The Futures - No. 06

From Quantumrun

May 23, 2023

TLDR: In this issue

The Quantumrun team shares actionable trend insights about employee-AI collaboration, the Baby Boomer wealth transfer, AI becoming a super tutor and teaching assistant, and developments in invisible tech.

Future signals to watch

AI-written books are everywhere on Amazon, complete with suspicious 5-star ratings on very niche topics.
A 2023 study published in Nature showed that electric vehicle batteries can address grid storage demand by as early as 2030.
Captura Corporation created a purification facility in the middle of the ocean, aiming to extract carbon dioxide from seawater using renewable electricity.
Global food supply is at risk due to fungal disease in crops, and scientists have issued a stark warning about its potentially "devastating" impact unless worldwide agencies intervene.
Livestream shopping is catching on, with China's livestream e-commerce market reaching USD $497 billion in 2022.
The popularity of floating solar panel systems is surging in the US following their rapid expansion in Asia.
The Biden administration has unveiled its proposed regulations requiring operators to adopt carbon capture technology or transition to hydrogen-based fuel alternatives.

Workers are looking forward to collaborating with AI

Source: Harvard Business Review / Artist: Kuo Cheng Liao

Microsoft’s Work Trend Index Annual Report discussed the growing AI-employee alliance, where workers look forward to AI streamlining their tasks instead of replacing their jobs. While 49 percent expressed worries about AI taking over their careers, 70 percent would willingly delegate tasks to AI to reduce their workloads. It’s interesting to note that people are more excited about AI alleviating burnout than concerned about job elimination.

Furthermore, individuals are seeking AI assistance across various aspects of their work. Around 3 out of 4 people are comfortable using AI for administrative tasks. Respondents are also open to using AI for analytical work (79 percent) and even creative endeavors (73 percent). People also want AI's support in finding information and answers (86 percent), summarizing meetings and action items (80 percent), and planning their daily schedules (77 percent).

The data also reveals that business leaders use AI to enhance productivity rather than replace human workers. Their interest in utilizing AI to boost productivity is twice as high as their interest in using it to reduce the number of employees. Interestingly, reducing headcount ranked lowest among the list of benefits that leaders value from AI.

Actionable trend insights as companies use AI to boost worker productivity

For job seekers: They can seek positions or industries where AI is heavily utilized. By gaining AI-related skills, knowledge, and productivity habits, job seekers can enhance their employability and take advantage of the increasing demand for AI-related roles. Additionally, applicants can use AI-powered platforms and tools to improve their job search.
For entrepreneurs: They can create solutions to automate repetitive tasks, streamline operations, and improve overall efficiency. Tasks that can benefit from automation include any rule-based task, such as data entry, customer service interactions, and inventory management, allowing clients to focus on higher-value activities and strategic decision-making.
For corporate innovators: There will soon be a demand for individualized corporate virtual assistants to be paired with each employee (across industries) to optimize productivity and reduce human error. AI-powered bots can handle tasks such as data analysis, report generation, customer support, and workflow management, freeing employees to focus on tasks requiring creativity and critical thinking.
For public sector innovators: Policy researchers, advisors, and up the chain to state politicians can leverage AI research the pros and cons of various policies, and even draft legislation. As a result, we may see governments become more responsive to future trends as governments can draft appropriate and data-tested legislation faster.

Trending research reports from the world wide web

The Future of Jobs Report 2023 examines employer expectations to offer fresh perspectives on how socioeconomic and technological advancements will influence the future work environment.
LinkedIn’s Global Talent Trends Report May 2023 discovered that hiring is slowing down globally.
In Hubspot’s The State of Social Media in 2023, 90 percent of social media marketers emphasized the significance of establishing a thriving online community as a critical element for social media success in 2023.
A surge of entrepreneurship in 2022 was driven by women, who created half of the new businesses.

