Leveraging Technology

Im not an early adopter of technology, I don’t consider myself to be tech savy. As a part of setting up this business we have been pushed into areas where we have a limited knowledge base – the questions we have addressed are along the lines of – what server will we get? Actually what is a server and do we need one? What internet connection will work for our needs with multiple users? How do we design and maintain a web site? Who is the most suitable market information provider? Do we use Microsoft software or look to go it alone with freeware?  

Going through the decision making process and now living with the results my overriding impressions are how inexpensive the investment is and how well it all works. For a relatively modest investment we have a phenomenal ability to search, sort, broadcast and store information. The change I am noticing is even maybe ten years ago we had a strong sense for what was possible with a database where as today there are lots of databases that we regularly use and delight in their ease of use and breadth of information. My sense is how well technology works and how generally accessible it is has meaningful implications for barriers to entry for existing business structures, for pricing and for business formation. I think this is particularly relevant for a small economy like Australia where we have seen certain businesses and industries earning what appear to be excess returns due to limited competition.