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2020 In Business And Innovation: What To Expect

  • The quantum innovation.
  • Reverse innovation.
  • The cryptocurrency alternative.
  • The mobile business.
  • The 5G network.
  • The local marketing influencer.

Quantum Innovation

Google's access is a great example of "quantum innovation," which is characterized as out-of-the-box thinking that is disturbing to contestants and even the organization itself.

The paradigm shift underlying moon-shot innovations hardly fits the actual and current business model and the corporation’s strategy. It generally starts with a very wide sense of goal and reckless purposes, such as Google's drive and desire to manage the world's capacity of information and knowledge or Tesla's desire to make electric cars common in today’s use. This is what entrepreneurs like Richard Branson, Elon Musk, Sarah Blakey and John Mackey are so great at.

Cryptocurrency - The alternative

No list of differences in technology’s business would be whole without some mention of cryptocurrency and blockchain.

Whatever side of the rail you sit on -- even if you think bitcoin is a huge Ponzi scheme, or you think that it's the future of us and how we handle money, one thing can’t be declined: Bitcoin is controlling the crypto display.

Blockchain technology has seemingly more practical implications in healthcare, the assistance of management and intellectual property in 2020, but whether Bitcoin and the blockchain will change the way we live remains to be seen.  

Reverse Innovation 

Globalization and outsourcing have come up to "reverse innovation." The world is no longer a one-way contracting path moving from West to East. While the West still exports many high-end items and strategies to developing nations, innovations in arising markets are now receding to the West as well. This is occurring with Brazil, China, and India throughout such different areas as biofuels, IT, and medicine.

New accesses to developing cheap artificial hips in India, for instance, are finding their way back to the U.S. and Europe. Plus, reverse innovation frequently means frugal innovation, which is welcome in a world where the approach to capital, land, labor, and natural resources has become an urgent systematic business issue tied to sustainability.

With so many innovations in bigger channels, I thought you’d ask what about local businesses?

Here are some trends I believe we’ll be seeing more in local marketing by 2020:

Mobile Commerce Business

 

Online Shopping
modern smartphone screen on a wooden table.

Mobile Commerce has been a part of our everyday lives for quite some time now. We have become costumed to shop online via intuitive apps and mobile-friendly websites, but the opportunity to pay for products in bricks and mortar stores with Apple Pay and Google Wallet is trying to set a big change in our world.

If you want are curious enough to want to watch a preview of what life will be like in a fully cash-and no credit card world, hop on a plane to any major Chinese city. The use of Alipay and WeChat to purchase for almost everything.

Nevertheless, you can expect the phone’s battery life issues to create a whole new barge of problems.  

5G Network Business

 

5g business concept
man holding a chain clock on white background.

Maybe you’ve already started to imply 5G Wi-Fi with your cellphone, pulling out lightening-fast internet straight from our cell’s networks. You can forecast more of this in the future for sure. While there have been some, apparently baseless worries over what 5G could be doing to our bodies, the big flowing wave is continuing to roll.

The developing bandwidth will support faster internet speeds with an easier setup strategy. If that’s not enough, the 5G networks will also aid the use of drones and driverless cars, making them communicate very rapidly with any other smart vehicles in their local area, a very important element for futuristic, smart cities.   

Local Marketing Influencer

 

Social Media
Young Adult Man Using Social Media on Smartphone.

A trust-worthy individual in a specific area who has thousands of people following them is the definition of a local influencer, and they can be very valuable to local businesses. They’re already big in some local categories like fashion boutiques and restaurants. But I think that in the future we’ll see local influencer marketing increase quickly throughout categories which are not as impacted by influencers, like nail salons, pet groomers, and coffee shops. With the development of influencer work, it’s only a matter of time before the world understands how precious it can be.

Tips for future innovations

The world is a large place: don't restrict yourself to just innovation from within your organization.

Set your standard high: otherwise, accumulative innovation can cause you to miss out on advanced opportunities.

Experiment with new corporation strategies that are agile and horizontal.

Practice frugal innovation and study from the bottom of the pyramid as well as the top.

View issues, damages, and mistakes as portals of discovery: every failure has learned as a silver lining.
Cultivate leaders who bloom and do exceptionally well on uncertain events and situations, take the long walk and see the bigger view- champion change.

With so many differences to our technology being published and used in such a short amount of time, it can be hard to catch the quick scale of innovation in motion.

The list above highlights some of the more interesting developments but is way more from being exhaustive.