The Boomer wealth transfer is about to accelerate income inequality

Talmon Joseph Smith from The New York Times analyzed the upcoming massive wealth transfer in American history, focusing on generational wealth. As Baby Boomers retire and pass away, they will leave behind an estimated USD $84 trillion in inheritance to Millennials and Gen Xers, with USD $16 trillion transferring in the next decade.

The wealth distribution within generations is heavily skewed, with the top 1 percent of households holding as much wealth as the bottom 90 percent combined. The majority of this wealth is held in stock portfolios and real estate, and due to US tax laws, a large portion of it will be transferred to heirs with little inheritance or income tax.

This impending wealth transfer will significantly change the makeup of the rich in America. The children of these wealthy individuals will inherit significant amounts of money, potentially making it increasingly difficult for people to become middle-class today compared to 30 years ago.

Actionable trend insights as Baby Boomers pass on their wealth to other generations

For job seekers: They can target industries and professions that are likely to experience increased demand (between 2025 to 2035) due to wealth and estate management . For example, as Baby Boomers pass on their wealth, there may be a growing need for financial advisors, estate planners, lawyers specializing in probate and trusts, and other professionals who can assist with managing and distributing inherited assets.
For entrepreneurs: Entrepreneurs can tap into the transfer of wealth by developing products and services that cater to the needs and preferences of Baby Boomers and their heirs. These solutions might include launching businesses focused on estate planning, wealth management, elder care services, senior-friendly technology, luxury retirement communities, or personalized inheritance experiences.
For corporate innovators: The changing financial needs of Baby Boomers as they age require integrating estate planning services with other wealth management products. While many leading firms already provide such services to their affluent clientele, there's also the opportunity to deliver these services to less wealthy Boomers cost-effectively, thanks to technological solutions. Additionally, older Boomers will require comprehensive assistance purchasing long-term care insurance or converting their non-financial assets into cash.
For public sector innovators: The public sector can leverage the transfer of wealth to stimulate economic growth and support societal needs. Governments can introduce policies and incentives to encourage beneficiaries to invest their inherited wealth in local businesses, startups, or real estate, thereby promoting entrepreneurial activity and job creation. Moreover, the public sector can allocate resources to enhance financial literacy programs, legal services, and estate planning assistance, ensuring that individuals are equipped to handle the management of inherited wealth responsibly.

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Outside curiosities

After generative AI memes of pop culture characters x Balenciaga hit social media, an offshoot meme is now circulating—pop culture characters in the style of Wes Anderson.
Joseph Dituri, a University of South Florida professor, has surpassed the world record for the longest duration of underwater living. He has intentions to remain submerged for an additional three weeks.
A megalithic tomb dating back 5,400 years has been unearthed by archaeologists near a solitary mountain in southern Spain. This discovery implies that the mountain could have held significance to the prehistoric inhabitants of the region.
Kathleen Corradi has been named the inaugural 'rat czar' of New York City, a new role created to manage the city's growing rat problem.

AI might become education’s greatest strength

While concerns about AI tools, like ChatGPT, enabling student cheating may be valid, nonprofit organizations like Khan Academy still think AI can radically transform education for the better. The vision is to equip each student with a personalized AI tutor and each teacher with an AI assistant. These tools are significant considering educational psychologist Benjamin Bloom's "2 Sigma" study, which showed the dramatic impact of personal tutoring. Khan Academy's AI, Khanmigo, simulates such personal attention, promoting problem-solving instead of simply providing answers.

Artificial intelligence in education extends beyond math to computer programming and broader context understanding, addressing queries like "Why do I need to learn this?" by connecting the material to students' interests and goals. It can also serve as a guidance counselor, offering academic, career, and life coaching. In advanced applications, AI can aid literature analysis through simulated conversations with book characters. These prospects encourage students to take the creative learning route instead of relying on instant fixes.

Artificial intelligence can also help teachers in lesson planning, preparation, and even grading. These tools enable teachers to customize their lesson plans to target the needs of particular classes or students instead of the one-size-fits-all approach that has typically defined institutional education.

