Although the economy was shrinking at its fastest pace in 50 years, there were still an estimated 543,000 new businesses being created each month in 2011, according to the Kauffman Foundation. So while there has been an overall slowdown, the heart of our economic growth is still heavily dependent upon entrepreneurs and innovators across a variety of industries.
Close to our heart, naturally are those companies that are creating new opportunities and experiences based on the rapid evolution of technology, rise in mobile applications and the ability to build sustainable business models around these innovative ideas.
According to entrepreneur Jeff Solomon, every mobile phone user has an idea for an innovative mobile application or feature, so in a sense, each of these people potentially could become an entrepreneur. This rise and accessibility of technology has driven many to look at entrepreneurship as a career path, empowering people to innovate, think outside of the box and push their limits. According to Solomon, this is exactly what entrepreneurship is about – going beyond your comfort zone.
And this is just the beginning. JJ Aguhob, President and Co-Founder of Viddy, says that “technology in its current state, as cool as it is, is always evolving” and we’ll continue to see this “miniaturization of technology.” Technology will continue to be a core part of people’s lives and the opportunities for application and technology entrepreneurs remain nascent and plentiful.
As a seasoned veteran of entrepreneurship, Solomon offers advice to aspiring technology and mobile application entrepreneurs:
- Think of creative ways to use mobile technology to solve life’s little problems. No idea is too small.
- If you have an idea for an innovative feature for an app, approach that as one component of a larger product. Brainstorm ways to build a complete technology solution that has long-term business potential and provides a sustainable business model.
For more on entrepreneurship and the future of technology, check out our 60 Second Insights.