What if you honed in advance the skills and domain knowledge connected to emerging industries or technologies? Have you ever heard about the scarcity wage premium? How about putting yourself ahead of many and reaping the benefits of that premium?

The first-mover advantage is a popular concept in business. By this, a company gains a competitive edge by being the first in the market.

How about the first-mover advantage in the world of work, specifically in career development?

To put it simply: when a new industry or innovation (in technology or business) comes into being, new occupations are created, as there is demand for novel expertise and specialization. Those who come first command what economists call the (wage) scarcity premium.

This is not just theory. For instance, in the case of some select data science skills (which are not emerging or new anymore but still scarce in the market), according to the Burning Glass Institute, the wage premium is between 8% and 23% (skills such as data strategy, machine learning, artificial intelligence, and data architecture).

But what are those emerging occupations? Are we talking about predicting the future?

If you develop the talent to read the future, great! Then, not only will you position yourself as one of the first movers in emerging occupations, but also as the very first in an occupation yet to come.

But luckily, I’m not talking about predicting the future.

Let’s break things down.

What Are We Really Talking About?

This is about being one of the few in a nascent occupation. In other words, the occupation already exists, but it has not yet been officially recorded in an occupational database. Some institutions (universities) might have already started offering the degree, but not on a large scale yet.

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Some occupations that not long ago were also emergent, such as data science, along with AI and ML engineering, have already become popular. Even though it is reported that there is still a worldwide shortage of these professionals—predicted to continue—the story is different. These are already established and widely recognized occupations. There are already thousands or millions of professionals in the market. There are also hundreds of institutions offering degrees or certifications.

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The Good News

As Steven Johnson made it clear, breakthroughs and innovations usually don’t happen in a Eureka moment. There is a long process, and oftentimes, ideas build upon other ideas.

Take artificial intelligence. It started in the 1950s. The idea of GenAI itself can be traced back to some decades ago, although significant advancements in the last 10 years have given birth to the disruptive force and media sensation it has now become.

Likewise, the emerging technologies mentioned below have a long history in their making. So, there is no need for much second-guessing—just curiosity in following the trends.

If the River Makes a Sound, It Is Because It Carries Stones

For decades, global consultancies, top universities, international organizations, and even individuals (futurists) have been tracking emerging and promising technologies and innovations—McKinsey, MIT Technology Review, and Intuit, just to mention a few.

One can follow interesting research, technology trends publications, and, in particular, patent activities. I would call it “following the patent noise.” I don’t have a precise number in mind (a number that marks any threshold), but when patent activity around a specific technology becomes significant (you will notice hundreds, if not thousands, of them. ), that is a sign for you to pay attention to the related emerging occupations -BTW, you can explore them (patents) with the World Intellectual Property Organization (WIPO). Following startups activity is another key.

The Emerging Technologies and Occupations

To ground the idea, I have selected the following two:

1. Quantum Technology

This includes Quantum Computing, Quantum Communication, and Quantum Sensing. Let’s focus on Quantum Computing (QC), as it seems the most promising in terms of occupations.

Humanity started to explore the QC idea in the 1980s. According to McKinsey’s analysis, even though in recent years investment in GenAI has diverted more attention away from QC, it remains a very promising technology. Public funding has increased. There are more than 200 QC startups around the world (more than 350 in quantum technology). In the year 2022, 4,763 quantum technology-related patents were granted (similar number to that in 2021), with the USA and Japan leading.

Even though some institutions have already started offering degrees (mostly in Europe), there are not as many qualified quantum candidates available for quantum job openings.

Emerging occupations:

• Quantum Solutions Manager
• Quantum Architect
• Quantum Hardware Engineer
• Quantum Software Engineer
• Quantum Chemistry and Quantum Computing Specialist
• 3D Heterogeneous Integration Engineer

2. Energy Storage Technology – Batteries

We are living in an energy-hungry world. At the same time, there is a global movement towards greener economies, which has boosted markets such as that of electric vehicles (EV) . Even though a lot of progress has been made, according to McKinsey, the cost of a battery still represents between 30 to 40 percent of the total EV cost. For the last 3 decades, battery efficiency, measued in terms of energy density, almost tripled, but there’s still a lot of room for improvement. There has also been a lot of patent activities in this field.

Emerging occupations:

• Battery Systems Engineer
• Battery Chemistry Engineer
• Battery Design Engineer

Battery technology is part of a package of 18* of the most promising technologies McKinsey analyzed for the period 2000–2040 (in terms of investment, current and potential market share), while quantum technology is another promising one McKinsey has also been tracking.

There are other emerging technologies. They might not reach the scale of the ones mentioned above, but I believe it is still worth keeping a close eye on them: Brain-Computer Interface (BCI), edge computing, and regenerative medicine, to name a few.

What Do I Do or How Do I Prepare?

As a theoretical starting point, be aware that some big and small trends are shaping our world. These trends will always affect employment.

To put the first-mover advantage into action, exploring emerging technologies by following the aforementioned sources, including patents, is a good start.

Exploring education or upskilling opportunities is another step. As mentioned, some universities are starting to offer degrees. If no such degree is offered yet, at least you can channel your key projects (e.g., final project, thesis) toward that emerging technology.

Overall, at least getting strong in the fundamentals will be a great step. For example, physics for quantum technology. Or, eventually, a degree in computer science. It has been reported that it can take around six months to learn quantum computing coding, provided you have a computing background—with tools like Cirq, Qiskit, and Q#.

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* The other 17 are: e-commerce, AI, cloud, EVs, digital ads, semiconductors, shared AVs, space, cybersecurity, modular construction, streaming video, video games, robotics, non-medical biotech, future air mobility, obesity drugs, and nuclear fission.