So when I refer to commercialization of earnings power, what do I mean exactly – well looking back to the industrial revolution, that was done by the employer – individuals went to work but the terms on which that work was rewarded was set by the employer. Although with the advent of unions, regulation and employment laws that balance had shifted somewhat, the basic tenet that employers set the nature of the commercialization (especially how work was done, where, when and for what price) had not really changed.
The exception was to some extent self-employment – but here again market expectations and regulation of many trades, professions or activities meant that the individual had limited control over the commercialization of their time and activity. Enter technology and now suddenly all kinds of activities (many of them closer to ‘fun’ and certainly well removed from employment) become the basis of commercialization – trading on eBay, renting out on Airbnb, esports, vlogging. In every case a platform has enabled the activity without (in many cases) setting the terms of ‘employment’. The net result is that many individuals are discovering that they can commercialise their own earnings power. And that sense of freedom is not just about money or income – it’s also about how and when ‘work’ gets done.
Now this is not all sunshine – those platforms which dictate terms to their users eg Uber (akin to the old employment status, irrespective of whether the law deems them to be employers) are not offering the same degree of commercial freedom. But the areas where personal commercialization is feasible are growing all the time. Fancy yourself as an investor – check out the crowdfunding platforms. Want to build your gaming expertise? Enrol on an esports degree course.
So what’s the big driver for this growth in technologically driven opportunities? Well essentially its that sense of freedom and being able to choose what, how and when you do earn. And before Covid, the opportunity for people to look at all of this and engage was limited for the majority – who commuted or were at least office bound during the working week. All of these opportunities felt like hobbies or things to be slotted in when other commitments had been dealt with. What Covid did was highlight the opportunity for freedom – and make the prospect much more attractive.