All technology does is save you time.
Every piece of technology is about solving a time related problem, so that you can do more of that thing. Uber makes you take more taxis, Google makes you search for more information, Skype makes you call more people internationally. It enables us to consume more, do more.
I live in Silicon Valley, where technology is what everyone is talking about, even if they aren’t talking about it. If you listen to conversations in a coffee shop, you will hear deals being done between someone who has built technology, and someone who has money to invest. Friends are pulling out their phones to show the latest funny video on Tiktok or Instagram.
Technology enables revolutions, and those who have the tech first, have an advantage…
I started this post thinking, “Technology is obviously and advantage.” And it is, but I’m realizing it’s not for the reason that you would think. It’s not that no one else can build the technology, I think the age of “No one else has this technology,” is over. I think multiple people are constantly working on the next generation technology at all times. I think that the reason technology first mover is a moat, is because of brand.
Being a first mover in a new technology adds to your brand as a company. It amplifies an aura of risk tolerance, and success if the timing is correct. This leads to talented people joining your team. The reason technology is a moat, is because you attract the best technologists, and that piece of your brand compounds over years.
People is the moat. Not technology. But great technology is built because of great people believing in the future.