Category Archives: Economic Agenda

BWS2.0 discusses its economic agenda for the black community

Digital Ownership

It cannot be denied. The world is always changing. We are a people very rooted in history. We’ve been on this planet for a long time and we’re not going anywhere no matter how much those who threaten us want us to believe otherwise.

As part of our understanding of these changes and our changing response I want to talk about physical objects versus ideas.

You can own a factory that makes bottles. However, you’re going to need a lot of money to get started: commercial real estate, machines, employees, insurance, permits, etc. That’s a lot of money which for each dollar also produces and equal amount of risk. And if you can’t afford all this yourself then you are either going to spread that risk to others and/or increase your risk further by getting loans.

Of course the likelihood of convincing the bank to share the risk with you on such a big project when they know that most businesses fail… that’s tough enough without being black.

Of course most of us don’t dream of owning a bottle factory. Much of that has to do with the perception of how difficult it would be and how uncomfortable it would be to go out of our scope of knowledge which has a lot to do with what we believe we can accomplish. I believe that this belief is limited because we don’t consider many different ways to make money. Most likely our parents were hard workers. The benefit of being born with a silver spoon is that you’ve seen money being made without hard work.

So consider that instead of having a factory that makes physical bottles, you could own a game that simulates owning a factory that makes bottles. Welcome to digital content.

Second Life is a game where you could make virtual items and sell them for virtual currency which actually has real world value. Instead of making one bottle a million times and having to ship and store each, you could make a digital bottle just once and duplicate it for a million customers. This is the basic theory behind virtual currencies as a slew of free games hope to monetize themselves.

Consider buying and selling virtual items or intellectual property. Instead of buying houses you could buy internet domains , ¬†apps or whole internet businesses on or Putting in a lot of hard work and starting from scratch is honorable but that’s not the best or most strategic use of your time and effort. Invest in your own ability to design and/or build or build on existing ideas and intellectual property. Once a virtual item is made you can sell it as long as the market for it exists. This is the digital age. Owning a bunch of zeros and ones doesn’t have to cost a lot and the benefits can be just as good if not better than owning and selling physical products.

Jonathan Sinclair