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At 11:59 pm on New Year’s Eve 2009, the world held its collective breath. The expectation and excitement of a new year and a new decade was dampened by fears that funds would fall back into the financial markets. The American economy was on the brink of disaster. Financial markets were volatile and unemployment exceeded 9%. I remember sitting in my office in Boston in the midst of the crisis when one of the Silicon Valley Bank (SVB) executives called to say, “We need to meet urgently.” We had just closed our round of financing A and the money was secured in an SVB account. Bank executives were worried that the entire financial market could collapse. It was a sober moment. I never imagined we would be in that position, but the hard truth was that the whole economy was in danger.
Fortunately, in September 2010, the recession was officially declared “over.” Although the first part of 2010 was devoted to reconstruction, the economy recovered. We are now on the brink of the next decade with a booming economy and ten years of incredible technological innovation. Here is a brief review of what we have achieved:
1. The shared economy became a real business. Companies, including Uber, Lyft and Airbnb, developed services that are now used daily by hundreds of millions of people worldwide. The next round of Shared Economy businesses, such as dog walks, food delivery and a la carte doctors, are being tested in the market.
2. AI, machine learning, drones and robotics are no longer scientific projects. They are very real and apply in one way or another to most products and services that people use every day.
3. Health care with digital technology. New digital technologies, from telemedicine and guard services to portable technologies and new medical devices, are already beginning to change the industry. The next decade will see how these technologies reach their true potential.
4. Silicon Valley is no longer the only place to launch a startup. Silicon Valley remains as vibrant as ever, but other major technology centers, such as Atlanta, Toronto, Austin and, of course, New York and Boston are becoming increasingly relevant. Exciting companies are emerging from these cities every day. Similarly, home centers are emerging all over the world, especially in Europe, China and India.
5. Funding is the world’s highest. According to a Pitchbook report, global CV funding has grown 6 times over the last decade. In 2010, global share capital funding was $ 47 million. In 2018, it amounted to nearly $ 300 billion, a figure that is likely to be surpassed by the end of this year. In 2018, for the first time, total investments in startups outside the United States exceeded the total capital invested in the United States. From 2010 to 2018, it went from $ 15 million to $ 150 million, presenting a 10-fold capital increase to fund new ideas and startups. This is significant because venture capital investment and the location of this funding will have a direct impact on how technology and emerging companies will shape the global economy over the next decade.
7. Progress was made in increasing the diversity and number of women in STEM (science, technology, engineering and mathematics). Still, much remains to be done. I’ve written on this topic several times and I often feel like we’re taking a step forward and three steps back. The important thing is that we continue to push for inclusion and encourage more minority students and women to follow STEM.
These were incredible advances, but I think there is still more to look forward to in 2021, especially in these four areas:
1) Deep technological innovations – One of the key technological drivers of the new decade is hard science and fundamental research. This research will be carried out mainly in universities and major technology companies. Google, for example, is already researching quantum computing. Most technological developments in the 2020s will be related to microprocessing and ASIC development, 5G communications systems, robotics and AI, agriculture, digital manufacturing, building and infrastructure technologies, transportation and space exploration. From these, there will be some significant technological innovations that will change the course of history over the coming years. The big ideas of the next decade will be much more complicated than basic applications and services. Instead, STEM will lead the way to a successful outcome.
2) MRG – Mixed reality glass. Augmented reality and long-imagined virtual reality, collectively known as mixed reality, have become real reality. Major technology companies, including Facebook, Microsoft, Google and Apple, are settling their territory in the rapidly expanding MRG space. MRG is expanding into two areas: the consumer and business markets and has the potential to become the “smartphone” of the 2020s. MRG is expanding into next-generation design and manufacturing, in games, military applications and health.
3) Health care – I believe that the most significant change in 2021 will take place in what we now know as the healthcare system. The current system will become obsolete and will be replaced by a smart platform that uses the most advanced technologies in AI, robotics, machine learning and 5G network. Telemedicine will bring you virtually closer to a doctor, eliminating the time spent on the appointment, driving to the office and waiting for you. Also, when it comes to a major treatment, you shouldn’t just rely on doctors in your area, as you’ll be able to access specialists around the world and get the best services at a much lower cost.
4) Globalization – Innovation and the development of new technologies will occur worldwide. China will continue to become a competitive force in innovation, which will lead to an even more competitive global market. This can cause greater tension and rivalry between East and West, which will affect world winners and losers.
The 2010 decade was an incredible decade that demonstrated the resilience of businesses large and small to the weather and overcame a major economic crisis. The technology that developed during this time helped lay the groundwork for the next decade, a decade that will rival the industrial revolution in terms of how technology will change our lives. So enjoy the last days of this decade and prepare for what is yet to come.