The concept of smartphones and electric cars seemed like a pipe dream 20 years ago, but today, nearly 6.92 billion people, or 86.4% of the global population, have personal smartphones. Governments worldwide are moving toward a green future by encouraging the use of electric cars instead of vehicles with combustible engines.
Investing in burgeoning technologies could increase your wealth within the next two decades. Here's a look at some of the most promising technologies poised to grow over the next two decades.
Brain-Computer Interfaces (BCI) & Brain Tech
Brain-Computer interfaces are implants in one's brain that enable a person to control an external device using brain signals. Many of the early uses include helping people with disabilities take back control of their life.
Some of the biggest names in tech are raising hundreds of millions to develop these things too.
Neuralink recently secured $205 million in a Series C funding round, with participation from Alphabet Inc.'s
However, Musk isn't the only one pouring significant resources into brain research. Microsoft Inc.
Synchron, another leading developer of BCIs raised $75 million in its Series C round, which included investments from Gates Frontier, Bezos Expeditions, ARCH Venture Partners, Alumni Ventures, and numerous other venture capital funds. The funds raised will help accelerate the development of Synchron's first platform product, the Synchron Switch, a brain-computer interface (BCI). Retail investors have even begun funding startups in the area. For example, TruBrain has collectively raised millions from retail investors over the past several years.
Artificial Intelligence
It's no secret artificial intelligence (AI) is becoming an increasingly important part of our everyday lives. Nearly every major tech company on the S&P 500 is fervently implementing AI-based solutions into their existing products and future expansions. Tesla Inc.
But generative AI has largely taken center stage. Microsoft Corp. invested $10 billion into OpenAI, the parent company of ChatGPT to make moves to dethrone Alphabet Inc.'s search engine dominance with Google. Meta Platforms Inc.
Commercial Space Exploration
2021 was a pivotal year for commercial space exploration, with startups such as Jeff Bezos-backed Blue Origin LLC and Elon Musk's Space Exploration Technologies Corp. (SpaceX) successfully kickstarting commercial space travel. Virgin Galactic
These startups are gearing up to begin commercial space travel by 2024. But given recession concerns and supply chain issues, no concrete plans have been made. Many companies delayed their schedules by at least a year as the macroeconomic headwinds piled on.
With tickets priced at nearly $500,000 each, commercial space travel is currently only accessible to high-net-worth individuals. But you can expect prices to drop over the next two decades, as companies invest heavily to develop sustainable space stations and other infrastructure. China Business Knowledge predicts space travel to become more affordable over the next 15 to 20 years, stating, "Many people alive today will have a real chance of traveling to space in their lifetimes."
Flying Cars
The Jetsons was set in the year 2062 and might be right on track with how civilization is shaping up. While many expected flying cars sooner, many of the first production models are just now starting to hit limited markets. Notably, a manufacturer by the same of the beloved cartoon, Jetson, is slated to begin delivery in 2023 for a single-passenger drone with a top speed of about 60 MPH, and a 20-minute flight time. The 'car' costs $98,000 and their entire 2022 and 2023 inventory has already been sold, which means most are looking at a 2024 delivery at the soonest.
LIFT Aircrafts, similarly, has created an impressive EVTOL 'flying car' and is currently in production of their flagship vehicle, HEXA. HEXA is an all-electric vertical takeoff and landing (eVTOL) single-passenger wingless multicopter ultralight, aimed at revolutionizing tourism and short distance travel. LIFT was founded by serial entrepreneur Matt Chasen, who while attaining his MBA at the University of Texas at Austin in 2003, established uShip - a pioneering online marketplace for shipping with an impressive $200 million annual gross sales. The modular HEXA is an amphibious marvel capable of landing on both land and water, with 18 independently controlled propellers and as many electric motors assembled in an intricate design that enhances visibility for the pilot.
