In this episode, we acknowledge the 25th birthday of the World Wide Web and 25th Anniversary of Mike Barrett as a C.P.A. and partner with Mazanec, Bauer and Associates, P.L.C. Both events were met with little pomp and circumstance. So, we acknowledge the events in this podcast session.
We start this episode with Mike taking a risk to share emotions he usually doesn’t share with anyone. Nancy draws him out. Men need to have a forum for getting in touch with their emotions. Nancy provides one.
Our discussion is framed around an April 5, 2016 Wall Street Journal article by Steve Case, The Next Wave in the Internet’s Evolution. “As the presidential candidates shift toward the general election, voters will hear divergent plans to address the problem of ‘too big to fail’ financial institutions. The real threat to Wall Street, however, doesn’t come from politicians, but from startups that are disrupting financial services at an unprecedented pace.
Last year, investment in financial technology (FinTech) startups that aim to transform the industry rose to nearly $14billion, according to American Banker. As they gain customers, the megabanks will lose ground. ‘Too big to fail’ also often means too clumsy to innovate.
But it isn’t just banking. New startups are reimaging how we learn, eat, stay healthy and get around. This is only a start, as the Third Wave of the Internet gains strength.”
The focus of the first wave of the World Wide Web, in 1991, was on building the Internet and getting people online. The second wave was the apps era and all kinds of services built on top of the Internet. Entrepreneurs were busy building software, infusing new creations, “drive viral adoption,” and then make money by selling advertising or selling the entire company.
The third wave, already begun, is how the Internet seamlessly and invisibly was integrated into our everyday lives. The second wave approach won’t work in the third wave. According to Steve Case, “we need to learn the lessons of the First Wave: the importance of partnership, policy and perseverance.” You can’t go it alone. We discuss the term coopetition–blending competition and cooperation.
The other part of this third wave “will challenge industries such as health care, education, financial services, energy and transportation – which collectively represent more than half the United States economy.
Take education. While the presidential candidates discuss the merits of abolishing or expanding the federal Education Department, entrepreneurs are revolutionizing how instructors teach and students learn. Venture capitalists see what’s coming. Former teachers are leading companies that are unleashing–finally–personalized and adaptive learning. While the pundits debate education policy, the innovators are in the trenches improving classrooms all across the country.
Politicians and corporate executives should be mindful that the tectonic plates of our economy are starting to shift. They should engage entrepreneurs and seek win-win partnerships, instead of simply watching them with skeptics, or, worse, trying to hobble them with regulations. The world is changing for all of us, and a new playbook is required.” Listen to our entire discussion.
The Next Wave in the Internet’s Evolution article by Wall Street Journalist, Steve Case (4/5/2016). Steve Case is the co-founder of AOL, is the chairman and CEO of Revolution LLC, an investment firm based in Washington, D.C. and author of The Third Wave: An Entrepreneur’s Vision of the Future (2016).
Download this episode. (right click to download)
To stay on top of this changing world, this week I recommend purchasing and reading, The Third Wave: An Entrepreneur’s Vision of the Future by Steve Case (2016).
25th Anniversary of the World Wide Web and Mike Barrett as a C.P.A., Episode #39 www.mazanecbauer.com
Next Monday’s Conversation:
Ken Suzan from Barnes and Thornburg, and co-founder of IP Fridays podcast program, is back in the studio for a second mentoring session. We discuss trademark protection, when to protect your Intellectual Property, how the World Wide Web has impacted branding and so much more.