Actionable trend insights as AI becomes a significant tool for education

For job seekers: They can use AI-powered platforms and tools to enhance their skills in the education sector. For example, AI-powered learning platforms can provide personalized learning paths, adaptive assessments, and real-time feedback, enabling job seekers to acquire new skills more efficiently and tailor their learning experience to their needs. There is also a growing shortage of global teachers. According to UNESCO, about 69 million teachers will be required by 2030.
For entrepreneurs: Entrepreneurs can leverage AI to develop innovative solutions that enhance productivity for students and teachers. They can create AI-based tutoring platforms that offer personalized learning experiences, intelligent content recommendations, and virtual assistants to support students' educational journeys. For teachers, AI-powered tools that automate administrative tasks like grading and data analysis, allowing them to allocate more time to instructional planning and individualized instruction, may be welcomed.
For corporate innovators: Corporations can utilize AI to support employee development in education. By implementing AI-powered learning management systems, they can offer personalized training programs, recommend relevant educational resources, and track employees' progress effectively. AI can also facilitate knowledge sharing and employee collaboration through intelligent chatbots, virtual classrooms, and interactive online forums.
For public sector innovators: The public sector can harness AI to improve educational outcomes and productivity at a larger scale. AI-powered analytics and predictive models can help identify patterns and trends in educational data, enabling policymakers to make data-driven decisions for curriculum development, resource allocation, and targeted interventions. Additionally, virtual tutoring systems can extend academic support to underserved communities, bridging educational gaps.

Is screenless the next technology evolution?

Tech journalist Walt Mossberg in 2017 presented the concept that technology will eventually become invisible. This vision has guided the startup Humane in its development of a new AI-driven wearable device. The company intends to replace mobile phone displays with a voice-controlled assistant that presents everything from phone calls to text messages directly onto the user's hands. This device is autonomous, not requiring pairing with a smartphone, and is designed to blend seamlessly into the user's life.

It uses AI to provide unique, context-specific experiences, enabling users to interact with the digital world more intuitively. For instance, the device might provide instant translations, give dietary advice based on personal health data, or summarize missed communications.

Founder Imran Chaudhri (a former Apple employee) argues that the application of AI to invisible, wearable technology will transform our relationship with devices, making them more human, intuitive, and natural. The goal is to use technology to enhance our presence in the world rather than distract us from it.

Screenless Displays are categorized into three main types. The first, visual image displays, include technologies like holographic or virtual displays, which can be viewed directly with the human eye. Second, retinal displays directly project images onto the retina without using light reflection. Lastly, synaptic interfaces facilitate direct communication between the system and the human brain, a highly complex and future-facing technology.

Actionable trend insights as screenless technology continues to develop

For job seekers: Various industries need to come together to make screenless technology possible, including materials science, user design and experience, brain-computer interface, head-mounted device and smart wearable design, and data analytics. These sectors will likely experience an employment demand as more devices are created using screenless, touchless tech.
For entrepreneurs: They can develop voice-activated or gesture-controlled devices for the smart home market, holographic displays for retail businesses, or create AR-based interactive experiences for education or entertainment. Furthermore, entrepreneurs could use screenless technology in their day-to-day operations, such as using AI voice assistants to schedule, manage tasks, or track key business metrics.
For corporate innovators: Companies could use voice recognition and AI to streamline processes, like voice-enabled data analytics, hands-free instructions for factory workers, and voice or gesture-controlled presentations in meetings. Externally, businesses could adopt new ways to engage their customers, such as holographic displays in shops or AR experiences that allow customers to try products virtually before buying. Corporations could also leverage screenless technology to improve accessibility for employees and customers with visual impairments or other disabilities.
For public sector innovators: Local government offices could use voice recognition systems to automate some of their services, making them more efficient and accessible. Schools could use screenless technology to create immersive learning experiences that better engage students. Furthermore, law enforcement and emergency services could employ screenless technologies like AR for training simulations.