; Corey Gray – Plans for the Day.
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