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The Passion Economy and the Future of Work

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https://a16z.com/2019/10/08/passion-economy/

a16z.com

The Passion Economy and the Future of Work
The top-earning writer on the paid newsletter platform Substack earns more than $500,000 a year from reader subscriptions. The top content creator on Podia, a platform for video courses and digital memberships, makes more than $100,000 a month. And teachers across the US are bringing in thousands of dollars a month teaching live, virtual classes on Outschool and Juni Learning.

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Enterprization of The Consumer

Today's technology-enabled world offers many ways to capitalize on creativity: creators are now earning individually, monetizing their unique skills. People are turning their passion, the things th...

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Evolution of The Passion Economy

  • On-demand marketplaces established, in the last 10 years, new ways for people to make money - workers could easily monetize their time in specific, narrow services (food delivery, parki...

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The Passion Economy

New digital platforms are enabling the 'passion economy', where individuals with certain creative skill sets can earn a livelihood while doing the very thing they are good at. These platforms prov...

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The New Platforms

The Passion Economy platforms differ from the ones from the last decade in many ways.

  • The revenue streams are not one-time, but ongoing, based on building/growing an audience.

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Everyone Can Be An Entrepreneur

The Passion Economy encourages everyone to become an entrepreneur.

With enough scalability options, individuals can help other individuals using these platforms.

There is little or...

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The Focus is Digital

The new entrepreneurs working for the passion economy have one thing in common: They mostly work for digital products and services.

Knowledge influencers like teachers and trainers, al...

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Human Capital

The new digital business models enable completely original and organically created forms of work, branching out of the existing networks.

Eventually, human capital starts to give rise to new ...

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SIMILAR ARTICLES & IDEAS:

Inspiration for a business idea

It can come from anything: a unique personal experience, witnessing a problem and seeing the possibility for a better solution, even walking down the street. 

Everyone harbors inner c...

Nurture your creativity

  • Write your ideas down. Document ideas as they form so they become less siloed, and consequently, you can see connections between those ideas and other pieces of outside information.
  • Turn to the people around you. By using your community to reiterate and refine your creative ideas, it can make those ideas (and your content) even better.

Find your niche

  • What differentiates your ideas and content from others in the space? The more specific the content, the more opportunity to build the business. 
  • How can you find your niche? Use platforms like Twitter, Instagram and Reddit: Engage with shared content enthusiasts and discover subcommunities through hashtags, explore pages, liked posts and more. By leveraging these enthusiast groups, you can identify what direction to take your ideas to create the most value for the right people.

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The model of future work

By 2030, up to 30 to 40 percent of all workers in developed countries may need to move into new occupations or upgrade their skill sets. Skilled workers in short supply will become even scar...

Employers should lead the way

The pace and scale that technology disrupts is a social, political and business challenge.
Employers are best placed to make a positive societal impact, for example, by upgrading the abilities of their employees and equipping them with new skills. Employers will also reap the greatest benefit if they can successfully transform the workforce in this way.

Talent is the largest barrier

Talent is the largest barrier to the successful implementation of new strategies.

Many leading businesses realize that it is quicker and more financially prudent to look internally and develop the talent they already have. Yet only a third of global executives report that their organizations have launched any new reskilling programs.

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Talent Spotting

Digital leaders don’t have to do everything themselves, but they must be able to spot the areas of their organization that need improving. Moreover, they need to be able to hire an...

Adaptability

Sudden changes in the industry can disrupt the status quo, potentially derailing the success of your organization. In these situations a leader must remain flexible and adaptable, ready to make the quick decisions that can keep the company on track with minimal negative impact.

Risk-Taking

Putting speed and innovation ahead of tried-and-tested business practices often makes leaders cautious. However, in a fast-changing world, the only strategy that is guaranteed to fail is not taking risks.

For a start-up, the risks can be even greater but innovation is impossible without risk. And if you can’t take risks, you may not be cut out to be a digital leader.

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