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2022 could be the year historians declare the end of Big Tech. If so, 2023 should be the year of ‘small tech’. Innovation, agility and value creation (the things that enabled Big Tech to get big in the first place) will return to our economy through a newly fragmented, open and competitive environment. player.
This seems inevitable. Meta reported a drop in revenue for the first time since its inception. The industry laid off his 88,000+ workers (and counting). Most importantly, Elon Musk’s acquisition of Twitter has driven many users to niche, specialized alternatives. Genie came out of a bottle of Big Tech.
Some say Big Tech should never have been allowed to get this big. His five tech giants in the US with revenues of over $1.4 trillion exceed the GDPs of Mexico and Spain.
But the real problem isn’t its size, nor its power. The real question is what Big Tech will do with its size and power, and what effect it will have on our economy and democracy.
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The world’s best programmers will see massive layoffs going on in Silicon Valley and realize that their security and revenue are not guaranteed by Big Tech. These companies have acquired so many new competitors and controlled so much talent that they have prevented new competitors from emerging, so who are upset that opportunities are limited elsewhere There may even be
A handful of laid-off employees will become the entrepreneurial impetus for the next wave of technological innovation. this is what we need.
According to Dorothy Neufeld, over the past 250 years we have witnessed multiple waves of innovation, from the industrial revolution to green technology. We are now in the 6th wave, the shortest of which is AI.
To maximize this wave, we need as much competition as possible. You need to be talented enough to solve as many problems as possible. We can’t have big tech that has held us back for years by breaking its promise to “move fast and break things”. I can do it.
People within the industry know that this needs to happen, just as much as people outside the industry do. Nearly 80% of tech workers believe that big tech companies have too much power. His 40% of these workers think they are doing more harm than good and believe big companies like Facebook, Amazon, Alphabet and Apple should be broken up.
But they don’t have to be dismantled by regulatory overreach. They are already crumbling due to the creative disruption of the market.
The next Steve Jobs or Bill Gates is likely sitting at a desk with a mid-six figure salary so as not to leave his current job and become a competitor for his current employer. For that person’s sake, and for our economy’s sake, I hope they are included in the current wave of layoffs.
Apple and Microsoft – the grandfathers of Big Tech – have been so successful that their competition has changed the entire world. Steve Jobs and Bill Gates used to work together, but soon broke up because they wanted to be better than their own company. Their personal rivalry was matched only by commercial competitiveness.
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In 2022, young Gates and Jobs are likely to be stuck in the golden cage of tech jobs. they shouldn’t. They should go to the market, raise money for their own businesses, and move the entire sector forward.
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This is already happening elsewhere. China, for example, plans to invest more than her $1 trillion in technology companies and infrastructure to surpass US dominance over the industry. Given the proximity of Chinese tech companies to Beijing, this should worry the US more than the plunge in stock prices.
Big Tech has ultimately let down its users, many investors, and alienated regulators and policy makers. Small Tech can provide the sustained growth investors want and the competition regulators want.
It is also what our economy—and our national security—needs.
