As the world is climbing the digital ladder, businesses scramble to be at the top of the pile with innovations in order to claim consumer attention and market dominance. Start-ups become the best bet for even established organizations to lead in digital innovations satiating their hunger. A trailer of it can be witnessed in the annual summit conducted by Consumer Technology Association to support the best consumer technology innovations. Beyond such massive organizations, businesspersons are also looking to invest highly on digital platforms.
With almost all international bodies making efforts to support the best technological innovations, isn’t it important to know how these seemingly small companies contribute hugely to the international standard of digital technology?
A recent report by Forbes confirmed that investment on start-ups that deal with Artificial Intelligence, health care, and clean technology has skyrocketed recently with Canada being the topmost country for AI on the global platform. It has become the center for start-up investments with millions of dollars on the rounds. With TV shows like Shark Tank, the US is coming up with innovative ways to make start-up investments popular and insist on the importance of their contribution to the global market. More than 20 of the 35 start-ups that reached the unicorn status in 2018 in the US have involved in digital innovation. With two of the largest countries in the west reaching their pinnacle, major cities like Berlin, Stockholm, London, Tel Aviv, etc. find themselves in the top 10 places for start-ups creating a digital revolution.
These start-ups also act as major support systems to established local and international institutions aiming to resolve local issues, guaranteeing them a market boost and sustainability. Such intersection of technology, business, and innovation paves the way to innumerable possibilities of transforming good to great. For instance, Highspot is an AI service provider whose services are taken by moguls like Twitter, Dropbox, Siemens, etc.
Some innovations making everyday life easier have also resulted in consumers resorting to the latest technology irrespective of the field. In one swipe, people can find anything ranging from doctors to inverters to make up artists. When digital innovations evolve, there is also a significant effort put into cost reduction. Who would say no to easier and cost-effective solutions?
TECHNOLOGY – A CONTINUOUS PROCESS
No start-up is happy with simply one innovation. Technology is an evolving aspect in the everyday life of people all over the world, any product becomes usable globally. Several tech start-ups have been developing products for the world in deep-tech fields ranging from space, materials, data analytics, etc. Updates on the existing innovations also guarantee their stay in the market with rapidly changing times.
While it is generally viewed that digital innovations aid the success of start-ups, the converse has more weightage in the current market scenario. Embedded systems result in almost zero defects or errors in the products produced. This automatically calls for futuristic views in using technology for better solutions for other existing problems, giving the companies more space to grow and innovate at the same time.
One major aspect all these innovations and start-ups teach us is that speed has taken a back seat over long-term opportunities and depth of technology. When the depth of technology becomes the primary focus, it is inevitable that these digital innovations leverage technology in the modern world.