The Issue Isn't Privacy...
I haven’t written much about tech lately because I was waiting to see how a few key elements would emerge. What follows is my analysis of how emerging cultural tech trends will unfold through this year as it relates to the tech privacy crisis. The Facebook fine was just the beginning…
Privacy is a proxy for enemy. Americans freely pass out our geolocation for a map, a date for the evening, or sushi delivery. We don’t actually care about our privacy.
What we do care about is that tech has gotten too big, and its value does not outweigh the power it takes from us. Americans love liberty. When the rhetoric changed to tech privacy, it made us feel duped, which makes us feel weak. Americans do not value weakness. It frightens us. And just like we blamed the last financial crisis on banks to avoid the self-blame of making poor home purchasing decisions, we must blame big tech for this existential crisis we now face. We gave away our digital privacy for shillings; now it’s too late.
Big tech execs today will absolutely go to prison as a result of this. They are too exposed. Unlike nearly every other major industry, they have no representation on the Hill. Big Pharma outran itself for generations on the tailwinds of lobbying. We see no lobbyists for Zuck, and Google refuses to send its own senior executives to even speak. Big tech is barebacking a game against government. History shows the direction this goes.
Government is more in need of an enemy than usual. It is more fractionalized than ever, now structured as a series of bullying propaganda groups — for the first time in our nation’s history, that I can find. Teams, and bullies, need enemies.
If it were me, I would get out of investing in the public tech sector now.
*Note that this is not investment advice but merely my personal opinion which does not reflect on my Fund of Funds. Just trying to be helpful.
Fintech is a different and emerging category we will see more of throughout the year, especially in the context of privacy. Fintech has quietly been replacing the value chain across the finance sector, with America is a slow adopter, but we are adopting. The ride to universal, stable adoption will be every bit as rocky as blockchain. The Capital One dev/hacker was only one of many interesting examples to come.
What do you think? Drop me a line to my personal email at jhiggins@curateadvise.com. I look forward to opening this conversation.
Cheers,
Jess
Jessica Higgins is a highly credentialed and experienced business growth consultant. She gets involved in unique opportunities at the crossroads of finance, technology, and marketing to create innovative growth. She holds investment and advisory positions in a portfolio of companies and is a published author who writes about her business and personal passions. Her first book, The 10 Essential Business Communications Skills, released at #1 on Amazon New Releases for Communication and Behavior Skills. She has given keynote speeches on topics ranging from culture to emergent technologies and has consulted with seven of the Fortune 100 companies. She now lives in Charleston, SC.
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