Where we stand technologically, how we got here, and how business models are changing. These were some of the key topics discussed at the conference “New Business Models in the Exponential Age.”
The event, organized by the Graduate School of Business, took place on Wednesday, October 26, in a hybrid format (some participants attended in person, while others joined via HyFlex®).
Leticia Ponce Hernández, a lecturer in Entrepreneurial Management and Strategy at IE Business School, spoke.
The Exponential Age
“We are entering an exponential era: an era that will democratize the way we do business and in which changes are occurring at an unprecedented pace,” said Ponce Hernández.
The expert noted that this new era will bring many great opportunities. “What we need to do is step outside our comfort zone, learn about these opportunities, and take advantage of them.”
A Historical Overview
Businesses have existed ever since people began trading with one another. However, following the industrial revolutions, different business models began to emerge in response to the new technologies that became available.
During the conference, Ponce Hernández reviewed the main consequences of the first, second, and third industrial revolutions. He emphasized the changes that took place in transportation, communications, and, ultimately, in the way people lived.
The new models
In recent years, change has accelerated. The internet has sped up the pace of change. Business models are also changing.
“There’s a massive disruption in various industries,” said Ponce Hernández. He cited examples such as Airbnb, which has completely transformed tourism; Uber, which has become a competitor to taxis; Netflix, which put Blockbuster out of business; and Spotify, which changed the way people listen to music.
“We’ve never seen a transformation like the one we’re experiencing right now. Until now, we were living in a more linear way.”
According to the expert, up until this point in history, all progress had tended to be slower, more gradual, and more subtle. “We live in a hyperconnected world where change is happening at a breakneck pace. Thanks to the internet, small businesses are now on equal footing with giants. For the first time, entrepreneurship is accessible to anyone.”
“This is the future, and we’re right here—with companies built on artificial intelligence, blockchain, augmented reality, biotechnology, 3D printing, and other platforms.”
Video of the conference:
https://youtu.be/KWEulUnaodo