We review some of the most potent directions in the design of materials for next-generation solar cell and light-emitting technologies that go beyond traditional solid-state inorganic semiconductor-based devices, from both the experimental and computational standpoints. We focus on selected recent conceptual advances in tackling issues which are expected to significantly impact applied literature in the coming years. Specifically, we consider solution processability, design of dopant-free charge transport materials, two-dimensional conjugated polymeric semiconductors, and colloidal quantum dot assemblies in the fields of experimental synthesis, characterization, and device fabrication. Key modeling issues that we consider are calculations of optical properties and of effects of aggregation, including recent advances in methods beyond linear-response time-dependent density functional theory and recent insights into the effects of correlation when going beyond the single-particle ansatz as well as in the context of modeling of thermally activated fluorescence.