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The Future is in our hands

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Now we’re getting to grips with this new world of social distancing and remote working, what is the prognosis for the IT and technology sector? If you share the views of Michael Moritz, Managing Partner at Sequoia Capital, we’ve ‘catapulted into the technological future’.

Moritz represents an investment fund that controls $1.4 trillion in tech stock and his recent Financial Times article reflects on a realisation that we are now fully embracing the Digital Economy and will not be turning back the clock. He believes we’ve ‘turbocharged’ the growth of the internet to a point we didn’t expect to reach until 2025. He speaks of the vast number of businesses where ‘Doomsday’ has come early and of those who’ve seen a surge in activity beyond their wildest expectations. 

Losers come as no surprise, with retail facing an uphill battle, hospitality in need of a change of menu and no end of ‘on the edge’ businesses falling into the abyss. Moritz predicts the curtailment of frequent travel for business meetings that will now be online and an end to those heady days of corporate entertainment. Airlines and hotels will face a long haul and, probably rebirth, as large gatherings and trade shows become a thing of the, with home working becoming business as usual. The current prediction is that more than 15% of the workforce will never return to their office environments.

Almost all of the winners conduct all, or a big part of their business online, according to Moritz, with online restaurants and grocery businesses unable to meet demand and video streaming services fighting for even more bandwidth. Jeff Bezos and Amazon is one of those, with Bezos strongly tipped to become the first ever Trillionaire.

So what does all this mean for the IT sector? As we fight to relocate staff in their homes and open up our networks like we’d never imagined, technology will become pivotal.

New and innovative technologies will be required to meet these new and growing demands, with knowledge and expertise at a premium. Technology will define business models and determine success, with the security of this digital economy at the forefront of the planning process.

In short, Moritz paints a picture of opportunity for the tech sector and the people who support it. Technology will drive the new Digital Economy and we need to embrace it for all our sakes.

Source: Michael Moritz, Financial Times Technology Sector 4th May 2020

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