“Just about everything is getting connected to the Internet,” Evans observed, pointing in particular to the impact of cloud-based software on development.
Second, Evans emphasized the mobile device as providing “the bridge between the physical and virtual worlds.” Finally, he noted that social networks, especially Facebook, are helping to connect people – friends and colleagues – and businesses.
Evans also added that the pace of innovation is quickening, pointing to a slide that showed the number of U.S. patent applications from 1960 – 2010 (image on right). So, are you too late to join the innovation party?
“However long people say this is going to take to work out, chances are it’s going to take longer,” said Evans. “Only a fraction of the devices that could be connected to the Internet today are. Who knows what Facebook is going to look like in 16 years? A lot of stuff still needs to happen… for this stuff to come together.”
Listen below to more of Evans’ remarks on the importance of innovation.
Welcoming the institute participants, Market Platform Dynamics Founder David S. Evans outlined key trends driving opportunities for payments innovation.