6A

Economic Trends:

1.    Limit climate change by shifting from fossil fuels to solar power

A.  “The insurance industry ranked climate change as the top risk for 2019. Research from the Richmond Fed estimated that it will reduce U.S. economic growth by 30% over the next century” (https://www.thebalance.com/us-economic-outlook-3305669). 

B.   Climate change is significantly impacting the economy by creating more natural disasters, rising sea levels, and increasing wildfires. These are problems that cannot be fixed in a short amount of time, but humans directly affect climate change and can change their ways in order to limit it.  The use of excessive fossil fuels has a direct impact on climate change, while solar power is a more environmentally friendly alternative that is realistic.

C.   The prototypical customer of this opportunity would be humans in general, as everyone is equally as responsible for the environment.

D.  I would say this opportunity is not relatively easy to exploit because of the amount of money the US currently spends on fossil fuels, which is 37.5 billion. This shift to solar power wouldn’t be immediate as it would take time to cautiously make the transfer over, but once people start to see the difference in the economy the shift would become easier.

Why did you see the opportunity?

·      I formed this belief that an opportunity exists for shifting from fossil fuels to solar power because I feel like it is a realistic change, while other individuals may not. The US has depended on fossil fuels for so long that I believe people feel it is the only way to get energy. Solar power is a renewable resource that is a reliable alternative for fossil fuels. I have researched this topic before because I care about it and its potential positive impact on the environment, so I believe it is more of a priority than most people would. Climate change creates huge problems for the economy and using more solar power would only help this situation.

Economic Trends:

2.    End trade war with China by creating a new status quo

A.  Since the US is such a major global power, the trade war has had serious negative effects on this nation, including weakening our GDP and reducing our access to China’s products, which we depend on. (https://www.thebalance.com/trade-wars-definition-how-it-affects-you-4159973)

B.   The trade war between China has not been as successful as originally thought to be, as the US economy has taken a hit because of it. Demands for US goods have decreased, workers are being laid off, farmers are directly impacted, and it has created unpredictability for US businesses. There is an opportunity for the US to end the trade war and create a status quo with China in order to allow trade flow to resume.

C.   The prototypical customer of this opportunity would be farmers specifically because of the direct impact, but the trade war affects everyone in the US and China.

D.  The opportunity is not relatively easy to exploit because of how long the trade war has lasted, but it is possible and should strongly be considered after seeing the negative effects it has had on the US economy. In my opinion, ending the trade war would not please everyone, but it is the best step to getting the US economy back to its full potential.

Why did you see the opportunity?

·      I formed this belief that an opportunity exists to end the trade war with China and create a new status quo because the trade war has created more negative effects than positive ones for the economy. Some people may not think an opportunity exists because of how long the trade war has lasted or how complex it is, but I believe prioritizing the economy is very important. The US is already one of the global powers, which is why I believe it is best to worry less about controlling tariffs and more on the US economy. There is an opportunity for the trade war to end and the US to stop the negative impact it is having on the economy; it just comes down to what the US prioritizes.

Regulatory Changes:

1.    Legalization of marijuana

A.  Legalizing marijuana would create jobs, dismantle the black market, improve the quality and safety of marijuana, increase tax revenue, make medicinal cannabis available, and allow police to focus on more violent crimes. (https://honestmarijuana.com/legalization-of-cannabis-pros-and-cons/)

B.   The states that have already made marijuana legal have flourishing economies as a result of the regulation change. This makes the opportunity of Florida and other states making marijuana legal a strong possibility.  The majority of the public already supports this change as the positive impacts it has have already been proven in other states.

C.   The prototypical customer of this opportunity would be workers (as it would create more jobs) and people who have medical issues. Legalizing marijuana would positively impact both of these customers and would boost the economy as a whole.

D.  I would say the opportunity is relatively easy to exploit because of the examples of other states already making this change. It was slow at first, but once people adjusted to the change the economy was rewarded in a big way. Also, there wouldn’t be a large backlash for this decision because the majority of the public supports the legalization of marijuana.

Why did you see the opportunity?

·      I formed this belief that an opportunity exists to legalize marijuana because of the positive effects it has had on people I know from other states and the research I have done on the impact it has had on other states economies. I believe the pros easily outweigh the cons and this regulation change would significantly increase the state of the economy. I have had this debate with a lot of people and the majority of people agree that it would benefit the economy a lot more than it hurts it. I feel as if the results have been proven in other states and the public wants it, then legalizing marijuana is a great opportunity for the economy.

Regulatory Changes:

2.    Enhancing data privacy through the creation of a framework

A.  The reasons I believe there is an opportunity to improve data privacy is because of heightened public awareness of the risks to consumer’s personal data, wide-scale breaches, and highly interconnected financial systems. (https://advisory.kpmg.us/content/dam/advisory/en/pdfs/2018/ten-key-regulatory-challenges-pov-v5-web.pdf)

B.   The world is becoming much more interconnected, which means the chances of consumer’s data and resources getting breached is at an all-time high. It is extremely important to protect consumer’s personal information, which is why there is an unmet need to enhance data privacy.

C.   The prototypical customer of this opportunity would be everyone in the US, possibly everyone globally. 89 percent of US citizens prioritize protecting consumer data, which would lead to the belief that they would support the creation of a framework that governs data privacy.

D.  This opportunity would probably not be easy to exploit as it is a complex process to account for all the systems in the US, or possibly even globally. The creation of a framework that controls data privacy would not be immediate, as it would take time to adjust and make sure the system is reliable and safe. I believe long-term it would be very successful as more and more customers feel that their personal data is fully protected.

Why did you see this opportunity?

·      As of right now, there is not one overarching regulation that oversees data privacy. In today’s age of technology, this is a huge problem because of how easy it is to access people’s information. The majority of people prioritize data privacy which is why the creation of a framework that increases data privacy is much needed and would be well supported.  Some people may not see this as a liable opportunity because of how complex the process would be, but with the risks being so high it seems necessary to have data privacy as secure as possible.