I recently discussed a framework of how the best businesses or products are often exits from the traditional, outdated way of doing things.
While thinking about this mental model, I stumbled into another one that can explain some of the trends we’ve seen in businesses lately.
Essentially, it’s the democratization (yes, I know it’s a buzzword) of what rich people currently have through technology.
Some examples would be Uber for personal drivers at any moment, AirBNB for vacation homes, Instacart for grocery-getters, and etc..
This is not a new phenomenon though, technology has been democratizing what rich people have had for as long as humans have existed.
Usually rich people will use manual labor get something done specifically for themselves, and then a broad based solution will come out that optimizes that task, lowers the cost, and makes it available to anyone who requires it.
This is a short thought that I thought would be cool to share, but it could be helpful to see which manual things rich people do that may be cumbersome, but actually has utility for the average individual.
Then build some technology to scale it!