Democratization of technology refers to the process by which access to technology rapidly continues to become more accessible to more people. New technologies and improved user experiences have empowered those outside of the technical industry to access and use technological products and services. At an increasing scale, consumers have greater access to use and purchase technologically sophisticated products, as well as to participate meaningfully in the development of these products. Industry innovation and user demand have been associated with more affordable, user-friendly products [1]. This is an ongoing process, beginning with the development of mass production and increasing dramatically as digitization became commonplace. Thomas Friedman argued that the era of globalization has been characterized by the democratization of technology, democratization of finance, and democratization of information. Technology has been critical in the latter two processes, facilitating the rapid expansion of access to specialized knowledge and tools, as well as changing the way that people view and demand such access.

Democratization of Technology

In the context of technology and business, democratization isn’t a political notion. According to Gartner research firm The democratization of technology refers to the ease in which people can access technical and business expertise. In our current landscape technology [2] is capable of serving all demographics in every aspect of life. Technology is ubiquitous and that is because of its democratization figure1.

Figure1: Democration of technology.

Advantage

• Deloitte says that this profound change in technology is advantageous for small and medium businesses (SMBs) in their attempts to grow. It’s now easier for new technology to be created and for businesses that use technology to find software that better suits their needs and give them a competitive advantage.
• The democratization of technology is so profound it has changed the way businesses operate permanently and it represents a shift in the way we connect and how companies preform. Businesses [3] are immersing themselves in tech at an increasing rate. North American IT spending has risen at an average rate of 4.8% over the last two decades and software has become one of the most important technology investments for businesses.
• Robinhood is a web-based application that promotes commission-free stock trading and investing. What was once an expensive and confusing industry, Robinhood has democratized the stock market to make it easier for everyone to trade and invest in the stock market. It also helped revolutionize cryptocurrencies like Bitcoin and Dogecoin. While Robinhood has contributed to huge profits made by savvy investors, many people have lost money due to a lack of knowledge in how to invest.

Democratization for Entrepreneurs

As a new entrepreneur, it’s important to take advantage of all available resources. Business coaching, financial advice, and marketing services can help your business succeed. These resources can also be expensive, and as a startup, you might be pressed for cash.

Thanks to democratization, these resources can be easily found online and, in most cases, for free. Looking for an easy way to stay on top of your finances? QuickBooks and TurboTax are applications that make it easy for you to do this independently.

Need a new website [4] to launch your product? Open source platforms like WordPress and Wix allow users to create websites for free that looks clean and professional. Need advice on how to start your business? Talk to a business coach online or take a course.

The Downside of Technology Democratization

While the advancement of accessible technology is overall great, it does come with a few downsides. Because the internet allows everyone to have a platform and to speak freely, you could create a movement that has bad effects. It is very easy to trust the people you follow on social media. However, you need to have discernment in the information you believe, especially before you take any action.

For entrepreneurs, valuable business information and freelancers are readily available, but you need to make sure that you are making the right decisions for your business. You could get connected to someone [5] who claims to be an expert in the marketing or financial world, but they might not give you the best advice. Do the research and ask for examples of work or references before agreeing to work with anyone.

References:

1. https://en.wikipedia.org/wiki/Democratization_of_technology
2. https://www.accenture.com/us-en/insights/utilities/i-technologist
3. https://blogs.netintegrity.net/what-does-the-democratization-of-technology-mean
4. https://www.clearfunction.com/democratization-technology-examples
5. https://medium.com/wearelaika/all-you-need-to-know-about.

Cite this article:

S. Nandhinidwaraka (2021) Democration of Technology, Anatechmaz, pp. 8