Economic Trends & Why:
1. The unemployment rate in the US is expected to below the idea range, possibly 2-3 percent.
a. I found this trend in The Balance, US Economic Outlook for 2020 and Beyond.
b. This demonstrates that eventually, employers may be looking for more jobs to fill than workers available in the United States.
c. This would serve as an opportunity to work with employers to solve since they will be coming up short in their workforce.
d. This opportunity will come in the form of a service and process rather than a product that could potentially be easily promoted, making this a possible challenge.
i. What I saw in this opportunity goes back to AP Government, where my teacher once mentioned a healthy unemployment range for the US was between 3-4% because that represented those able-bodied to work and still actively looking for work. This makes me beg the question, how can we maintain our current projected rate while supplementing the future needs of employers?
2. The average tuition price across all types of colleges and universities has risen in the past year.
a. I found this opportunity within a College Board “Trends in Higher Education Series” research online.
b. With the rates of colleges rising at varying degrees according to the type of institution, there may be a way to institute a new type of service of education that offers flat rates that merely rise to match inflation.
c. The prototypical consumer of this time of opportunity is college-aged students and those who assist in the funding of their education.
d. It may be a difficult to exploit due to the rise of other institutions that rise to supplement university educations.
i. As a college student who has seen the price of tuition firsthand, this seems like an issue that ought to be dealt with to ensure the success of future generations.
Regulatory Changes & Why:
1. Cybersecurity must become more prevalent in the coming year as the cyberattacks brought on customer information, electric grids, and the oil & gas network.
a. I found this regulatory prediction in the outline of Deloitte’s 2020 Energy Regulatory Outlook.
b. With the growing amount and severity of cyberattacks globally, there comes more of a need to protect against and fortify the information that is stored in various platforms.
c. The customer for this type of opportunity would be companies looking to enforce the new standards that are coming down the pipeline while also the private information gathered by them.
d. This opportunity may be difficult to navigate as enforcement must be learned after finding the new, weakest points of entry with cybersecurity.
i. This is personally interesting to me as last year, I put forth a presentation based upon the Equifax hack.
2. In the scheme of all things globalization, technology must be updated with the times within banking.
a. I found this regulatory prediction in the outline of Deloitte’s 2020 Banking Regulatory Outlook.
b. Many of bank’s technology has not kept up with the innovations and progress made in recent years, thus hindering the service that can be given to their customers.
c. The customers would be major banking systems that service hundreds of thousands of clientele.
d. I think it would be a challenge to convince major banking institutions to begin to renew and update technology simply because the process for which they have been doing it for so long has been ingrained.
i. I saw this opportunity because my father has worked both in banking and moved over to the technology vender sector. Now, I am more in tune to it based on the talks that occur around the dinner table at home.
Hi Campbell,
ReplyDeleteI liked how all of the opportunities you identified had to do with issues that are very current in society. I especially liked how your two regulatory changes had to do with some aspect of technology. The opportunity you mentioned about technology needing to be updated in banking is so unique but very relatable. I would have never come up with that, but I do agree that it is very outdated and needs a change.