The New Stuff

A few years ago, I read The New New Thing by Michael Lewis, describing how the technologists and venture capitalists worked together (or possible at each others’ throats) to create that economy outburst known as dot-com.  Now, more than a decade later, the dot-com bubble has burst and the economy is stagnant.  So what did it all mean?

First, the technological capabilities remain, and should be a basis for further growth and jobs.  Secondly, many fortunes were made during the dot-com period.  Have those fortunes been reinvested in the next new, new thing—or slumbering in wealthy persons’ art vaults or in overseas banks?  Too much of the latter, I fear.

There are still new, new things there could be opportunities for investment that would advance the country’s economy and be a major job-creator.  Some examples:

Drone package delivery.  Amazon has proposed a drone package delivery system in which small packages could be delivered to customers by drone in a few hours or less.

Why, we might ask.  Who is not patient enough to wait a few days for his or her new merchandise?  There probably are some.  But, maybe, the use is far broader, extending to such things as manufacturing, medical facilities or car repair.  A few years ago when the Japanese were kicking our butts in manufacturing capability, they developed a concept known as just in time (JIT) for delivery of parts to the production line.  It eliminated large supply warehouses and double handling of material.  Might be one possibility.

Robotic automobiles.   Google has developed and demonstrated cars that are able to start, maneuver through traffic and park far more efficiently than most drivers do.  Given Americans’ love for the automobile and the feeling of being the “king of the road”, who would want such a vehicle?  But Google knows.  Reducing long-trip fatigue, enabling physically challenged persons to drive, etc are some possibilities plus more we don’t even recognize.

3-D printers.  This technology has been around for over a decade but is still developmental in the kinds of material, especially metals, that can be printed.  The possibilities range from artistic creation to small quantity fabrication to low-cost prototyping of production items.  If outsourced manufacturing comes back to the U.S., and I’m convinced it will, 3-D printing will be valuable.

Smart glasses.  Here is a natural extension of the smart phone.  Now, as demonstrated in the 2014 Consumer Electronic Show, a visual capability has been added.  The glasses have a tiny viewable screen near the eye and a camera capability for still photos and video recording as well as computing and internet.  A perfect step up from smart phones for the gadget-oriented.  But maybe much more.  A doctor recently performed surgery with one of these devices making it possible to view the patient’s x-rays without looking away from the operation.  Its potential value in police and fire protection is huge.

What do these devices have in common?  I think it is that their ultimate uses are not envisioned—not envisioned any more than the personal computer’s applications were when first introduced. 

In the early days of the personal computer and the internet, the entrepreneurs and technogeeks found how to reduce costs to make their stuff affordable for a wide market.  Venture capital sources flooded the promising entrepreneurs with money to make this happen.  Today, the technical geniuses are creating, but where are the venture capitalists?