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Innovation and Commodities
Is 29 the new 39? Are we all washed up? Is youth the key to innovation? Michael
Lewis gives an interview
on Salon where he talks about the ability of younger people to adapt, an
important attribute in these fast changing times. But what seems most important
to me (I'd rather not dwell on how we're all over the hill), is how the Internet
is leading to fluid markets.
If a 15 year old can dispense legal advise, how does that make professional
lawyers look? Lewis' point is that there are plenty of people out there that
can help you with your legal needs that are not lawyers, just like nurses can
handle 90% of all medical needs. And this extends into all professions. Stock
brokers are already feeling the pressure, risking obsolescense, in the face
of online trading. These services, in effect, become commodities.
In my quest to set up a corporation I discovered I could pay a lawyer $250/hour
for 10 hours OR I could pay $390 to have a company that specializes in
incorporation take care of all the paperwork for me. No doubt the lawyer would
have some advice to give (S-corp vs. LLC, etc) but the point is you don't
have to hire a lawyer. With the Internet, these "commodities"
services will get more exposure and will ultimately go at market rate.
Oh yeah, as far as the examples of teenagers "adapting faster", I
think it's more a matter of these kids getting more publicity because
they're young.
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