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Running a business is difficult. 85% of new enterprises fail within the first five years. And this is not only true for small ones but massive organizations like Nokia – who couldn’t ride the touchscreen wave, kodak who got killed by digital in favor of film or blockbuster – video on demand destroyed the DVD market. While there are many reasons including management conflict, market demand shifts, insufficient funding – technology disruption has come up more and more.
Since the beginning of personal computers in the 1980s to the dot.com bubble in the 2000s followed by world-wide emergence of mobile applications and affordable smart devices making asset-sharing models of Uber, Airbnb ubiquitous – the disruption gaps are getting shorter and shorter. As of today we are at the forefront of Generative AI (which has gained increased momentum by the launch of ChatGPT by OpenAI which is rapidly changing the way tech stacks are being built and businesses operate. With the launch of Deepseek at a lower price point – Gen AI technologies is on a path to become more affordable to a wider user base.
So what does it mean for companies? Traditional businesses have now been disrupted for a while. The banking sector has been disrupted by digital financial solutions – starting from PayPal in the US to M-Pesa in Africa to PayTM in India to Bkash in Bangladesh. In emerging economies consumers are not only leapfrogging desktops and going to smartphones directly but they are leapfrogging banking systems and going to mobile financial solutions directly and staying there. The century old hotel and taxi industry have gotten disrupted by Airbnb and Uber. With the emergence of GenAI (with the innovation cycles becoming shorter) – we are set to see much more rapid disruptions.
So what are some of the industries these disruptions are set to happen first ?
So what can companies do in a world where the phrase “change is the only constant” not just a new meaning but is the truth !
However, as businesses embrace technology we must also make sure to up tier our human capital. Private and public sectors must work together to make sure there is skill building and employment creation so that any displaced workforces do not get sacrificed as a lost generation.
The pace of change is accelerating. The real question for businesses today is simple: Will you drive innovation—or will innovation drive you out?
Bijon Islam is the CEO of LightCastle Partners who is trying to figure out how to build a more inclusive economy in frontier markets and enjoys reading Sci Fi books.
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