The outbreak of the Coronavirus pandemic has adversely impacted the global economy and industries across the world. However, the increasing reliance on technology – by enterprises and people – to help facilitate communication and productivity in these challenging times, has led tech startups to thrive on new opportunities amidst the pandemic.
According to Statista, America witnessed the birth of 8,775 financial technology (Fintech) startups in February 2020, making it the region with the most Fintech startups globally. “In comparison, there were 7,385 such startups in Europe, the Middle East, and Africa, followed by 4,765 in the Asia Pacific region.”
Tapping into new opportunities
After technology played an important role to facilitate businesses in 2020, tech startups will benefit and capitalize on a number of advancing trends in technology in 2021.
1- Embracing AI
2021 will be the year where artificial intelligence will have an even more significant role than ever before.
For example, healthtech and biotech startup Tempus uses AI to gather and analyze extensive medical and clinical data and provides precision medicine that personalizes and optimizes treatments to an individual’s specific health needs.
As for 2021, Tempus is planning to use AI to achieve a breakthrough in cancer research while relying on genetic makeup, past medical history for diagnosis and treatment.
Thus, AI is important for startups and is considered an essential part of its success because it provides intelligent solutions to a broad range of business inefficiencies and the ability to self-learn in order to solve related problems in the future.
Artificial intelligence is crucial to startup innovation, making it easier to integrate company software and cloud-based solutions.
2- Self-driving cars and robotic deliveries
The pandemic has prompted a shift in consumer behavior by demanding they deal with products requiring less human contact to guarantee more safety.
The outbreak of the pandemic hasn’t stalled initiatives of tech companies to test run technologies such as robotics deliveries and self-driving cars, and the radical changes witnessed by this industry further proves this point. The use of autonomous vehicles and robotics is expected to be at the forefront of tech development next year.
While it is expected that tech startups will focus on self-driving projects such as the ones Tesla, Toyota, Waymo, and Honda are planning to accomplish, China and other countries including the U.S and UK were the first countries to ramp up deployment and use of robots to deliver orders to slow the spread of COVID-19.
For example, living in lockdown in Milton Keynes-UK, a robotic delivery service created by Starship Technologies, could prove to be the future as miniature autonomous vehicles bring food deliveries to almost 200,000 residents of the town.
Robotics will undoubtedly go mainstream with the help of tech startups.
3- 5G-powered innovation and connectivity
Tech startups will demand higher speed internet and the push for the advancement of 5G.
The fifth-generation wireless network will facilitate innovation as enhanced speed and internet stability will enable companies to access data systems more efficiently. Businesses are constantly looking to invest more in automation and machine learning, so optimizing connectivity is essential for startups to boost and diversify customer service offerings.
For example, startups like Nido Robotics in Spain will use drones to explore the seafloor with the help of 5G technology which will enable drones to navigate better while utilizing IoT to help communicate with devices on board.
As technology becomes an integral part of daily life, the essence and success of startups is determined by their ability to innovate and adapt to the rapidly changing circumstances.