June 26, 2018
Whilst a millennial has been interpreted in many different formats the overall concept identifies a certain generation who are seen to have similar ideas and problems. There is no distinct age bracket for this generation however the range is round about 30 years, and people have tried to outline these age groups by classifying them as generation X, generation Y etc. As millennial are considered to be the younger generation they are the ones who will be key influences in the future.
Millennial within the tech industry have various thoughts on where they believe the industry is going, and what technology is proving to be more dominant. However with the industry flourishing with new innovations, which key technologies are these millennial most excited about?
Well, after a recent release of a UK study conducted by UK Business Angels Association, it appears that Artificial Intelligence(AI) is the strongest contender when it comes to millennial investments. According to the report 69% of millennial particularly those aged 18 – 34 prioritise their investments in the technology, versus 40% of investors of all other ages.
Following closely behind AI was the investment in drone technology to which 64% of millennial where keen to invest, followed by crypto currencies sitting in third position, where 58% were also keen to invest. Virtual reality however, surprisingly didn’t rank as highly as some of its competitive technologies with only 35% of millennial wanting to invest, and even more unexpectedly only 17% wanted to invest in Blockchain, a technology that has caused the Fintech sector in a flurry!
The report delved deeper into the minds of such a generation, when those whose focus was on the success rate of any business,were more concerned with data collection over other areas. 59% in fact hinted that data collection would be highly important and would affect the premise of their investment. This was particularly significant when looking at the retail industry where 70% of millennial outlined that their investment in retail would highly rely on data collection.
So what does this say about the millennial investor?
Apart from the fact that they seem a lot more inclined to invest in businesses where AI was heavily involved, they also appear to take a more analytical approach on deciding whether something is a good investment or not. When you think about it, ROI is something that can become highly challenging to measure as the competition gets more saturated and technology becomes more available, so perhaps their more analytical approach will have a more positive effect- only time will tell!
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