First came the Industrial Revolution, which made it easier and less costly for companies to create products on a mass scale. Now, we’re in the midst of the digital revolution, which has led to even greater efficiency. In many industries, the marginal cost of production has fallen to or close to zero. That has already been massively disruptive for many businesses and it promises to be even more so in the years to come.
These days, people have access to more and more information, which is pushing companies to be increasingly competitive. Individuals are also connecting with each other in real time all the time, unlocking a new economy being dubbed the “sharing economy.” Companies like Airbnb, where individuals rent space in their bedrooms or homes to strangers in need of a place to stay, and Uber, where individuals drive around strangers in their car in lieu of taxi cabs, have been frontrunners in the burgeoning sharing economy.
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