7 emerging models are set to redefine business in the 2020s: each a revolutionary new way of creating value, each a force for acceleration.
- The Crowd Economy: Crowdsourcing, crowdfunding,
- The Free/Data Economy: This is the platform version of the “bait and hook” model, essentially baiting the customer with free access to a cool service and then making money off the data gathered about that customer
- The Smartness Economy: In the late 1800s, if you wanted a good idea for a new business, all you needed was to take an existing tool, say a drill or a washboard, and add electricity to it—thus creating a power drill or a washing machine. In the 2020s, AI will be the electricity
- Closed-Loop Economies: In nature, nothing is ever wasted. Human attempts to mimic these entirely waste-free systems have been dubbed “biomimicry” or “cradle-to-cradle” or, more simply, “closed-loop economies.” These models will grow increasingly prevalent with the rise of environmentally-conscious consumers and the cost benefits of closed-loop systems.
- Decentralized Autonomous Organizations (DAOs): At the convergence of blockchain and AI sits a radically new kind of company—one with no employees, no bosses, and nonstop production. A set of preprogrammed rules determines how the company operates, and computers do the rest.
- Multiple World Models: We no longer live in only one place. We have real-world personae and online personae, and this delocalized existence is only going to expand. With the rise of augmented reality and virtual reality, you’ll have avatars for work and avatars for play.
- Transformation Economy: The Experience Economy was about the sharing of experiences. Buying a cup of coffee became an experience. The next iteration of this idea is the Transformation Economy, where you’re not just paying for an experience, you’re paying to have your life transformed by this experience.