7 Emerging Industries: Opportunities for powerful technologies to cultivate economic and social change
Healthcare- The time is now for new leadership to step up! There is a huge economic and impact incentive to solve the Black healthcare crisis. A global phenomenon that has spanned over 30 years of reduced medical resources and care for Black people. We can start by creating solutions to address aspects of health that go beyond traditional services and societial capabilities. Investors interested in the Diaspora marketplace, should consider prioritizing investment in the development of Black life sciences organizations and research centers; while also working with underemployed and recent graduates that identify as Black/POC health tech innovators on developing capabilities, products, and services that will likely be critical to the future of Black health globally. With new inclusive healthcare systems positioned in place, this will lead to the insurgence of pipelines that will produce opportunities for Black executives and senior leadership in the life sciences field. It will also allot for the debut of differentiated technological advancements that will distinguish Black innovation from european systems and methodologies, which have been proven to be harmful to members of the Diaspora community. In addition to driving advancements forward, we would be able to restructure STEM education, enhance care quality and improve access to quality care by strategically using investment and technology to make wellness systems more inclusive and compatible for us.
Recommendations for revolutionary technology are as followed:
AI, machine learning, and deep learning
Digital medical devices
Biotechnology: Genomics and sequencing
Digitalized Med-tech (smart med devices that includes remote monitoring, telemedicine, wearables)
Nonmedical device hardware
2. Manufacturing-
Beauty, fashion, and lifestyle seem to be the focus of many small cultural enterprises. Despite having little to no capital, entrepreneurs who operate within these market categories, leverage elements of the culture with social influence in order to create value in the digital spaces as an alternative. Such efforts are susceptible to exploitation, when investors and larger firms use the labor, data and efforts (without compensation) of these entrepreneurs as business intelligence to maximize and strengthen their networks built on nepotism and partisanship.
There is a great opportunity to empower "creative" entrepreneurs through the creation of sustainable economic opportunities. These opportunities would be created by investing in multi-national supply chain and distribution channels for Black entrepreneurs. By investing in such models, we can begin to develop international economical influence and start operating on an international scale that is defined and a system that will support a more global equitable economy through leveraging emerging Diaspora markets with growing markets that continue to actively partake in marginalization and exploitation of Black business leaders through discriminatory practices, think tank rituals that appropriate ideas and through the adoption and projection of bias rhetoric.
While applying this alternative approach, we can also focus on developing supportive technology like e-commerce, software, cloud computing, digital streaming, and artificial intelligence systems to improve user experience, product diversity and overall efficiency.
Technology suggestions are as followed:
E-Commerce & shopping Technology
Manufacturing/design software that is inclusive of all body sizes
Logistic technology that supports transportation and shipping
Retail management, system management and quality control
Rewards systems tailored to consumer lifestyles & mobile payment application
User Design and experiences that enhance and reflect new industries and consumers expectations
3. Hospitality; Food & Travel- website and applications that promote Black destination experiences. Cultural hubs and food scenes throughout the world that fuse traditional food, cultural monuments, spirituality and activities are rich and abundant and ready for expansion. Places although "underserved", are often recognized within our culture as vibrant and "off the grid" hotspots. Legacy spaces that we hold high in value.
Mobile and software applications that promote authentic & fun tours, curated group trips would compliment and enhance these blossoming communities, while pouring economically back into these robust communities.
Not only is there opportunity for technological advancement but also a chance for real social change by creating economic opportunities through technology integration for locals, local lodging, homestays, and/or tourism experiences. Overall, this new system of processes will put us in the drivers seat socially and economically when it comes to making decisions of renovation, neighborhood improvements and maintaining or enhancing the character attributes of our communities that are important to us.
If executed in a well managed manner, there would also be additional opportunities for governmental development partnerships in Diaspora markets internationally and locally.
