New Technologies Change Business Models, 'Break Down Boundaries'

The development of science and new technologies changes traditional business models and creates both challenges and opportunities for economies, Murat Sönmez, a member of the World Economic Forum managing board, told Sputnik.

ST PETERSBURG (Sputnik) — Science and new technologies change traditional business models and help to bolster economic development, Murat Sönmez believes.  

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​"What we are seeing is an unprecedented development in technology that creates both the opportunities and challenges. It's all amplified by the connectivity of people that the Internet provides. It is also amplified by the development of artificial intelligence. It influences exports, business," Sönmez said.

He made an example of 3-D printer usage which makes some production chains redundant and unnecessary.

"With 3d printer, you don't need some factories. Internet is also breaking down national boundaries when it comes to people connectivity, it creates new business models," Sönmez said.

In this new context, new technologies is an opportunity and a challenge for all economies, "no matter whether you are a developing or developed nation," he added.