Let’s continue discussing today the importance of technology and innovation. As discussed last week economic advances generally — and especially those that transforming property and real estate experiences are driven by TICMELM technology.
Technology advances that transform TICMELM create and destroy industries and enterprises. Consider in the 19th century a number of American companies thrived distributing ice worldwide, with some 10 million tons of ice being harvested and sold by frozen water companies as of 1880. In Maine, 36 companies operated more than 50 ice houses, with capacity exceeding a million tons. The introduction of refrigeration destroyed their businesses.
It is my conviction that the phenomenon of place choice stimulated technology innovations, which enable, shape, and direct place preferences and place experiences. The attached extract from my forthcoming Property Fundamentals book provides a further perspective on my thinking concerning the seven primary technologies and their impacts.
A parallel consequence of these technology advances is to enhance the functioning, productivity and competitiveness of people and enterprise. Collectively, the changes regarding place choice, function, and experience lead to the new property paradigm:
- Provide a vastly expanded array of opportunities for how people may interact through physical environments than at any prior time.
- Enhance the functioning of and access to property and place experiences.
- Challenge old real estate by introducing alternative ways of accessing place and property experiences, which substitute for the traditional ways.
- Transform the very functions of property interactions through more powerful, efficient, economical, and effective business arrangements.
- Enable realizing experiences and outcomes without having to be physically present in a particular place which experiences and outcomes earlier could only be accessed by physically being in particular place.
These themes are central to our strategy advisory work as well as my major project TPKS (The Property Knowledge System), a multi-volume learning system — targeted to be the foundation of undergraduate and graduate property education globally. This project follows from my maintaining a scholarly career, a long side my entrepreneurial advisor role. My current academic position is Visiting Professor of Global Property Strategy at University of Ulster, Belfast, U.K. Earlier, for a decade, I was on the faculty of the Stanford Graduate School of Business. The Property Knowledge System promises to transform global real estate education.
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