Unlearning, Fail Fast recipe for success in digital world
There is so much that is happening because of convergence between the virtual and real world that business models will need to undergo a change, here is one thought relating to real estate.
Given the behavior of millennials who are open to accepting “sharing”, experience and convenience, and the emergence of new digital technologies and ecosystems, Real Estate business can be reclassified as a business of “Connected community and Lifestyle”. This would start to happen sooner than we imagine as the business gets digitized, technologies mature and congruence of various technologies like AI/Deep learning, Blockchain, AR/VR, sensors, cloud computing, storage, mobility, 3D and 5G, etc.
Similarly, there may be some disruption in owning real estate assets e.g USD100 mn property may actually have 100000 owners through the use of blockchain and other technologies, which will lead to illiquid asset becoming liquid.
It is not if what I have said above will happen, the question is by when as institutions and regulations will need to be in place for this disruption.
Success in the biz will be a function of embracing unlearning, fail fast and relearning while staying current.
7 June 2019