I have written here about wealth creation in the 21st century before.
Here’s the important part:
This thought and article were penned in 2011, by this guy . . .
and with each passing year he’s been proven more correct.
And he puts his money where his mouth is.
And why Software Developers are considered the New Kingmakers.
So, how exactly are software, and software developers, affecting creation of wealth and value in the 21st Century?
Here’s a chart comparing the market cap value of the largest U.S. and Canadian energy companies with the largest technology and software companies.
I find it particularly interesting to see 7-year-old Uber worth more than Canada’s largest energy company, Suncor; which was 100 years old in 2017.
And that made Garrett Camp, (who grew up in a house across the street from me in Calgary, one of the wealthiest Canadians in history. Net Worth over $8 Billion $CAN)
Here’s another way of looking at the wealth creation driven by software and developers. You’re likely aware that North American public stock markets are currently at all-time highs; which sounds pretty great, right? Maybe, BUT, take a look at Bessemer Venture Partners Index of publicly traded Cloud (read “software”) companies.
And, a third and final example if I haven’t driven this point home yet. Amazon founder Jeff Bezos recently became the world’s richest man.
After he did this to the world’s largest consumer retail economy – with software.
Marc Andreessen was correct seven years ago in 2011 when he explained how “Software is Eating the World”, becoming the greatest wealth creation industry in history. Nothing else even comes close.
So, I think it’s important, as Calgarians, and Albertans, we ask ourselves; are we doing all we can to participate and succeed in the new economy that will lead the 21st Century? The economy and industries that will create the best, highest paying, knowledge-based jobs and quality of life for our children.
Some of our Calgary press and social media pointed out last week that the University of Calgary had a total of 200 computer science graduates last year, (my sources tell me it was closer to 130) and we have to wonder, how many of them are even still here?
Here’s a jobs forecast to 2024 from the U.S. department of labour.
“Occupations with the Most Job Growth”
Home Health Aides at $22,600 is the fastest growing category. But software developers and computer systems analysts gross-up (number of forecast jobs x annual median wage) to over $29 billion in earnings – dwarfing the other occupational categories.
Which category do you think Albertans should be investing our public and private investments in? Directing our public policy and time and attention to? Home Health Aides at $22,600 annually or computer software developers at $100,080 annually?