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 they love to do, into their earning source.
Whether it's podcasting or video content creation, teaching or writing, individuals are changing the definition of a 'job'.
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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 provide:
The Passion Economy platforms differ from the ones from the last decade in many ways.
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 no initial investment required, and if the business grows, they earn revenue along with their customers.
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, along with writers and audio/video content providers have the scalability advantage available courtesy the digitally-focused passion economy.
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 industries.
Companies will need to measure the return on their investment in employee skilling.
For instance, the cost of giving employees new skills compared to the cost they would have spent on hiring. The expense should include the opportunity cost of waiting to hire.
Studies show that the younger demographic wants restricted, private, secure and exclusive networks which cannot be thronged by unwanted people, like their parents.
These exclusive online social places can be termed as digital campfires, and are mainly in the domains of private messaging, micro-communities and shared experiences.