TEXT: The world economy is going through its 3rd big global change. It has been thousands of years since the Agricultural Revolution and hundreds of years since the Industrial Revolution. Countries that were late to adopt to the Industrial Revolution are still striving to enter the league of developed countries. The Digital Revolution creates a brand-new league and opportunities. As the production and consumption habits are changing during this period, companies that were founded only a few 10 years ago reached more than a trillion dollars today, revealing the true nature of this transformation. The common feature of the companies with the highest worth today is their billion dollars of income not from physical assets but from their digital presence. For instance, the giant online show and movie platform Netflix doesn't even own a movie theatre, digital taxi initiative Uber owns no taxis and accomodation platform Airbnb has no hotel room.
Copyright Business Recorder, 2020
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