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Young Entrepreneur Speaks at RBC

A few weeks ago, I wrote about the youth panel discussion that took place at the 2006 RBC Applied Innovation Symposium. Among the other presentations at the event was one about technology and the Net generation, delivered by Michael Furdyk. If the name sounds familiar, it’s probably because you’ve heard Michael’s story on The Oprah Winfrey Show, or read about him in Time Magazine. When you co-found a successful online company and sell it for upwards of US$1 million at the tender age of seventeen, as Michael did, I guess the media takes notice.

Since the sale of MyDesktop.com in 1999, Michael has provided technology, youth culture, and business consulting services for a variety of companies, including Xerox, IBM, and Microsoft. His latest online venture, TakingITGlobal, is an online network that connects youth interested in improving their local and global communities. Besides describing his personal story with great charm, Michael addressed what he sees as key characteristics of the Net generation. Among them:

Technology Enthusiasm – Young people are enthusiastic about technology to a greater degree than any other demographic group. They draw from the unprecedented amount of information available on the Internet to create their own unique sense of self.

Super Connectors – Technology can be used for many things, but young people use it most voraciously to communicate. Cell phones, text messaging, e-mail, instant messaging and online communities all feed this appetite for open communication.

Global Culture – The Internet has made the world a smaller place. Youth today are more likely than previous generations to watch foreign films, listen to foreign music, eat foreign foods and communicate with friends internationally.

So what are the implications for business? Michael discussed a number of things, including:

Internet Everywhere – There’s a good chance the Internet is already at your local coffee shop. Some airlines even provide it on their airplanes. This reach will extend even further into all the places we live and the enabler will be wireless technology. Businesses need to be mobile.

Social Networking – People will increasingly use the Internet to connect through common interests. Viral marketing gains increased importance in this connected world. Online review websites provide an opportunity to engage with customers at the point of frustration.

Consumers as Creators – The line between consumers and creators is getting more and more blurry. Blogs, wikis, podcasts, and photo/video sharing empower consumers to create their own experiences. Businesses must allow customers to further shape their own agendas.

Posted by Nelson T. on November 26, 2006 7:15 PM

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