2022 Was The Year Big Tech Died. 2023 Will Be The Year Of Small Tech

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2022 may be the year historians declare the death of Big Tech. If so, 2023 should be the year of "small tech" when innovation, efficiency and value creation (the things that drive big tech in the first place) return to our economy; Opening up and competing with new players is where they come back into our economy. . .

Everything seems inevitable. Meta reported declining sales for the first time since its inception. The industry has laid off more than 88,000 workers (and counting). After all, Elon Musk's takeover of Twitter has driven many users to niche alternatives. The genie is out of the Big Tech bottle.

Some say big tech shouldn't be allowed to get so big. It's hard to fathom: The top five tech companies in the US, worth more than $1.4 trillion, have more revenue than the combined GDP of Mexico or Spain.

But the main problem was neither size nor power. The real problem is the size and power Big Tech wields and its impact on our economy and democracy.

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The world's best programmers are looking at the massive layoffs in Silicon Valley and realizing that security and income are not guaranteed by Big Tech. Some may be angry that the company is buying so many new competitors — controlling so much talent and preventing new ones from developing — and limiting opportunities elsewhere.

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The few laid-off workers will be the entrepreneurial fuel for the next wave of technological innovation we all need.

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According to Dorothy Neufeld, the past 250 years have seen many waves of innovation, from the Industrial Revolution to green technology. Currently in the sixth wave and the shortest - AI.

We need as much competition as possible to make the most of this wave. You need as many skills as possible to solve as many problems as possible. We can't keep Big Tech reneging on promises to "move fast and destroy everything." You can only go fast if your revenue is equal to the GDP of a small country and you can't break anything while your in-house advisors look on.

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Industry insiders know this has to happen, and so do outsiders: About 80 percent of tech workers believe big tech companies have too much power. 40 percent of these workers believe that they are doing more harm than good and that big companies like Facebook, Amazon, Alphabet and Apple should be shut down.

But excessive control should not distract them. The creative destruction of the market has already broken them.

The next Steve Jobs or Bill Gates may be sitting at their desks with six-figure salaries right now because they couldn't stand up and compete with their current employer. I hope - for the sake of these people and our economy - they will be included in the current wave of cuts.

Apple and Microsoft - the progenitors of Big Tech - are very successful and have changed the world through competition. Steve Jobs and Bill Gates once worked together, but soon parted ways as they tried to leave their respective companies behind. Their personal competition is matched only by commercial competition.

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By the year 2022, the young Jobs Gates will likely be stuck in a golden tech career. It shouldn't be. They need to be in the market, raising money for their business and driving growth across the industry.

This has already happened elsewhere. For example, China is investing more than $1 trillion in technology and infrastructure companies to break the US stranglehold on the industry. Given the closeness of Chinese tech companies to Beijing, this should worry US stocks more than bearish.

Big Tech has alienated regulators and politicians, abandoning its users and many of its investors. Micro-technologies can provide the sustainable growth that investors want and the competition that regulators want.

Our economy needs it - and so does our national security.

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