If you have been watching Jim Cramer’s Mad Money lately you may have noticed that he has been making some pointed criticisms about current innovations in Silicon Valley tech. He makes a good point about how Silicon Valley is innovating in the wrong direction.
- How does a “faster” social-network benefit humanity?
- How does a new app for the Iphone benefit humanity?
- How does selling 3D virtual items benefit humanity?
(Did you know it was 1.5 billon dollar industry?)
- How does GTA IV or Rockband benefit this world?
Granted there is nothing wrong with any of the above but we are diluting ourselves if we think any of these things are important innovations. Venture capital needs to step up and start thinking about the bigger picture. Why is Facebook valued at 15 Billion? There are almost seven billion people on this planet and less than a quarter of them use the internet. Imagine the problems that could be solved if all that Silicon Valley brain-power went into greater technologies that benefited the world like new energy, transportation, water reclamation, or agriculture. With seven billion people there is plenty of money to be made in those areas. Ask yourself: who would you like to be your customer, only a quarter of the Earth’s population, or all of them? Also know that half the world’s population is in poverty. But keep in mind any world innovation would not only benefit you but also many of the the very poor and impoverished creating new customers for Iphones, and Rockband.