For example, here would be ideal destination locations worldwide: Salvador, Brazil; Belize, Costa Rica, West Africa, The Caribbean; US cities; Atlanta, DMV area, Miami, New Orleans, Montgomery/Birmingham, Memphis, Chicago, Philadelphia, Charlotte, Dallas, Charleston, Harlem, Detroit, Downtown Oakland, St. Louis and Downtown Jersey City
Technology suggestions are as followed:
Human experience platforms; an integrated array of AI capabilities, such as voice stress analysis and micro-expression detection tools, and technology that encompasses emotional intelligence into their processes
Development of payment systems based on the Black consumer behaviors and spending patterns
User experience and interfacing
Social networking services and applications used to organize online groups that host in-person events for people with similar interests
4. Entertainment, Beauty & Lifestyle- Many prominent fashion, luxury, and entertainment businesses have their roots in culture, and members of the diaspora view these elements as fundamental to their way of life. Experiential technology that acknowledges this, through fusing retail, influencer marketing, digital entertainment and shopping would be widely embraced and highly regarded. Additionally, Black and POC innovators have a social and economic opportunity to advance, contribute, and play a significant role in the development of the healthcare, pharmaceutical, and scientific industries. They can also join multi-professional networks of Black and POC culture curators, investors, entrepreneurs, professionals, and others by making investments in entertainment, beauty, and lifestyle.
One successful Diaspora movement that managed to produce multi-industry break throughs in manufacturing, health, the sciences, pharmaceutical, fashion, beauty, lifestyle, political-social realm, media/entertainment and e-commerce would be the natural Black hair care movement for men and women with coarser hair type worldwide. It expanded and created all of the industries listed above.
*Please contact to request case study materials that go into detail*
Technology suggestions are as followed:
User design and product development systems that are more hands-on, collaborative and creative. Processes that reflect and validate the lifestyle behaviors of cultural icons and influencers who inspire and design the world around them
Exponential Technology; technologies that improve computing power, storage, and bandwidth; perfect for up and coming cultural media-services providers
Development of payment systems based on the Black consumer behaviors and spending patterns
VR technology
5. Finance- To create culturally relevant systems, for Black/POC users and consumers; it is important that investors join forces with IT and finance leaders of the Diaspora on working together to develop new processes for budgeting, contracting, and capital planning that can fuel innovation and usher in flexible approaches to funding more technology investments.
Recommendations for revolutionary technology are as followed:
Human experience platforms; an integrated array of AI capabilities, such as voice stress analysis and microexpression detection tools, and technology that encompasses emotional intelligence into their processes
Development of payment systems based on the Black consumer behaviors and spending patterns
Culturally relevant fintech software
Block chain technology
Investment platforms that promote banking, investing, and learning about other diaspora companies and technological inventions
6. Social Justice- More than ever, many social justice firms are beginning to take on modernized perspectives by recognizing the interconnection of capitalism, policy and racism (THANK GOODNESS!). Many non profits, private firms and community organizations are starting to design advocacy initiatives and experimental programming that provide direct services essential to closing opportunity gaps. Some of these projects range from targeted social programs to developing entrepreneurial assistance and resources aimed to improve the lives of Black/POC people.
Recommendations for revolutionary technology are as followed:
Mobile apps
Saas & Cloud Computing
Workflow and project management communication platforms
Telecommunications
Investment platforms that promote banking, investing, and learning about other diaspora companies and technological inventions
7. Social Platforms- Cultural determinants are extremely important when building technology & developing software. Understanding users that identify, connect, support and interact with culture in its most authentic form will greatly influence the success or failure of a Black/POC led start-up. I have also observed and confirmed this through research of non Black/inclusive top companies. They seem to be able to capture diverse audience groups whom are also driven and highly influenced by such cultural determinants through designing applications that incorporate the knowledge, practices, symbols, language, emotions and attitudes of Black Diaspora culture.
Lastly, when creating investment guidelines and tactical approaches for Black/POC led business and wealth developmental concepts; making sure end products, behavioral expectations, organizational structure and corporate culture is reflective of some of the determinants referenced below, are paramount.
Here are a few social determinants to note:
Group 1. Family, human interaction, community & fellowship
Group 2. Creative Arts, sensory and experimental
Group 3. Easily adaptable to systems that are simplified and time-saving
Group 4: Purpose driven and intuitive solutions & themes
Social networking services and applications used to organize online groups that host in-person events for people with similar interests
Education platforms that introduces new technology to students and provides a digital space, where they can access tutorials and lectures pre-recorded by experts in various fields relative to emerging Diaspora markets and interests of Diaspora culture
Contact me for a full in-depth report, fully examining critical issues that affect executive teams and emerging leadership with an interest in racial and ethnic ventures interconnected to business affairs and the economy. Such content is aimed at keeping top management and partners informed on a variety of complex cultural issues.
