Millennials and Innovation
Millennials (people born between 1982 and 2004) will have a major impact on innovation in the future. They are typically highly connected, globally minded, ambitious but in variably motivated young people, and they are reshaping the world’s economy and changing the way that we do business.
They tend to be choosy, as they have many options available to them, and seek work at companies that provide a diversity of experiences, opportunities for international engagement, a holistic value “proposition”, and the right work-life balance. They tend to join companies with entrepreneurial cultures and engage in projects that benefit society as whole. Millennials also realize that, in some circumstances, there is more security in being a start-up entrepreneur than in having a ‘lifetime’ job!
Our South African tech Millennials include Ludwick Marishane (DryBath), Lychelle Lill (Tinkle), Claire Reid (Seed Reels) and others. International millennials include Mark Zuckerberg (Facebook), Evan Spiegel (Snapchat), Ben Silberman (Pinterest), Kevin Systrom (Instagram), Drew Houston (Dropbox), Brian Chesky (Airbnb), David Karp (Tumblr), Michelle Phan (Ipsy) and Ryan Graves (Uber), among many others. Howevever, Bill Gates (born 1955), Steve Jobs (1955), Jeff Bezos (1964) and our own Elon Musk (1971) and Mark Shuttleworth (1973), all miss the cut.
In contrast to Baby Boomers (1946 – 1964) and Generation Xs (1965 – 1980), Millennials have come of age during a time of technological disruption and economic upheaval and, as a result, their attitudes and behaviours are starkly different from those of their parents.
They are also the most ethnically diverse generation ever, and the one most tolerant of change. They are the first digital generation and take instant communication (and gratification) for granted. Their familiarity with technology strongly influences how they live, interact, shop and play.
Millennials are also highly aware of wellness issues and, to them, being healthy does not mean ‘not sick’. This concern also extends to the environment and they try to fundamentally change our Photo: mind-set and behaviour in relation to Nature’s life-supporting ecosystems. They also have the power of self-authorship, i.e., they are intent on writing their own life stories and don’t wait for permission to do anything. As Nike advises, they just do it. They know what their gifts are and ‘authorise’ themselves to develop them to their fullest extent.
Millennials will not only lead the innovation revolution but will also be major consumers of its new products or services. Increasingly they will stop owning things (such as music or cars) but buy the right to access them. Goldman Sachs have estimated that, by 2020, they will control more than $1.4 trillion (over R19 trillion) in spending power worldwide. What’s more, a 2013 Pew Survey indicated that millennial women are closing the gender pay gap and their wages will overtake those of men by 2020. Old fogies, fasten your seat belts! • Mike Bruton is a retired scientist and a busy writer; mikefishesbruton@gmail.com.
They are also the most ethnically diverse generation ever, and the one most tolerant of change.