Technology (innovation, novelties, disruption, etc.) traditionally has been created in two main spaces: traditional established companies, or public and private research centres (universities, technological centres, etc.). In recent years, there has appeared a third actor – startups!

The long-range economic potential and societal impact of new technology are one of the few certainties in the decades ahead. Technology companies continue to become a bigger percentage of the world economy.

They have overtaken oil and gas companies to become the largest public companies in the world, the private market is bursting with billion dollar unicorn valuations unseen ever before in history, and many non-technological industries are either dying at technology’s hands or becoming one with it. The first five information technology waves of Defense, Integrated Circuits, the Personal Computer, the Internet, and Social Media have dramatically transformed society.

But the waves that are coming in the next 20 years will make what’s come to pass look like a child’s play. Self-driving cars, Artificial Intelligence, robotics, and Virtual Reality are just a few of the fast approaching societally transformative technologies coming in the next wave.

All of these technologies portend a future with great increases in productivity and prosperity. Economic theories consider an evolutionary point of view of technological change and economic growth. Read more from yourstory.com…

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