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Let's take a look back at some predictions that were made earlier this year from leading entrepreneurs, investors and founders to see how this year has shaped up and transcended beyond our expectations.
It is a good time now to stop and evaluate the year of 2023 and see what should be or should have been a priority focus for your brand and organization.
The following 10 responses weren't exactly predictions for 2023 but a focus on technologies and trends we should be paying attention to. The people featured are at the forefront of innovation, transformation and venture capital's elite offering their opinions on what we should have expected this year.
These responses were the result of one single question asked by Rex Woodbury of the Digital Native blog…
Question: Heading into 2023, what's one thing that not enough people are paying attention to?
Generative AI is all the rage right now, but the world needs more models that find the signal in the noise—instead of just creating more noise. AI that finds the needle in the haystack will accrue two orders of magnitude of more value in the workplace.
— George Sivulka, Founder and CEO of Hebbia
As investors and builders, we spend so much time thinking about what’s next and what new fringe behavior might move mainstream—but I think what’s missing is the understanding that however more complex and diverse the consumer becomes, their needs are still remarkably traditional. In the coming years, I think we’ll see a refreshed focus on core life fundamentals that help people harken back to a more pure, simpler way of living—even if the avenues with which consumers pursue these more traditional values are new.
— Kirsten Green, Founder and Managing Partner of Forerunner Ventures
While I’ve been focused on vertical b2b marketplaces for some time now, I believe 2023 will be a breakthrough year for many of these models. Across many large ‘old school’ industries, the whipsaw of the past two years shined a flashlight on antiquated supply chains. For buyers and sellers, modern discovery, purchasing, workflow, and inventory management software is no longer a nice-to-have but a need-to-have, and we will see much faster speed of adoption in these models—which is further catalyzed by generational transition in many of these industries.
— Mike Duboe, General Partner at Greylock
TikTok has made a new wave of consumer ideas possible by solving initial distribution. All you have to do is create a video and TikTok will show it to your first 100K-1M+ potential users. It dramatically levels the playing field for getting a new idea off the ground.
— Matt Moss, Founder and CEO of Locket
There will be a paradigm shift in retail trends towards secondhand fashion driven by the economic downturn and tailwinds for sustainability. We are noticing retailers that have never sold pre-loved, are now starting to make moves into the space as end-consumers look for value-for-money, longevity, and sustainability in their purchases.
— Abhi Arora, Co-Founder and CEO of Fleek
The rise of impactful commerce. Consumers now demand that the brands they shop from put their money where their mouth is and live their values. Being mission-driven has become tablestakes. The past few years have seen so many challenges--the pandemic’s healthcare crisis, social and political unrest, climate change. The private sector can't be a silver bullet, but it can be used to create change at scale and funnel trillions of dollars to grassroots organizations.
— Viveka Hulyalkar, Co-Founder and CEO of Beam
Plenty of people are thinking about “generative AI,” but I think within that the most important part of it is getting lost. Content that’s entirely created by AI gets all the focus, but I’m more interested in how AI can be woven into tools that humans use to create content. Typically when we see tech advances like this, it unlocks a new creative wave as artists figure out how to use it, and I’m incredibly excited to see that plays out.
— Nathan Bazchez, Co-Founder of Lex and Every
Not enough people are paying attention to how news consumption has already changed. Take a look at this: In the first chart, you see the share of each social media platform's users who regularly get news there. In the second, you see just how many Americans now get news on TikTok. For all the talk about TikTok, not enough media companies and journalists are investing enough to be the ones providing accurate news there.
— Cleo Abram, YouTuber and Founder of Huge If True
The lipstick effect is a well-known socioeconomic theory, whereby in times of crisis or recession, sales of small luxury affordable goods, most specifically, lipstick, will rise. With skincare meaningfully eating into makeup’s market share, and trends such as remote work continuing to rise, my hunch is we’re not going to see lipstick fly off the shelves. This begs the question—what’s 2023’s lipstick? And what opportunity is there to build product and services around affordable luxuries with analogous social signaling?
— Georgia Stevenson, Partner at Index Ventures
The changing world order and in times of uncertainty, to maintain an operational framework of love, integrity, and truth.
— Justin Hauser, Founder and CEO of Geneva
If you've read this far, take a moment to pause and imagine what 2024 holds for you and your business. Is it time for drastic change, new innovation and inspiration?
What we can say with confidence is that 2024 is going to be another year of accelerated change in technology, with sustainability and climate change a top priority and the need for global peace!
Make the rest of 2023 count. If you need help with your business or an innovative road map for 2024, talk to us today.
