≡ Menu

Imagine a world where one can rate the popularity of any individual from 1 to 5 using a mobile device. And in this imaginary world, these ratings are important for determining one’s employability, social status, and where one can live. Furthermore, each person’s name and rating is visible to everyone else through the use of a wearable contact lens. This world already exists in the Black Mirror episode, Nosedive, but is slowly becoming a reality in our world. It is not uncommon to run across people who are staring at their Apple Watch or Fitbit as you walk through the city. In fact, wearable technology is becoming an increasingly popular trend with 50 million wearable devices shipped in 2015 and an expected shipment of 125 million devices in 2019. These statistics suggest that many people are already incorporating wearable technology into their daily lives. So, in this article, we will investigate the implications of wearable technology on businesses and entrepreneurs.

Every business is looking for ways to continually improve the productivity of its employees. One research study found that the productivity of workers using wearable technology increased by 8.5%. This is a striking statistic. How are wearables doing this? Well, for example, companies like Boeing and Tesco use wearables to gather data about the time it takes to complete certain tasks. They can then perform analytics on these data in order to train their workers to be more efficient and productive in the workplace. Ultimately, wearables allow businesses to gather information on employee activities that have not been easily accessible in the past.

Productivity of employees is also connected to their health. This is particularly relevant in America, where improved employee health can allow businesses to cut costs associated with healthcare premiums. Many consumers of wearables use their devices with the intent of improving their health. In fact, 56% of consumers believe [pdf] that their wearable device will improve their fitness. However, even though wearable devices claim that they can improve health, there is no empirical evidence that demonstrates that they can. Studies show that almost a third of users will stop using their device after 6 months [pdf]. Until more studies come out proving that wearables improve consumer health or further improvements are made in wearable technologies, businesses should be wary of using these devices as a way to improve the overall health of their organizations. In essence, an investment into current wearables to improve employee overall health may not pay off.

Another challenge for wearable technologies is privacy. Even though wearables will allow organizations to gather data that was not easily obtained before, employees may object to having their data used for analytics by their organization. It will be important for organizations to prepare themselves to navigate these privacy hurdles before implementing wearable applications to gather data analytics. For example, organizations should be open and honest with their employees about which datasets they are gathering from their wearable devices. This will prevent employee dissatisfaction and potentially costly lawsuits.

Entrepreneurs should not only think about using analytics collected by wearables to improve their startups, but also be on the lookout for opportunities in the wearable technology market. Because of the potential for businesses to use wearables as a way to improve employee productivity and health, wearable technology is an emerging market that is rapidly growing to meet the needs of organizations. As of now, the wearables market is predicted to grow by 35% by 2019. These statistics suggest that there is a lot of potential in the wearables market for startups to develop new devices and applications. Ultimately, entrepreneurs that are looking for a growing market should consider investing in wearable technology and applications.

Thomas Beck is a postdoctoral fellow in the Department of Molecular Physiology and Biophysics at Vanderbilt University and co-founder of a digital mental health startup, and runner-up in the 2016 TechVenture Challenge for a novel therapeutic. Dr. beck serves as the president of the Vanderbilt University Advanced Degree Consulting Club.

(Image Source: Personnel Today)

Every now and then, I meet students in their final year at university who are worried about applying for graduate jobs in consulting. “It seems like a great job – but I just don’t think my CV is good enough” is something I have heard many times.

True, graduate schemes at top firms are very competitive, and while some people are able to succeed without any previous relevant experience, it is useful to get a head start as early as possible. Likewise, if you are in the lucky position to know you want to go into consulting during your first year at university (or even your final year at school), it may seem difficult to get a grip on what exactly you can do now to stand out later.

The following list of options should serve as a rough guide, but keep in mind that there is no ‘right way’ and you may find that other activities are a much better fit for you. The options are mainly targeted at undergraduate students in the United Kingdom, but could also serve as inspiration for students from all over the world.

Consulting Insight Programmes

Some firms, such as McKinsey, BCG, and Oliver Wyman (among others), offer short insight programmes to give you some idea what consulting is all about. These programmes are probably the best way to find out whether you are interested in applying for summer internships after your penultimate year or graduate roles, while also providing you with a serious career advantage.

Not only is having a big brand name on your CV a valuable gain, you will also meet people from all over the organization who can give you advice and help you get a summer internship the year after. Insight programmes usually take place in the spring, with deadlines in December or January.

Investment Banking Spring Weeks

Even if you don’t want to go into investment banking, doing a spring week will help you gain some relevant experience and might give you an edge over your competitors when it comes to consulting internships or jobs. The good news is that almost every investment bank offers a spring week or insight programme, which means that there are more spaces available than for the consulting insight days. Nevertheless, these programmes are still highly sought after and require a basic understanding of finance.

