There's an interesting article from BreakerMag that outlines the two major ways innovation is made.
- Tweaks to Existing Products
- Entirely New Products
The entirely new product is where services like Uber & Airbnb fall in to. Uber founders could just as easily have approached a local cab company with an app design but instead elected to create their own unique service.
The question is now, when will money have this "Uber" moment? When will someone totally revamp how we pay for goods and services? So far we've seen periodic tweaks: Online banking, Apps like Venmo and Square, etc. Cryptocurrencies are looking to change that although I don't believe they will ever reach the point of outpacing traditional currencies.
I post this question to you guys, how do you envision paying for your morning coffee in 50 years?
Private Equity Interview Course
- 2,447 questions across 203 private equity funds. Crowdsourced from over 500,000 mem.
- 9 Detailed LBO Modeling Tests and 15+ hours of video solutions.
- Trusted by over 1,000 aspiring private equity professionals just like you.