WHAT'S NEW IN THE NEW ECONOMY?
The proverbial wave of technological change brought about by cloud computing, big data analytics, and mobile technology is a critical force to be harnessed for business success. Businesses can no longer stay afloat by relying on the tried and true. Today, more than ever, new ideas have the power to radically shift the landscape. Success today means ramping up the drive and the processes to turn ideas into value faster than the competition.
In the turbulent waters of a changing economy both survival and success require a sharp focus on three key areas:
SPEED: entrepreneurs and companies aligned to innovate at speed have what’s needed to get ahead of competitive threats
AGILITY: cultivating a culture of confident responsiveness to disruption, threats, and novel market opportunities helps create the edge that keep companies ahead of the pack
A HYBRID INFRASTRUCTURE: unification of public cloud, private cloud, and traditional IT helps support both speed to market and the ability to be agile in the face of opportunities
As well, wholly new and creative business models are finding success by tapping into emerging value systems. Sharing, Collaborative and Circular Economies are a response to the socio-cultural imperative to disrupt the ways of the past and make more efficient use of resources. And businesses based on this are gaining traction across every market sector.
The Sharing Economy:
Sharing underused assets—spaces, skills, and stuff—for monetary or non-monetary means is a key driver of new successes. In this model, peer-to-peer businesses are founded based upon networks of trust. Collaborative consumption satisfies consumer desire to save money and provider desire to make more efficient and sustainable use of owned resources. Here’s a great piece by the New York Times that dives into why the sharing economy is booming: https://www.nytimes.com/2019/06/08/style/rent-subscription-clothing-furniture.html
The Collaborative Economy:
The Collaborative Economy takes advantage of distributed networks of connected individuals and communities. This model transforms how we produce, consume, finance, and educate. Collaborative Economy businesses work through shared access, and are largely enabled by social media. An example of the collaborative economy in practice is the joint venture between many fashion companies who create collections designed with or inspired by influencers. For example, Canadian Influencer Alana just collaborated with swimwear company, The Saltwater Collective, to create an exclusive collection called AlanaxSaltwater, using the influencers platform to drive sales.
The Circular Economy:
The Circular Economy takes things that no longer provide value for an individual and pass on that value to a new consumer. At Redshift Collective we are working My Wardrobe, an up and coming clothing “resale” startup leveraging the Circular Economy. My Wardrobe taps into the mindset that consumerism isn’t about excess, it’s about sharing and passing on value (clothing, shoes and accessories), rather than adding excess to landfills.