The modern world is a constantly changing place. Every year brings something new to our daily lives and we quickly adapt to these novelties. The past few decades witnessed a major technological revolution that managed to enter every industry on earth. Some of them were much more affected than the others, yet, the overall trend is pointing at even further digitalization of our lives. 

For instance, the financial industry was and is still being changed to its very core thanks to technological advancements throughout the past 20 years. None of us can imagine our banking experiences without mobile apps and web platforms, providing convenient, fast and smooth operations without leaving the house. Yet, this was not always the case and the industry had to reinvent itself in order to meet the demands of modern consumers. 

The process that we witness today does not happen on its own. All of the technological innovation that drives economies and industries around the world are a result of the soaring number of entrepreneurs in the field. The 1990s marked the decade when silicon valley saw tech companies pop up at a skyrocketing rate. 

The reality is that businesses that started in grandparent’s garages during the 1990s and early 2000s shaped a whole range of industries soo after. Companies established in the past 40 years are some of the biggest, most influential and well-recognized. Even some businesses with much bigger histories of success can’t reach such heights. 

However, many people forget or do not notice the crucial part of this pattern. Businesses before this revolution were primarily owned and developed by rich families and their relatives. People at the top of the social hierarchy held the vast majority of wealth available and often prohibited the entry of new companies in an attempt to restrain competition on the market. 

On the other hand, pioneering entrepreneurs that worked hard for years in cramped spaces without any income made their first millions without their family’s wealth. This was a game-changer in the history of business as a growing number of super-rich individuals started to emerge from different social backgrounds. The world had never seen so many overnight success stories before. 

The culture of entrepreneurship 

Such major changes in how businesses were made successful led to the establishment of the entrepreneurial culture. People dedicate themselves completely to business ideas and their development. Here is where the lie of “overnight success stories” is exposed. There is not an entrepreneurial overnight success story that made someone earn billions of dollars. In reality, every company and every iconic product is a result of countless sleepless nights and years spent on developing the business. Yet, the mainstream media often likes to grab attention by showcasing some unbelievable stories of incredible success. 

The trend is changing now and some companies are starting to actually gain enormous resources overnight. This is not because they have ideas that can easily be sold to the public or because they have come up with very innovative products. The thing is that more and more big corporations, financial institutions and venture capital firms invest in startups, completely changing the entrepreneurial culture. 

This is partly caused by the startups aiming at delivering solutions during crisis situations or in areas where residents did not have a chance to try a certain product or a service before. For instance, Nigeria, one of the fastest-growing economies in Africa is seeing a trend of new enterprises providing people with banking platforms and easy-to-use essential applications all financed by bigger institutions. However, the investment culture in entrepreneurship is expanding even further and many find much-needed funds elsewhere. Some of the top Forex traders in Nigeria are investing more and more in smart, digital financial initiatives, giving startups an opportunity to flourish, while getting the benefits from their success.  

Such targeted investments are visible in other parts of the world and in almost every industry. Medicine is yet another example of how investments can bring lots of good to the public through newly-emerged enterprises. In many underdeveloped nations where healthcare is a luxury, this process is benefiting millions of people. In Rwanda, young entrepreneurs found much-needed investments to utilize their idea of delivering blood supplies to remote regions across the nation. 

What is the future of entrepreneurial culture? 

Investments are forecasted to continue being particularly influential parts of the entrepreneurial world. The ever-globalizing world provides more and better spaces for entrepreneurs to incubate their businesses and ideas from a very early stage. Many countries around the world have already implemented measures to help innovation find the future with the help of the governmental bodies or the private sector. 

All in all, one thing is very clear. Entrepreneurship will no longer mean being stuck in a room for years, trying to develop the idea with teeny-tiny hope of someone fortunate enough funding it in the future.