New technologies are making it easier and cheaper to get products and experiences that are tailored just for you. These include things like AI, augmented and virtual reality, digital goods, and 3D printing. These changes can impact how we see the world, get news, and even communicate with others.
Economic Implications
These new technologies mean that custom products are becoming cheaper and easier to make. We’re already seeing this with services like Google and TikTok, which let niche businesses tailor their offerings to people worldwide, enabling businesses that weren’t previously possible. Now, 3D printing is making it cheaper to produce custom goods since inputs can be commoditized and digital designs will be abundant.
In the future, it looks like everyone will be able to have personalized digital and 3D printed goods. This is so different from how the world works today, where centralized corporations like Ikea and McDonalds rule due to their lower costs. Instead of big companies making products for everyone, we might see more small businesses and artists making products for specific groups of people.
Social Implications
With more personalized goods and services, people will also start to see and share things in a new way. This shift will impact our daily life, but also our culture and society. We will have more choices, and a more diverse group of people will be able to contribute to the market.
However, there could be downsides. As we consume more personalized content, we might start to lose shared experiences. This could isolate us within our own echo chambers and lead to more polarization and fragmentation in society. We’ll need to actively seek out different perspectives and engage in open conversation.
Opportunities for Startups
Startups can help by creating platforms that allow artists and small businesses to sell their goods and services. They can also help design and produce these items. To deal with the issues of fewer large employers, startups can create innovative solutions to replace traditional jobs — for example, they could partner with communities to provide healthcare or education, or create platforms for freelance work with benefits like insurance and retirement savings.
Investment Ideas
Investors might want to look at companies that are creating personalized experiences using AI, AR/VR, and 3D printing. They could also look at companies that are disrupting traditional businesses and providing digital design repositories and markets. There is also a need for companies building tools for creators and ways for people to maintain social connections.
Conclusion
Personalization technologies are changing our economy and society. More and more, we’re seeing personalized goods that are cheap and easy to make. This is creating a more diverse and customer-focused economy. It’s also changing how we see and share things. But we need to be careful about losing shared experiences and we need to find new ways to support workers.