Sunday, October 2, 2022

Startups during COVID-19: Where are they headed?

Startups during COVID-19

Startups have remained focused and determined to adapt to the changes brought on by the pandemic, and in some cases, have been inspired to develop new ideas. Over half the fortune 500 companies were founded during an economic recession, and many more successful companies where founded in the years after that.

Undoubtedly, many startups during COVID-19 have had to re-evaluate from the ground up. A recent study shows that 18% of startups have changed their product or business idea to better suit the needs arising amid the pandemic.

Below, are some startups that not only found a profitable foothold amid the crisis but are helping shape the future post-pandemic.

Samsara: An IoT sensor systems manufacturer used by cargo or product transportation agencies, enables companies to operate more safely and efficiently. Their solutions are used in asset tracking, the automotive industry concerning driver safety and telematics, factory workflow and industrial process control, as well as mobile workflow and compliance.

Snowflake: A cloud-based data warehousing startup that launched publicly in 2014. Offering cloud storage and analytics, Snowflake allows customers to securely exchange, discover and share data both internally and externally. No doubt, the startup company found ample room to grow as enterprises shifted to remote work and were faced with intensified data security concerns.

Better.com: Thanks to the growing demand for private workspace and easier, more cost-effective loans, the digital mortgage lender of four years has found fertile ground for expansion and is on a hiring spree aiming to better serve customer needs. With work from home becoming the new norm, this company and others like it, may be the future of loans and mortgages.

Databricks: This is an open source data analytics, machine learning and data gathering company that can help a business derive more valuable insights from their data. Enabling large-scale data processing and analysis, this startup provides support to customers from experimentation to production. With the exponential growth of IoT across industries, Databricks can help optimize the processes and operational efficiency of an organization.

A pattern is clearly emerging here: utilizing tech to drive change across major sectors. It seems that right now, the stage is set for next generation innovators to take the lead and become the giants of tomorrow’s tech scene.