As 2013 draws to a close and pundits of all persuasions debate trends for 2014, five professors with the Daniels College of Business at the University of Denver say small business, big data, entrepreneurship and tech will boom in 2014. Spurred by growth in these four sectors, 2014 may be the the year that the U.S.’s economic engine surges forward and fully rebounds from the past recession.
Ten 2014 Trends to Watch:
- Big Data: “As more businesses use ‘Big Data’ to boost profits, track trends and grow, the influx of analytics and “Big Data” will just become ‘Data’. In other words, massive data sets will become common data that more businesses use to propel growth and will be fully integrated within everyday operations.” — Andrew Urbaczewski, PhD
- STEM Act Propels Tech Boom: “The tech sector will dramatically expand as the United States eases immigrant visas because of the STEM Act. These new tech-focused workers will propel the growth and dominance of the United States technology market.” – Jack Strauss, PhD
- Small Businesses Expand: “Small business will continue to recover as consumer demand increases, banks begin to lend again and housing rebounds. These small changes will allow small business to grow, flourish and expand in the coming year.” –Jack Strauss, PhD
- Affordable Analytics: “Business analytics will become more affordable, with on-demand cloud based services that allow small businesses to spend less money. They won’t require the same massive capital investment of technology, server space and expensive programming, licenses and hardware that formerly only larger or wealthier companies could afford.” — Andrew Urbaczewski, PhD
- Smarter Data: “As data becomes more readily available, usable and understandable, local governments will utilize existing data sets to make smarter decisions. For example, cities will utilize crime reports, school information and housing prices to make wiser decisions and more efficient investments. This intelligent data will mean more government efficacy and smarter consumers.” — Andrew Urbaczewski, PhD
- Regional Housing and Jobs Rebound: “Housing prices and job growth in the Pacific Northwest, Great Plains and Rocky Mountain West will continue to rebound at a faster rate than other regions. Long-term housing interest rates will remain low and lending will gradually ease as these geographic areas continue to more generate jobs than the Midwest or Great Lakes area.” –Jack Strauss, PhD
- Entrepreneurs Reign: “Entrepreneurs are hot, hot, hot. In every city, region and workplace entrepreneurs will continue to grow, providing new fuel to the U.S. economic engine. Even in a tough economy, entrepreneurs will continue to bring fresh ideas and more efficiency to new economic areas. In the past, when you graduated college, you paid your dues by waiting tables. Now, you start a company.” –Stephen Miller
- Online Security Prospers: “Start-ups and small businesses focusing on online security and personal data will be the wave of the future. With a bigger emphasis on protecting mobile online identity and financial information, some of the biggest start-ups to watch in 2014 will be online security companies.” –Stephen Miller
- Workplace Bullying: “With companies more focused on the bottom line, managers will place a higher premium on preventing workplace bullying because it impacts the bottom line. When you don’t address it directly, you stand to lose some of your best and most creative employees.” – Robert Giacalone, PhD
- Millennials Spur Innovation: “As more millennials enter the workplace, their creativity and collaborative approach will change traditional workspaces. A 2012 poll recently reported that 70% of the American workforce is disengaged, costing companies billions of dollars in lost productivity. Millennials will demand that companies create flexible work environments and office spaces that allow them to collaborate and work more efficiently. Companies will need to keep pace with changing workspace models in order to attract the best workplace talent.” – Barbara Jackson, PhD
- Robert Giacalone, PhD: Bill Daniels Chair in Business Ethics is an expert on the business implications and psychological effects of workplace bullying. His work looks at how workplace bullying ultimately hurts an entire company. His work also extends into the recent actions by members of Congress who used bullying tactics during disagreements and within the NFL.
- Barbara Jackson, PhD: Director of the Burns School of Real Estate and Construction Management focuses on real estate development, homebuilding, commercial construction, project management, and facilities management and operations.
- Stephen Miller: Senior director of entrepreneurship has spent his career fostering entrepreneurs. Miller regularly works with millennials to help them launch and cultivate their own successful businesses and start-up’s. He regularly works with business faculty to enhance the overall entrepreneurial curriculum, design and launch new entrepreneurship activities.
- Jack Strauss, PhD: Miller Chair of Applied Economics at the Daniels College of Business, is a national economist who focuses on housing, stock returns and employment growth. He regularly forecasts economic trends and regional economic growth throughout the country.
- Andrew Urbaczewski, PhD: Chair and associate professor of the Department of Business Information and Analytics has spent his career analyzing how data affects the user experience. He focuses on the ethics of using data, and focuses on how “Big Data” now integrates into every-day business operations.