The Next Wave in the Internet’s Evolution

[Commentary] New startups are reimagining how we learn, eat, stay healthy and get around. This is only a start, as the Third Wave of the Internet gains strength. The First Wave was about building the Internet. This phase peaked around 2000, setting the stage for the Second Wave, which has been about building apps and services on top of the Internet.

The Third Wave? Over the next decade and beyond, the Internet will rapidly become ubiquitous, integrated into our everyday lives, often in invisible ways. This will challenge industries such as health care, education, financial services, energy and transportation—which collectively represent more than half the US economy. Third Wave innovators will need to learn the lessons of the First Wave: the importance of partnerships, policy and perseverance. They won’t be able to go it alone; they’ll need to go together. They’ll need to engage with governments, as regulators and often as customers. And they’ll need to recognize that revolutions often happen in evolutionary ways. Success will require many alliances, as well as constructive dialogue with regulators. The Third Wave of the Internet is also converging with trends toward regional entrepreneurship and impact investing.

[Case is the chairman and CEO of Revolution LLC, an investment firm based in Washington, DC]