What industries are in dire need of disruption by entrepreneurs?
We've all asked the question: "Why hasn't anyone fixed this yet?" What markets, products, and services need to disappear? What innovation is the world waiting for, and what barriers are holding entrepreneurs back from those innovations?
Civic Service; I won't go on a "Rant" but I think we can all agree
Education, specifically higher education needs serious disruption.......
We have lots of talented bright chaps who cant afford high cost of a college degree. A model that can determine ur academic ability and give you a open-non competitive scholarship in which you get to payback when you start working.....
I'd have to say the bastions of old school thinking. Where the seniors and boomers rule. Banking, Legal, Health and even Defense.
Renewable energy, Food Processing, Secure Wireless Communications, profitable internet networking, and personal communications.
Saw your interesting question earlier this week and give it considerable thought. I think the one industry in need of dire disruption is the Publishing/Communications industry in general, Journalism in particular.
In my view the industry clings to a model from the agrarian age.
Given the influence of technologies, the model continues writing and reporting in an archaic model that is deleterious to society and humanity. Coupled with this model is the social science industry where high degrees of insensitivity are acclaimed, rewarded and held as a high standard of best practices. This, in my view, is the breakdown of technology as a social inhibitor lacking ethics and propinquity.
In my view two industries require disruption that re-frames the context of how social sciences influences the publication/communications industries. Unfortunately, a solution is not on my radar because it is not my generation but yours, I believe, that can influence that disruption.
My generation may be able to serve as a sounding board for yours in a reflective historical context. Or, it may be that I am influenced by the reporting and social results of Newtown, Connecticut. Whatever the influence, applied disruption across critical industries is an opportunity to formulate a structure with your imprint.
Yours is a provocative question that should not be taken lightly. Thank you for posing it for reflective thought.
The mining industry is notoriusly energy sucking. A game changer is needed in their process to bring down this problem.
Rules based computer analytics companies are dying. See BRSLabs.com and how a small company of 50 or so people have killed many companies with thier new software called AISight. This technology will launch the next tech boom because they have found a way to make computers learn without any rules in thier programming.
1. Independent Insurance Agencies - Carriers are increasingly going direct to market through the internet. Independent Agents have been extremely slow to adopt technology to increase efficiencies. Carriers will start putting downward pressure on commissions for P&C policies in particular which will make a new paradigm necessary for agencies to remain profitable. The future is in fewer agents making lower commissions on larger amounts of business due to efficiencies gained through technology.
2. Physician Practices - The old model of a group of docs working in one building and waiting for patients to come to them is dead. The current model of hospitals employing docs and making everyone come to the hospital is too expensive. The new model will involve the intersection of telemedicine and practice groups that can increase the number of patients serviced and the geographic area serviced per provider unit.
There are others, but these two have been on my mind lately.
I think that any industry that is dominated by a few large legacy players is ripe for disruption. These are the businesses/industries that have been doing things the same way for decades. They have power because they have money (lobbying power) and proprietary data/information. With our modern transparent world, the value of money to influence government or large industry is plummeting. Secondly, the modern world is no longer based on hoarding information; it is based on sharing and collaboration. The entrepreneurs that win at disruption will be the ones who can analyze public data (big data, if you will) and create new paradigms for large industries. I don't think treps are being held back or are holding back. I think we're at the beginning of a renaissance and the best is yet to come.
Zach, what did you have in mind? Are there specific industries or markets with which you're involved or looking to get involved?
The first industry that comes to mind is the health care industry, but I also think that the renewable energy industry really needs to be disrupted as well.
To answer your second question: the barriers are simple: special interest groups and massive organizations that create oligopolies or monopolies over cheaper, disruptive innovations from smaller firms. Seeing as governments often protect these large industries (or give tax breaks and incentives to them), the solution would likely be more legislature that shifts the benefits to smaller, leaner firms that don't have windfall profits to fall back upon.