Start-ups are perceived as primary sources of innovative products and services. As a result, their popularity has surged over the past decade. While the technology remains the same, how it is implemented is what disrupts the industry. Here are some latest Start-Up Trends in technology that you can implement to change the game:
1. Artificial Intelligence
Artificial intelligence has seeped into all aspects of our lives. Unsurprisingly, it is helping businesses formulate marketing strategies, doctors with diagnosis, and even writing screenplays. AI can do what would otherwise require a human being, such as decision-making and pattern-recognition. Similarly, it can help automate processes by taking care of mundane tasks. As a result, this frees up time for us to focus on more complex issues.
2. Voice Recognition
Siri became instantly famous when Apple introduced it in 2011. Voice recognition serves to humanize technology. It allows the consumer to interact with their devices with their voice, making them more accessible.
Phones are not the only devices with personal assistants. Smart speakers such as Google Home, Amazon Echo, or Apple’s HomePod are becoming a staple of every household. Research suggests nearly 39 million Americans now own smart speakers. They can transform your home into a smart home. Developing a platform that incorporates voice recognition for a particular niche can give your start-up the unique selling point you have been looking for.
3. Big Data
Big Data helps businesses analyze market trends, customer data, and inter-operational data. And only powerful AI computers can process this huge amounts of data.
Big Data can help with predictive analytics, cost-effectiveness, organizational optimization, marketing effectiveness, market insight, high-performance computing, and behavioral analytics. As data production increases, Big Data will occupy a central space in the start-up sphere.
Environmental issues have taken center stage in our lives and the start-up world. As a result, social sensibilities are affecting investors, who are now more likely to invest in sustainability efforts. The core of sustainability efforts are values such as circular economy, green consumption, and social sustainability. Some examples of these start-ups include Oxford PV and Northvolt, both focus on renewable energy, and Too Good to Go, a start-up tackling food wastage.
The focus of Femtech is to provide accessible healthcare for women. The idea is to utilize technology to create products and services that improve women’s health. From sexuality to fertility, Femtech is helping women better manage their health issues.
Examples of Femtech-based start-ups include Elvie, a company that produces silent breast pumps, Apricity, a virtual fertility clinic, and Emjoy, a sexual wellness app. This industry is continuously growing, and 2020 will be the year we could see some great innovations in it.
We can also help you explore more options. You can check out our Essential Mastermind program to brainstorm amazing start-up ideas.