In 2024, you’ll struggle to find a single startup, or any company at all, for that matter that doesn’t rely on technology in some way. In fact, it’s safe to say that successful businesses now must keep up with the technological landscape from their inception.
The Impact of Technology on The Creation of Startups
Only a couple of decades ago, creating a startup had so many hurdles to jump through that starting one would be practically impossible for the average person. Luckily, the advent of technology has lowered the threshold for budding entrepreneurs. With just a laptop, internet access, and a solid idea, their dreams can soon become a reality. One of the reasons is the fact that the process of procuring funding no longer has geographical barriers, removing a major limitation of the past.
Moreover, whilst competition is tough in any industry, it’s become much easier to break through thanks to digital marketing. We need only look at the iGaming industry for an example of this. These are platforms that allow players to play a wide variety of chance-based games, essentially an online bet casino. Here, even new companies have been able to gain more visibility thanks to smart marketing strategies.
Strategic partnerships are essential in the business landscape, and collaboration has been simplified thanks to options like social media. You can directly contact any company you want, and see if they’re willing to take a chance on you. Although most may not get back to you, especially if you don’t have a major following, the odds of at least one replying is much higher than if you were to reach out via other means.
Technological Advancements For Startup Growth
By definition, a startup is a newly established business that’s built to grow fast, meaning it can be more difficult to keep up with its growth and ensure you meet your goals accordingly. As such, scalability specifically may be the biggest enemy of startups. Cloud computing has helped minimise these difficulties without requiring hefty initial investments for aspects such as storage.
We’ll take another example from the iGaming world. Anyone well-versed in this sector is aware that they offer hundreds upon hundreds of slots online. This is only possible due to the lack of physical storage limitations that impact brick-and-mortar locales. By keeping such a large variety of options, they also can cast a wider net, ensuring a higher chance of success and improved profit margins.
Even when it comes to basic things such as communicating with employees, the process has been simplified. And it’s all thanks to project management software like Asana and communication tools such as Slack. This allows employers to hire more talented professionals regardless of their location.
Finally, advancements in artificial intelligence have furthered automation processes, making simple aspects more efficient. The resources that are no longer expended for simple tasks can then be allocated to manual-only duties. One great example of this can be seen in data analysis, which would otherwise have taken hours, if not days, depending on the amount. Now, AI can process a vast amount of data practically instantaneously.
By leveraging technology, an entrepreneur couldn’t be in a better position to create a thriving startup today. After all, such companies have always been a hallmark of innovation, so its important to recognise how much of a role technology has played in shaping their success.
