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What are megatrends and how they are shaping the future of business
Our focus is grounded in the global megatrends whose influence will have an enormous impact over the world we live in and a tremendous influence on the future of business.
Megatrends, according to the term’s founder, John Naisbitt, are large, transformative processes with ‘global reach, broad scope, and a fundamental and dramatic impact’. Indeed, Stefan Hajkowicz, the author of a recent CSIRO report on megatrends, says many of these megatrends are poised to ‘throw companies, individuals and societies into freefall’. Megatrends are interlinked and involve a significant shift in environmental, societal and economic conditions.
We have identified six megatrends which we believe encapsulate the patterns of transformative change underway: impactful technology, evolving communities, rapid urbanisation, empowering individuals, economic power shift and resource security.
We use megatrends to identify and start important conversations, beginning with the megatrends and then seeking to uncover, understand and shape their concrete manifestations as they impact individuals, organisations, industries and markets.
In the video above, Sydney Business Insights director, Sandra Peter is joined by the University of Sydney Business School Dean, Gregory Whitwell, to introduce these megatrends and why understanding their impact matters for the future of business.