A message to entrepreneurs: Keep at it, because you’re leading the world’s 5th wave of exponential economic growth:
Up until 1780, world economic activity was relatively flat, with the Gross World Product (all economic value creation worldwide) under US$200 billion for over 5,000 years.
The world then went through exponential growth over 200 years from 1800 to 2000, doubling every 20 years, with Gross World Product growing from US$200 billion to $40 trillion.
The four waves of exponential growth have been:
1. The Industrial revolution
2. The race for oil
3. Corporate capitalism
4. Financial markets
Each wave grew and fell in power over around 50 years each.
Each wave led to a global transfer of wealth.
Each age changed all the rules.
In the 15 years from 2000 to 2015, despite a dotcom crash and global crisis, Gross World Product has doubled again, from $40 trillion to over $80 trillion – We continue to add value to each other at an accelerating rate.
What is this fifth wave we’re in now? Entrepreneurial start-ups.
The rules have changed again:
It’s no longer about economies of scale, but economies of speed.
It’s no longer about getting money but giving value.
Today collaboration beats competition.
Today David beats Goliath.
This wave has only just begun, and as with any wave, you can sink or swim.
Or you can take the entrepreneurial 3rd option, and surf.