Got Signal, Mark?
NB: This post does NOT speak negatively of social media or its creators.
This is a post aimed at all ‘tech’ companies and the fact that most early mission statements included some form of ‘democratising’ or ‘social equity’ focus. I believe that the tech ecosystem can help steer this world to become more egalitarian, more inclusive. That is, if the majority of players retain a focus on purpose led business.
We continue to be in the midst of the current crisis and it is hard to visualise its long-term ramifications without emotion. What we do know is that all crises affect different segments in society in highly disproportionate ways and that this crisis is no exception. One thing is certain, the long term path to economic recovery will need a multifaceted, continuous and sustainable approach from the public and private sectors. Tech companies of all sizes can help in many ways, if they take true purpose to heart.
Right, let’s take our foot of the pedal (who needs gas), the world is in a better state than it was in the decades preceding 2020. That said, fundamental/systemic issues have always existed within any society as well as with any economic approach. A challenge in itself is not a bad thing because we need challenges to overcome as human beings. Nothing in our world is perfect and that makes true accomplishments so satisfying. The fortune in having these challenges remain can only be found when all of us gather behind sustainable long-term solutions. In my personal opinion the two most important areas of focus where big tech can have a broad impact, and in order to better all and any society, are education and personal finance. It is these that will help everyone achieve the livelihood they deserve and desire, while longer term it means social issues are tackled with more sophistication by the majority (not just a minority).
The very instant and deep economic crisis that ensued in 2020 (let’s not use the c-word) has seen a myriad of responses from governments and companies across the world. The fact this is a rebuilding exercise is clear to all, yet two main complications arise with a high pressure focus on economic development (read: rebuilding) and in a haste to ‘put out fires’ crucial matters are often overlooked. The fact that rebuilding should not come at all cost, especially not at the expense of people or planet, is difficult when lives are at stake, children are going hungry and inequality is already rife on many different levels. Let’s leave corruption and cronyism out of this one, though not unimportant to bear in mind when….
..minding the gap
So too is income inequality. In the past decades crises have not helped close the increasing wealth gap, on the contrary they have often significantly accelerated its growth. At first glance the outfall of the current crisis looks no different, yet in the graph on the left we see that a global scale traumatic event can have a balancing effect. Take the Second World War, an extreme example yet it bears an ever so slight resemblance to what the pandemic has done to mass-psychology. So even though data on the current crisis shows the more wealthy and/or educated layers of society have benefitted disproportionally, if the wealth gaps (there are multiple) stay top of mind hopefully we can ALL steer towards sustainable solutions for rebalancing wealth (and indeed social equity).
How to close a growing gap?
A physical gap becomes harder to close the larger it is or gets. This also holds true for the intangible wealth gap. Closing it will naturally require the aforementioned multifaceted approach from both the public and private sectors. And the tech revolution, starting 30 years ago with the world wide web, has democratised access to both financial and educational tools to better lives. So the power of tech could provide for a path to better the lives of the many, not the few (will this politician pick-up line still work post-pandemic?).
However as this article on poverty explains, when your brain has other priorities taking out time to follow a computer science course by Harvard on Edx or compare a Stocks & Shares ISA on Nutmeg to actively investing via Freetrade does not take precedence. Besides being able to afford a proper phone and/or laptop and, secondly, having the time to use these to their full potential are not a given when your family can’t afford it. This being one challenge that needs tackling and where some tech giants have already been helping somewhat.
Do more
The power of the supercomputers in our pockets are endless yet the majority of those that do have access spend a worrying amount of time not being very productive. Sure social media has many positive powers, just as much as the powers of its very dark flip side.
I once heard someone compare social media to a knife, it’s a very useful tool with multiple purposes, yet can be used in horrid ways and lead to a lot of sorrow.
Instead of making further billions it is important that the tech giants, and the wo/men at the top do (even) more. Following examples of programmes launched in the past years and continue to drive awareness. A simple example could be to push a cool Coursera or EdX course to people’s timelines based on the user profiles they have, instead of selling more ads. Another might be to recognize the patterns of people having a worrying self image, are feeling depressed and/or are just in need of either some ‘headspace’ or uplifting content. There is enough content that lifts us, makes us feel better about ourselves and enough data to be able to suggest, in a non intrusive manner, what would be a cool alternative to an endless scroll on ones own Facebook, Instagram or TikTok feed.
The responsibility lies with all of us, let me be clear that I don’t think this is in the hands of a few tech leaders (some of whom have already being initiating various programmes that work towards solving important matters). We all have a responsibility to do even a tiny bit more every day to make the world a better place, so please (continue to) venture out of your comfort zone from time to time.
For those that do have access, there are many sources out there, not least great fin- and edtech tools to get you started. Don’t have the time? Check out the trailer for short videos on a range of topics below (suggested as feedback to this article).
