One of the biggest mysteries of the human civilization has been how some countries have continued to be extremely powerful and highly influential for centuries together, despite being outnumbered by other large and populous countries. The answer is the same as it was a century ago – technology!
What separates mankind from other species is our highly developed intelligence. The more we use it, the better we become. Thus, the nations with better technology are the ones that move ahead in all spheres and have the ability to get better terms of trade, when negotiating.
The island of Great Britan thrived and ruled many countries for well over a century was because of its ability to manufacture and trade goods at a rapid pace. Manufacturers in the UK could produce and sell goods at a rapid pace due to the industrial revolution. Human beings can never beat machines, that could produce 10 products at once. This allowed the UK to have superior lines of supply and products which gave them sources of income from many nations across the globe.
The British were able to colonize many countries across the World due to their ability to build superior ships that could withstand the storms of the high/ deep seas that allowed them to go further and explore different lands. Similarly, their superior weapons – guns, cannons, warships, etc allowed them to win wars easily.
Thus, despite being an island nation with limited resources, technology is what allowed the UK to conquer, trade and be one of the most prosperous country of the World. With more trade, they were able to earn more and build more industries, that again help them to earn more.
The same is true for countries like Japan, South Korea and Germany. Due to their technological prowess, their products have always been in great demand. A Made in Japan/ South Korea/ Germany product, etc commands a lot of premium due to their superior technology.
Thus, technology is a key ingredient, without which it is tough to succeed in international trade. Most people feel that developing/ small economies don’t stand a chance against developed economies. However, the exact opposite is true. Due to the internet, knowledge is easily available online and the technology that may seem out of reach, is actually quite close. Reverse engineering has allowed many nations to get important tech/ products, that may otherwise have been out of their reach. This has allowed nations to develop their own technology, without relying on external support.
There are very few countries that have succeeded in getting their own citizens to develop technology from scratch and have them earn revenue and foreign exchange for the economy. New Zealand is one of those rare economies which is thriving due to the revenue that technology is bringing in.
Fintech is the latest technology that is changing the way banking is done. With Fintech, existing banking, finance, trading and insurance services are set to be revolutionized and New Zealand is leading the way.
- Technology is New Zealand’s 3rdlargest exported goods/ services.
- Over $875 Million was raised by private tech companies in 2017.
- These companies have contributed over $10 Billion in revenue for the economy.
- Tech companies have hired a record 40,000 people and they plan to hire even more in 2018.
Internet technology companies have a distinct advantage over other technology companies. You can sell goods and services across the globe by having just one office. Your website/ mobile app act as your salesmen online. Thus, if you have a good product/ technology, you can mint an unlimited number of Dollars with the same resources.
Another advantage is that your geographic location doesn’t matter. It doesn’t matter, where you work from. As long as your product is up to industry standards, the product sells well! All you need to do is ship the product to the buyer and that’s it.
One of the reasons for tech companies to be successful is the vast amount of skilled talent available. New Zealand is home to some of the best Universities in the World. The University of Otago is a great example. With a glorious history of over 149 years, it has some of the best professors who have decades of industry experience. The curriculum is modified each year to suit the needs of the industry. Students find it easy to build international careers with the programs that the University offers.
One of the most prestigious courses the University offers is the Masters in International Business. It offers it jointly with BSE Institute Limited, one of India’s most prestigious financial institute. It focuses on helping students become International Business Analysts, Business Consultants, Strategy Analysts, etc. Students completing this course have successfully bagged jobs offering $50,000. It truly is a great course to choose.
Apart from a strong University culture, businesses are supported by a welcoming Government that offers multiple tax breaks for businesses that create jobs and increase their foreign exchange reserves.
$10 billion in revenue is a figure that even large economies like India or Australia have not achieved through Fintech. Technology is certainly the only way for economies to grow stronger and stay dominant in a hyper competitive world. Not having the right tech may be a hindrance for some today, but it’s certainly not one that sticks to you forever.