Financial TimesFinancial Times

A new technology boom is at hand

By Rana Foroohar

27 Mar 2023 · 3 min read

Editor's Note

Conventional wisdom tells us the tech boom is over. But the FT's Rana Foroohar argues we are entering a new golden age of innovation that will transform industrial sectors—and with it economies.

Conventional wisdom tells us the technology boom is over. The collapse of Silicon Valley Bank has sent a chill through the investment community, and the tech sector has seen a correction as interest rates have risen. But I’d argue we may be about to enter a new golden age of technological innovation and investment. The difference is that this time around, it won’t be about consumers, but industry.

Three-quarters of the world’s $100tn in gross domestic product is made up of traditional legacy industries — such as manufacturing, transportation, logistics and healthcare — that have yet to be deeply transformed by technology. That’s now changing, as part of what venture capitalist Greg Reichow, a partner at Eclipse Ventures, a Palo Alto firm that has $3.8bn invested in the digital transformation of physical industries, calls “industrial evolution”.

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