In this glitzy, fast-paced world of new technology what I’m about to say is sacrilege, but I’m really not impressed with a lot of what is being produced, especially by the media darlings such as Yahoo!, Facebook, and Google. In my opinion, technology’s first role should be to increase and enhance capital available for citizens to purchase and leverage. Instead we get excited when a company like Yahoo! invests in activities that amount to a shell game.
Take for example its recent agreement to acquire a company by the name of Summly. The firm developed an algorithm for shortening longer forms of content. Algorithm is defined as a systematic method for solving a certain kind of mathematical problem.
Summarizing content? Really? How many types of shortening content methods are already out there? I guess if I were Twitter, I should be nervous about Marissa Mayer trying to bite into my business via mobile, but outside of that competition in the social media mobile space, who cares?
Yes, jobs are being created by this innovation and capital has moved toward this activity, but given the needs of society, so what? We seem to be really enthralled by the glitz of mediocrity, so much so that consumers are unwittingly putting themselves on the short end of the shaft, willing to be sold on consumer another useless piece of technology that is designed not to get capital into their hands but to extract even more of it, whether its the money they spend on goods and services, or capital in the form of personal information.
Wake me up when the media gets excited about technology that can make land arable.