There are a lot of
things that start-up founders can do to get their business going and taking
current trends into account is one of them. Studying patterns and adapting to them is a useful way of making sure a company is well-positioned to deliver and gain
credence with clients. This is understood by business experts such as Henner
Diekmann, a partner at law
firm Diekmann Associates. The firm
specialises in international trade and foreign direct investment in Southern
Africa, offering guidance and advice to investors on corporate structures and setups.
The following are some
of the trends that entrepreneurs can follow to ensure the success of their
ventures.
Increased Competition
With increased internet
access and usage, the stakes are higher in establishing start-ups. It's easier
for competitors, sometimes far away geographically, to break into a firm's
local marketplace and get clients interested. If your business is local, don't
ignore the importance of digital marketing and keeping an eye out for good partnerships that help to grow the market
share.
More Attention From Larger Companies
As corporations and
multinationals see start-ups disrupting the norm, they realise there's more to
gain by partnering with entrepreneurs. As a
result, larger companies are willing to become investors and mentors to
these ventures, leveraging their pool of resources (money and expertise) to
bring start-ups into the fold. The benefits derived by the more prominent company include a diversified
product portfolio and the chance to add useful solutions and technology it
might not otherwise develop.
Adoption of Blockchain Technology
Blockchain technology, an emerging interest area for the financial
services industry, can also be used by start-ups seeking to ride the technology
wave. Blockchain technology can be adopted
for internal databases and, when tied to cryptocurrency such as Bitcoin, as a
payment mechanism. The latter use can potentially introduce lower transaction costs
to businesses, which may already be looking for means to reduce operating
expenses while remaining profitable.
Smarter Offices
The Internet of Things
(IoT) is steadily providing solutions that make life at home and work easier.
These solutions, when properly adopted, can contribute to a smart office
environment for a start-up venture. These advancements can increase efficiency
in the workplace, while also ensuring the business can meet client needs.
Smarter offices play
into the increased desire by start-ups to be lean spenders; they want to
accomplish as much as possible while committing the least amount of finances.
Investors place more emphasis on efficiency, and part of achieving that is using the available tools,
solutions and platforms.
Additionally, more
ventures are running their operations without the classic office setup. Mobile
devices make it easier to work from dispersed locations, while digital
workspace solutions offer opportunities for team members to collaborate.
Emergence of Niche Technologies
Apart from IoT, start-ups
are making use of other niche technologies, including augmented reality and
virtual reality (AR/VR), artificial intelligence (AI) and machine learning to
boost their service offerings and engage customers. The onus is on start-ups to
learn all they can about these technologies and how they can be integrated into the business.
Other trends within
the technology sector include cloud solutions, big data and analytics, and
chatbots.
An Increased Focus on Cybersecurity
Many start-ups have
focused on solutions that can be delivered
via web and mobile applications for use on smartphones, tablets and wearables.
With these devices capable of storing data, there's a need to secure them from
the increasing risk of cybercriminal elements. For business owners, this means
an increased focus on ramping up security.
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