OPINION
The rise of deep tech – EVERYTHING LEADERS NEED TO KNOW
Deep tech is a movement which is transforming the way we understand technology and shaping our world in new ways
D eep technologies are creating a revolution which has implications for every aspect of an organisation, resulting in new opportunities to thrive in the most technologically important era since the industrial revolution. The term ‘deep tech’ was coined in 2014 by Swati Chaturvedi to define a new category of startup – built on tangible scientific discoveries, and with the ability to disrupt several markets. Early-stage investment in deep tech startups has now reached billions of dollars, with the potential rewards in the order of trillions. This new era of the digital economy is built on advanced innovation such as blockchain, automation and robotics, 3D printing, the internet of things, artificial intelligence (AI), data analytics, cloud computing and high-speed networks. Deep tech also includes developments in the life sciences such as genetic modification, nanotechnology, quantum computing and new materials. The impact of these technologies means that the dynamics of the digital economy have reduced the relevance of Porter’s traditional Five Forces model of competition. The New 4Ps of platforms – purpose, people, and planet – are now helping executive teams to understand their organisations from a systemic perspective, and how they will now deliver elevated forms of
value to customers in a manner which can scale and achieve impact. This must be done in a way that benefits people and planet through solving pressing social and ecological challenges: Purpose renders our experience of products and services as meaningful. Platforms extend our reach into any place. People are the promoters of those brands which make a difference to their lives. Planetary damage is no longer a price we are willing to pay. We can no longer think of an organisation’s goals in relation to unqualified exponential growth. Organisations in the digital economy will grow through the elevation of their value propositions, scaling through the power of deep tech platforms and authentic solutions. Businesses with platform-based models dominate the economy. Rapid advances in deep tech innovation mean that leaders must understand the role those digital platforms play in the digital economy, how they function and how they generate, amplify and sustain value. Despite their impact, there is still widespread misunderstanding about platforms and their relation to digital economy dynamics. The digital economy operates under a different logic to traditional economics because of the
Simon Robinson is the co-author of Deep Tech and the Amplified Organisation and CEO (worldwide) of business consultancy Holonomics.
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