If you invested $1,000 ten years ago in Coca Cola, your money will be worth about $1,600 today. If you invested the same amount into Amazon, you’ll be walking away with over 10 times your investment. In 2008, Jeff Bezos, Amazon founder was the 110th richest person in the world. Ten years later, he holds the number one position for the richest man alive.
The point is to understand that the person with the ability to look into the future has an enormous advantage over everyone else.
Watch now: Top 7 Industries That Produced the Current World Billionaires
In our previous video, we talked about the top 7 industries that produced the most billionaires by looking at present results. Today, I want to share with you the Top 7 innovative industries that are most likely to produce the next billionaires in the near future. We look at global trends, futuristic interests, and market dynamics to come up with predictions for where the bulk of investments will be going in the near future.
You don’t have to become a billionaire. But by positioning yourself around these innovative industries, you can tap from the enormous opportunities they will create.
While you are here, be sure to subscribe to After School Africa on YouTube to continue exploring opportunities
1. Renewable Energy
While fossil fuel powered the industrial revolution, served us for over a century, and will probably be around for a while, the world is getting ready for its replacement in the form of renewable energy. “Going green” is the current trend in most business operations because renewable energy sources like wind and solar are cheaper and more eco-friendly.
Although solar energy, the fastest growing energy source today, currently contributes only about 0.6% to the global energy grid, this figure is expected to increase to between 5% and 20% in few years. Also, there is a future for more efficient energy storage systems that are eco-friendly and sustainable. Given the concern for environmental pollution and climate change, renewable energy is the future source for our energy production, storage and consumption. Those who are smart enough to take advantage of this evolving industry will reap huge benefits.
2. Electric Vehicles
Electric Vehicles are an offshoot of the renewable energy industry. The global electric vehicle market size was valued at $118 billion in 2017 and is projected to reach $567 billion by 2025, according to hotghnews.com. According to Forbes magazine, Chinese automakers produced 680,000 all-electric cars, buses and trucks in 2017. It would interest you to know that some governments of developed countries have begun to set time frames to phase out emission vehicles and only allow electric cars on their roads. Electric vehicles are the future of automobiles and lots of opportunities is being created with this innovation.
3. Space Travel
We have come a long way from 1957 when Sputnik 1, the first man-made satellite, was launched into orbit. Over the years, man has become so adept at space exploration that certain minds now toy with the idea of making space travel as simple as intercontinental flights. It has become something of a race, as a number of entrepreneurs now try to outdo each other in their bids to create cheap, commercialized space travel. The leaders of this marathon are Elon Musk, Jeff Bezos and Sir Richard Branson.
Musk wants to reduce the cost of cargo transport and trips to Mars to make humanity a multi-planet species. Richard Branson simply wants to take tourists to space and Bezos wants to protect our planet from pollution by turning outer space into a manufacturing plant. The economic implication of this new planetary race is that several affiliated industries will be created.
4. 5G Technology
5G technology is projected to be a hundred times faster than the current 4G network. Imagine internet connectivity at 2.5 gigabytes per second. Mind blowing right? The telecom industry has been anticipating the rollout of 5G network technologies for several years now. That future is finally here. By the end of 2024, there is projected to be 1.5billion 5G mobile subscriptions.
What would this mean for the future of technology and innovation? A great deal. This will transform how data services are provided over the internet, offering faster connections and making data-intensive technologies like augmented reality, virtual reality, internet of things and autonomous vehicles viable on a large scale. The 5G innovation will create a lot of opportunities in the technology and many other industries.
5. Artificial Intelligence/Robotic Services
As machine learning continues to be employed in business processes, Artificial Intelligence has found its way into the hearts of businesses by enabling machines to perform tasks the way humans do. AI-enabled solutions are also able to adjust to situations while learning from experience. AI software has found numerous applications in the business world and among consumers. It’s applicable in communication services such as voice assistance and chatbots; as well in making areas in sales, marketing and customer service more effective. There are corresponding opportunities created and new skill sets required. You too can take advantage.
6. High-Speed Transportation
Although mankind has always tried to build better, faster modes of transport to meet the demands of today’s fast world; over the years, railways have always stalled in introducing revolutionary design changes largely because of challenges in managing friction and air resistance.
Well, Elon Musk is changing the status quo with his conception of a revolutionary new transport system which he describes as a cross between a jet, a railgun and an air hockey table. Christened the “Hyperloop” by Musk, this high-speed mode of transportation for passenger and freight will minimize power consumption, stay invulnerable to weather conditions and collision while moving at ultrasonic speeds in addition to the capacity to store enough energy for 24-hour operations.
With this innovation in transportation, journeys will become faster, easier, and cheaper. There will be ripple effects that would open more opportunities for investments in and around this mode of transport. Lots of other investors have already bought into the idea and have even started implementing it.
7. Disruptive Financial Services
The contemporary financial services ecosystem is currently affected by accelerated technological advancements. There are different disruptors responsible for this. FinTech companies; the sharing economy; blockchain technology; digitization; A.I and cloud-based technology have all successfully changed the face and modus operandi of the financial service industry.
This industry will continue to evolve until there is a complete evolution of financial services as we know it. With these changes come opportunities to make tons of money; especially in the area of cyber security.
In conclusion, you don’t have to be the billionaire through any of these industry innovations. But by positioning yourself with the right knowledge and skill sets, you can tap from the enormous opportunities they will create.
Which of these industry innovations interests you the most? What opportunities do you see? Let us know in the comment section.