develop: location based services.

THE FUTURESo, when Warren Buffett – the new economy’s newest convert – considers where to invest his billions, where will he look? Our list provides a few intriguing clues, starting with Gordon Shields. His firm, Fonebak, recycles old mobile phones. The EU’s forthcoming WEEE directive will require all manufacturers to take an active role in ensuring their products are recycled, and will take this niche mainstream. The EU is also helping another industry to develop: location based services. The newly launched Galileo global position system will provide a cheaper and more accurate rival to the existing US military-owned service. Dave Clark could tell you all about the range of products that will be using Galileo. He founded BlackSpot interactive in 2000, to provide motorists with a GPS service that provides warnings of speed cameras, accident blackspots and traffic holdups. The service has been a smash hit – Jeremy Clarkson is a fan – and the numbers look good too. Last year BlackSpot made £5.5m on sales of £60m, and Clark is investing heavily in its successor. Followit is the world’s smallest GPS receiver and transmitter. Applications include vehicle and animal tracking, but the ability for individuals to pinpoint their location and to integrate this information with other smart devices will open a new universe of commercial applications.