Teleconferencing allows small groups to communicate electronically without being in the same location. While early attempts like the Picturephone in the 1960s failed, teleconferencing has expanded over time from phone calls to video conferences. It saves businesses up to 30% in meeting costs and time by avoiding travel, though some interaction is lost compared to in-person meetings and unfamiliarity or failure of technology are risks. As technology advances, teleconferencing is expected to continue growing in the business world.