Communications and convenience giant RIM (Nasdaq:RIMM), maker of the ubiquitous Blackberry device, sees some defining trends ahead. It reflects my research agenda and is the cornerstone of the MIT AgeLab.
Dan Dzombak reports on “RIM’s Futurists Predict Four Key Trends” in response to a talk by Josef Dvorak, RIM’s director of future innovation and technology, in The Motley Fool on January 26. Dr. Dvorak identifies four trends influencing the future of smartphones.
(1) Aging World: In 2000, average life expectancy on Earth was 26 years, but by mid-century it will be 36, and the number of people over 60 will triple to nearly 2 billion.
(ii) Connectivity: Smartphones, other devices and wireless service providers will obfuscate activity and location, driving a trend already seen in social media and interactions.
(3) Empowered Consumers: Consumers will continue to embrace tools that help them monitor and manage their relationships with businesses. Examples include social media offering advice on everything from restaurant choices to financial services to “Where’s my package?”
(4) “Value” purchases (e.g. green consumers). Buying value isn't just for kids. With the rise of “color causes” (my phrase) – buy green, support pink, support red – baby boomers have become increasingly interested in their social impact and legacy. In other words, “What will I contribute and what will I leave behind?”
Insight and Innovation
This trend is interesting. Businesses and governments need to be aware of the potential future impact of these trends. But the future of aging and innovation is a combination of these trends, not an extension of either.
What happens when older consumers everywhere are connected, empowered, and make purchasing decisions based on value beyond cost and quality? For example, what would wirelessly enabled health care or care services look like in the pockets of baby boomers? Can general-purpose computing power, social media, and value procurement create virtual, collaborative networking of service providers for today's limited boomers and tomorrow's vulnerable workers? Can you imagine the emergence of 24/7 on-demand transport services that are always “visible” on your smartphone and green transport services for your social network of “friends”?
The business opportunity is not only to recognize these trends, but to blend them, visualize competitive realities, and see these alternative futures as drivers of product and service innovation.
