For anyone running a business, technology is both threat and opportunity. Today, we run through techniques entrepreneurs can use to take advantage of new tech or defend against the dangers. It's not just about the product you're selling. It's about consumer psychology, and ethics, and taking calculated risks to navigate uncertainty. But, since this is Planet Money Summer School and we want to set your business on the path to riches, we're going to talk about how to use tech to dream big. Maybe more than anything, technology creates opportunities for the little guys where the big established companies can't be so nimble or have too much to lose. Take the classic concept of the innovator's dilemma: a company that innovated and succeeded, now faces a choice about any disruptive new technology. Do they risk tossing out their existing advantage and switch to the new tech, or play it safe and risk becoming obsolete? Most new technologies don't end up disrupting an industry. So it is totally rational for the big existing companies to ignore each new flash in the pan. But nobody wants to end up like Kodak: sticking with film while the digital camera takes off. So what to do? Our friendly professor has a few ideas – for the little guy and the big old company. He'll explain the shape of how new technology gets adopted, sometimes called the S curve. We'll also hear examples of what stops promising new tech from taking off: from dishwashers to driverless cars, and even the humble elevator. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy
This is Planet Money from NPR.
Welcome back, everyone, to Planet Money Summer School.
This season, we are using every bit of business school jargon we can think of.
We're on the bleeding edge of outside the box thinking as we ten x our game changing synergy.
Got it?
Got it.
I'm Robert Smith.
So far this season, we've concentrated on the basics of building a business.
How do you differentiate your product from your competitors?
How do you find customers and craft your sales pitch?
But what if you want to dream bigger?
Not just a new product, but something that can change the world and make billions of dollars?
What if you want to create a tech company?
This is normally the point where sleepy MBA students in the back of the classroom perk up.
Did somebody say market disrupting innovation?
Did somebody say billions?
Yeah.
Now that I have your attention, I should say that technology is more than just buzzwords and outlandish behavior.
Today on the show, how to see technology as an opportunity and as a threat for a business.
And some techniques entrepreneurs use to take advantage of that.