Technocapital Sets Sights on "Relationship and Toil Businesses" as Next Frontier

New York, NY – Will Manidis, CEO and co-founder of AI healthcare company ScienceIO, recently articulated a significant shift in the landscape of technological and capital investment, suggesting that the "final frontier of technocapital" lies in sectors traditionally defined by human interaction and manual labor. In a recent tweet, Manidis contended that "‘asset management’ has already absorbed everything that can be rerated through changing the liabilities, cost of capital, duration, or scale."

Manidis, a Thiel Fellow with a background in venture capital and healthcare data, posits that the financial industry has largely exhausted its capacity for efficiency gains through traditional capital optimization. His work at ScienceIO, which focuses on building foundational AI models for healthcare data, provides a practical example of how technology is already targeting complex, paperwork-heavy processes, often categorized as "toil businesses." This perspective highlights a move beyond purely financial engineering to the direct automation and optimization of operational workflows.

The concept of "technocapitalism" describes an economic system where technology-driven capital is the dominant force, with innovation central to wealth accumulation. Manidis's assertion implies that this force, having maximized returns in areas like asset management through financial restructuring and scalable models, is now turning its attention to less digitized, human-intensive domains. These "relationship and toil businesses" encompass a wide array of services and industries where human connection, empathy, or repetitive tasks have historically been central.

The increasing penetration of artificial intelligence and automation into these sectors is already evident through self-service technologies, anthropomorphized agents like chatbots, and data-driven personalization in customer interactions. While these advancements promise increased efficiency and new avenues for value creation, they also raise questions about the future of human labor, the nature of customer relationships, and the ethical implications of automating tasks that require a "human touch."

This emerging focus on "relationship and toil businesses" signals a profound transformation, suggesting that the next wave of significant economic value will be unlocked by applying advanced technological solutions to areas previously considered resistant to automation. As Manidis stated, "it has been unable to absorb relationship and toil businesses, those are the final frontier of technocapital, and by god are we there." This shift is poised to redefine industries and reshape the workforce, pushing the boundaries of where technology can create new efficiencies and opportunities.