Convergence 2015

OCE Discovery is one of the largest innovation/commercialization conferences in North America. Inventors, commercialization professionals, investors and emerging companies participate. I attended this year for the fifth time in six years. The main show floor, in the Metro Convention Centre in Toronto, is like a sparklingly bright nightclub full of all of your favourite business colleagues: past, present and future (minus the cocktails, until an appropriate hour).

While my time at the conference was invigorating, chatting to folks about new trends in government support, and seeing emerging business models from new entrepreneurs, back in the calm of my office, I ruminate about what I learned about the evolution of tech-based businesses. It all comes down to this:

Convergence.

Convergence was a buzz word when I was in the investment industry in the late 1990’s. The internet – its anticipated impact – was the shudder running down everyone’s spine. Then, it was a tool for the academics and those in the tech industry. The prophecy – that this communication platform would change the way we obtained all our information: text, movies, music, mail and news. Guess that was a pretty good prediction. Sharing of all content converged to one platform. The internet was disruptive and many business models evolved because of it, but few have become extinct.

Enough nostalgia. Let’s talk 2015. At the conference, the keynote speakers included Eric Ries, of Lean Startup fame, representatives of Uber (the app to let people get rides with other people), and Airbnb (a service that hooks up traveller and those with accommodations to share). There were other companies I met, like the Innovation Concierge, with a skills-to-need matching concept for small, unusual projects, or FreePoint, a company with an innovative perspective on monitoring production on the factory floor.

What’s converging in 2015? Everything we do. The term work-life balance emerges frequently in water-cooler conversations. Is it possible we are moving away from any distinction between work and life? Uber allows people to share rides, turning a personal trip into revenue potential. Similarly, Airbnb provides a way to let people earn a little extra cash by sharing their living quarters with travellers. But each is more than that. Both sides of the transaction can gain something personal, new friends, companionship, new perspectives.

The lean startup model encourages incorporating ample user feedback into product development. The Innovation Concierge solves business needs by looking at the full spectrum of a person’s skills, not just their business experience.

A keynote speaker, Chad Hurley, cofounded YouTube with the goal of allowing individuals to share their videos. We are converging to a global collection of a billions of individuals. Individuals with individual interests, needs and abilities. Uber puts individuals together for car rides, Airbnb for accommodations. FreePoint lets the individual factory worker participate in manufacturing efficiency.

The convergence I see involves loads of interaction facilitated by technology, interaction between buyers and sellers, creators and consumers, those who have and those who need, those who know and those who would like to. At any given time, each of us may fall into several of these categories at once, because of our business, personal or social experience.

When I headed to the conference, I was thinking about making connections for my clients and with new clients. And I did. But I also found connections for my family with businesses, for clients with potential suppliers and partners, and for colleagues and friends.

This is what I discovered at Discovery: Life is converging – business is personal and personal is business. Technology ties it all together.

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