Sunday, August 06, 2006

Young entrepreneurs taking the lead

It is said that the Industrial revolution has given way to an Information age. Whereas raw materials, capital and labour were the drivers of the industrial economy, the new economy is driven by knowledge.

The old foundations of success are gone. For all human history upto now, the source of success has been the control of natural resources-gold, land, and oil. Suddenly, it is now 'knowledge.'

The wealthy oil sheiks are no longer on top of the wealth pyramid. The American billionaires have replaced them. Bill Gates is the richest man in the world and he doesn't own land, oil, or factories. He is the software genius, the epitome of the present information age.

Microelectronics, computers, telecommunications and robotics is transforming every aspect of how business is done. Biotechnology and genetics is changing the charactersitics of life itself.
Breadth-taking changes are sweeping across the globe at amazing speeds.

The up and coming younger generation is leaping forward creating rags-to-riches stories never like before. It took two years for Kevin Rose, 29 to put up with all his savings, a project that is now worth $60 million.

Rose digs up the most interesting stories on the Web and allows the masses to vote them onto his online "front page" on Digg is now the 24th-most popular Web site in the U.S., nipping at the The New York Times' (No. 19) and easily beating Fox News (No. 62), according to industry tracker

More than 1 million people flock to Digg daily, reading, submitting, or "digging" some 4,000 stories.

Good for Rose for believing in himself and holding back his girlfriend. The traditional giants must be looking in wonder.

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