The Wealth Creators of the Information Age

From Land to Factories to Websites

In the Agrarian Age, society was primarily divided into landowners and serfs, with wealth and status largely inherited. The Industrial Age brought a seismic shift, with manufacturing, not agriculture, becoming the primary wealth generator. Land was no longer the key to wealth; factories were. This era saw the rise of the self-made businessman, with wealth no longer tied to land ownership or family lineage. However, substantial capital was still required to build a factory and start a business.

The advent of the World Wide Web and globalization brought another dramatic shift. Factories and real estate were no longer prerequisites for running a business. Anyone with a website could start a business, effectively eliminating the barriers to wealth that existed in the Agrarian and Industrial Ages.

The Information Revolution: A Historical Perspective

The Information Revolution did not start in 1989, but in 1444 with Gutenberg's invention of the printing press. However, the printing press, with its 'one-to-many' technology, belonged to the Industrial Age. The Internet, a 'many-to-many' technology, is the hallmark of the Information Age. The Information Age is characterized by decentralization and lack of control, with no government or media magnate controlling the Internet. This is a crucial aspect of the Information Age.

The Wealth Creators of the Information Age

So, who will become wealthy in the Information Age?

Self-Taught Individuals

In the Agrarian Age, skills were passed down from generation to generation. The Industrial Age changed this, with universities providing the opportunity to learn any skill. However, the Information Age has brought another shift in skill transmission. The skills necessary to succeed in the Information Age are not being learned from parents or in schools and colleges. Instead, they are often self-taught. The millionaires and billionaires of tomorrow are likely to be self-taught individuals, often without a college education.

Innovators with New Ideas

Those who can think outside existing structures and come up with innovative ideas are likely to prosper in the Information Age. A simple idea can launch people to success in this era. Sabhir Bhatia, the inventor of Hotmail, is a prime example. He was a computer engineer with no business experience, but his idea for a free, web-based email service led him to sell Hotmail to Microsoft for $400 million three years later.

Writers

Writers, who were dependent on large publishing houses in the Industrial Age, are flourishing in the Information Age. They are self-publishing and keeping most of the profits. The Internet, a primarily written medium, favors those who can effectively communicate through the written word. In the Information Age, we are all writers.