Why are there obsessions with tech companies?
According to Interbrand’s Top 15 best global brand ranking since 2000, tech companies like Google and Apple are at the top of the list.
Google, along with a number of tech companies, formed the majority of the top 10 companies with best company culture. The perceived work culture in new tech organizations typically feature workplace flexibility, open and honest employee engagement, conduciveness for creativity, etc.
As such, many job seekers want to join “tech companies”.
It’s the age of “tech”
We are in the age of computer and automation (Industry 3.0), where mainstream businesses are embracing digital and technology to pivot and to transform.
Industry 4.0, led by data automation and connectivity, is also emerging for selected industries.
It is clear that technology will continue to fuel the changes in the business landscape.
Industry incumbents find new competitions among new tech entrants in areas like fin-tech, health-tech, retail-tech, agri-tech, etc.
Technology adoption will continue to spread as companies prepare to adopt technology for survival, to enable growth and differentiate.
The line between a tech and non-tech company is set to blur.
The fashions of technology and companies
Companies label themselves as “tech companies” because it’s fashionable to do so. While technology is integral in many different businesses, not all companies qualify as tech companies.
True tech companies are the ones that develop technology which re-engineer business eco-systems and enable new modes of business. They are driven by the values of innovation and collaboration, and spend large sums of money on research & development.
Then there are those most that simply adopt technology to stay relevant, to differentiate and for survival.
These companies leverage technology through acquisitions or partnerships. They may also replicate or customize new technology in-house.
A diverse spread of businesses dot different stages of the technology adoption curves. Some are innovators, others are early adopters and mainstreamers.
Without a doubt, technology and internet are the basics for new ways of life and business.
For a start, Industry incumbents may see the new tech entrants in their respective sectors as rivals. Over time, they will find themselves embarking the eventual paths of adoption, partnerships and acquisitions with technology providers.
E-commerce is a good example where conventional players are, gradually but surely, changing their mindsets from fighting it to embracing it.
When it comes to the tech tsunami, resistance is futile!