In addition to upgrading your CV with a major brand name, doing a spring week can highlight your interest in business-related topics. As the name suggests, most spring weeks take place in the spring of your first year (although some banks also offer summer insight programmes) and require an early application, given that the majority investment banks recruit on a rolling basis. Applications usually open in August or September and close in December or January.

Extracurricular Commitment

Another way to stand out is through extracurricular activities. For example, you could join a student society, take on a part-time job (such as a campus ambassador role for a large company), or enter a business-related competition.

While you should obviously enjoy what you are doing, it is also important that your commitment allows you to showcase transferable skills like teamwork, leadership, analytical thinking, and communication. In the end, anything that requires you to develop or improve those skills will increase your value as a potential employee and can serve as a great topic of conversation.

Networking events

Alright, if you are in your first year at university, you definitely won’t need to spend every evening at a different networking event. However, it may be useful to go to one or two on-campus events to find out what they are like. That way, when it comes to the point at which you will be applying for internships or graduate roles, you will be much more confident and better at holding interesting conversations and connecting with representatives of your dream firm.

As I mentioned earlier, there are many ways into consulting. None of the paths listed in this article can guarantee you a job, and simultaneously, you might succeed without any of them if you have a great skill set and an interesting story to tell. But if you are keen to get started to build your profile as early as possible, hopefully this list is of help.

Max Kulaga is a finalist reading Economics and Management at the University of Oxford. As a former intern at L.E.K. Consulting in London and President of one of Oxford’s largest business societies, the German-born is keen on sharing his experiences and knowledge about the consulting industry.

(Image Source: Pexels)

By Marguerite Arnold.

While “Bitcoin” has become a household word over the past several years, the concept of what cryptocurrency actually is goes far beyond traditional concepts of “money”.

First invented by the individual or group of people known as Satoshi Nakamoto in 2009, the original concept was to create a decentralized automated cash machine (in very simplified form) that would allow anyone to send assets of value to any other person whereby those assets would not need to pass through or be controlled by any financial intermediary. In other words, it was an attempt to build another kind of currency uncontrolled by any central bank or government. Further, such transactions would be recorded by the computers connected to the network so that they could be verified by anyone who had access to it.

When seen as “money” cryptocurrencies pose a very real challenge to the role of central banks in that they essentially establish a new way for value to be created and transferred – globally.

How many cryptocurrencies are there?

At this point, there are too many to count.

Cryptocurrency is given value both by its creation (or mining) and by the other tools that are used to store, access, transfer, trade and transact with it. For example, Bitcoin, which is the oldest form of digital currency, is now traded on exchanges. Its reflected value is usually calculated either against the dollar or the yuan (which most people use to “buy” Bitcoins).

However, it is also not quite that simple. The inherent monetary value of Bitcoin as expressed in traditional currency terms is also impacted by how many people want to hold Bitcoins at a certain point in time (for whatever reason) and further by how many people are using Bitcoin for some other purpose (for example, transferring Bitcoin to another place or using it to buy another asset).

That said, the way that institutional entities (such as the IRS in the United States or the European Union) recognize Bitcoin as a form of “asset” is very much reflected in their understanding of cryptocurrencies as a form of “cash” or monetary asset, valued by reference to local currency. In other words, the inherent value of Bitcoin as understood from the perspective of agencies and governments who recognize and use fiat currency is to treat Bitcoin’s value as an asset understood in terms of local fiat currency – as if Bitcoin’s entire “value” was like dollars, gold or oil.

The two most widely recognized forms of cryptocurrency that are commoditized currently are Bitcoin, which is the oldest and most recognized form of cryptocurrency, and Ether – the “gas” as it were that makes the Ethereum network tick.

What is the inherent “asset value” of Cryptocurrency?

The short answer is that there isn’t one. It can be the value assigned to the currency by what is paid to acquire it, what kind of other asset worth it can be used to buy, how much it costs to create or “mine” such currency, or the perception of its worth based on its scarcity or expected future value.

Ether, as much as it is beginning to be traded, was not envisioned as a “currency” but rather a way to pay for computer processing power to effect another transaction along the Ethereum network. “Digital tokens”, of which Ether is an example, can be priced by the amount of electricity and computing time necessary to either create them or to perform a specific function along the network (such as recording a transaction). In other words, “cryptocurrency” is the juice which allows connected devices to do what they were programmed to do.

It remains to be seen how cryptocurrencies will affect national economies – in fact, the concept of what a traditional economy is could easily be upended (which is the fear of the central banks). Regulation of cryptocurrencies is still beyond the reach, if not ability, of traditional economic controls. This is part of the allure of cryptocurrency. What its ultimate asset value will be, however, is still very much an unknown and incalculable concept.

Marguerite Arnold is an entrepreneur, author and third semester EMBA candidate at the Frankfurt School of Finance and Management.

(Image Source: Huffington Post)