Guest blogger Ana Zoria muses on how new technology is changing the job landscape and how entrepreneurs are using the website and the rise of technology to their full advantage.
Technology creates and kills businesses, making the geeks richer than ever.
The combination of the recent recession, the increasing sophistication of the internet and mind blowing success stories have given a massive boost to an entrepreneurial spirit.
Online startups are flourishing like never before as it seems like every week there is a new craze that gets nominated as “the next big thing” of the digital world. The “job work” mentality is thankfully fading away with more people wanting to get the satisfaction out of the activity that they dedicate 80% of their life to, rather than getting paid and seeking enjoyment elsewhere.
Unsurprisingly, many of these newly-baked entrepreneurs are rather keen on the easy money perspective, a trend that has been particularly apparent within investment banking in prior decades.
Back then, every third university graduate was dreaming of themselves in a sleek dark blue suit and a pair of hazel Bottega Venetas, watching their five screens broadcasting the recent hot stock market news. They dreamt of watching their accounts go from £3000 to £3million, as Angelina Jolie look-a-likes threw inviting sights at them on the sunny coast of the Maldives Islands. The goal back then was to be trading, looking and living like Gods.
Bankers are perhaps the only group that beat tech entrepreneurs, in terms of how delusional they can get. Both believe they can predict the future, despite the fact that 95% of traders lose money and 90% of tech startups fail.
Juniors are blinded by the Silicon Valley salaries while ‘seniors’ are dying of jealousy looking at Evan Spiegel’s grin.
- According to 28 reviews on Glassdoor, Facebook pays its average intern $5,602 per month which equates to an annual base salary of $67,000
- The average tech worker in San Francisco made $156,518 in 2013, a 19% increase on 2012 earnings
- $64 million has been invested through Crowdcube – a leading crowd-funding platform for startups
- Snapchat, the ephemeral messaging service, is worth billions. The founder turned down a $3bn offer for the app because, clearly, “It’s never about the money.”
For the love of the job or for the love of money?
Mark Pearson, the CEO of MyVoucherCodes.co.uk
has recently sold his company to Monitise Group for £55 million. Even if your app can’t outcompete Snapchat, Mark believes that there are plenty of opportunities out there.
“Technology has broken down the barriers to starting a business. I started mine from my bedroom with very little money and managed to grow at a rapid rate. Apps with the success of Snapchat aren’t launched every day but there are many more businesses achieving great successes that you may not have even heard of. If you believe your idea is strong enough to carve out some market share, back yourself and fight to earn every penny”.
We live in extraordinary times, where the online world empowers anyone and everyone to launch a profitable business. Many young entrepreneurs are exploring the digital playground and it seems that lately every magazine cover is displaying a new multi-millionaire Geek person, who had launched a ground breaking startup from his restroom.
Did I say millionaire?
According to Bloomberg, there are about 26 billionaires who have joined the Billion Dollar Club in 2014 who made their money in internet business. Our applause go to:
- Jan Kuom, WhatsApp, Net Worth: $6.8 Billion
- Joseph Tsai, e-commerce businesses, Net Worth: $6.8 Billion
- Evan Williams, Twitter, Net Worth: $3.5 Billion
- Brian Acton, WhatsApp, Net Worth: $3 Billion
- Naruatsu Baba, smartphone games, Net Worth: $2.2 Billion
- Taizo Son, GungHo Online, Net Worth: $2.1 Billion
- Denise Coates, online gambling, Net Worth: $1.6 Billion
- Drew Houston, Dropbox, Net Worth: $1.2 Billion
Currently, technology magnates are still below investment bankers who have been accumulating their wealth since their office era. However, it can be seen that this gap is now starting to shrink. This year approximately 62 new billionaires made their fortunes investing in stock markets, 37 came from materials, consumer staples brought up 33 businessmen, and 26 are technology and internet business moguls. ‘Geeks’ this year beat energy, industrials and healthcare so perhaps it won’t be long until tech entrepreneurs overtake bankers as the new poster boys for greed.
Do you agree with Ana? Let us know your thoughts by leaving a comment below.
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