14 July 2017
Technological innovations and emerging technologies spawn new opportunities, new jobs and careers, new business models, new companies and industries, new ways of doing things and new sources of prosperity. When a new technological order is established, expect the industry hierarchy to change. New companies, in fact new types of companies, become the new industry leaders, often those that had no position in the old technology. The ‘wave of creative destruction’ tends to destroy the established structure, triggering the demise of old technologies, labour markets, jobs and skills and eventually also companies and industries based on the old and obsolete technologies.
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