2

Megatrend: Diminishing Marginal Innovation -- Six Consequences

How Revolutionary Is Social Media?

"We wanted flying cars, instead we got 140 characters." Founders Fund website, Peter Thiel

We live in an age of rapid change. Amazon, Apple, Facebook, Google, Twitter and many other innovators have changed how we work, communicate and live. But is this a new industrial revolution?

Twenty-some years ago, a large bookstore might have had 100,000 books available. Today online retailers (e.g., Amazon) have millions of books to sell. Similarly, there were no smartphones two decades ago -- just simple mobile phones and land lines. Social media then consisted of email and a Iistserv; now we have Facebook and Twitter. A 1990s personal computer had only basic capabilities (word processing, spreadsheets, and a few others). Now an iMac has the power of an earlier generation's supercomputer.