Thinking outside the bubble

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At this morning’s Boulder Open Coffee Club we talked about emergent regional markets – what’s coming down the road? If you have money, time, or talent to invest, where should you be placing your resources now to capitalize on the economic recovery when it happens. (sidenote: Overall the group seems to be really optimistic that the recovery is coming and will be great, so I’m hoping they’re right!)

Of course we heard the perennial favorites (at least in this part of the world): green tech, clean tech, cloud computing, etc. But we had an unusually diverse group (including a lawyer and a finance guy!) at BOCC this week and two “new” tech ideas popped up – healthcare and construction. Both industries are targeted for stimulus funds, both have a history of technophobia (or possibly inadequate or poorly implemented technology), and both are a huge (and potentially profitable) opportunity for tech entrepreneurs. And all of this got me thinking…

The importance of diversity

Diversity shouldn’t just be a buzzword. Racial, ethnic, gender, age, education level, experience, etc. are all relevant factors to consider when building a business. If you only talk to or hire people like *you*, then you’re not going to get very far because you aren’t being challenged and you aren’t growing. You’re continuing to make deeper ruts along the same path instead of creating a new path.

For all of the intellectual power and entrepreneurial energy in Boulder, it’s seriously lacking in diversity and until that has been addressed, I’m not confident that we’ll see *significant* companies coming out of there. We’ll continue to see neat ideas, fun technology, iPhone and Facebook apps, and other super-geeky toys, but those businesses are focused on meeting the needs (wants?) of the prosperous and the technical elite. What about the other 95%?

The (non?) importance of the long tail

Don’t get me wrong. We need the super scientists and engineers and researchers and business people always pushing the envelope; developing new technologies, making them faster, smarter, stronger, etc… But, if you’re looking to start a technology business that makes money, maybe you should find those industries that *need technology* and *have money*.

I know, I know. Healthcare and construction aren’t sexy industries, right? Well, I guess that depends on what you consider sexy. Will you get slick media coverage that drives your Technorati rating sky high? Probably not. Will you become internet-famous? Probably not. Will you end up on the cover of Wired? Maybe. Will you be able to address interesting technology issues? Yes – all sorts of hardware and software goodness. Will you be able to address interesting business issues? Yes – user adoption, management, marketing, sales, finance, etc… Will you be able to make money? Maybe. That depends on you.