Business ideas: The growth trend of technology start-ups
Finding innovative startup ideas is quite a challenge. Whenever you think of a fantastic app idea, you’ll probably see that some well-known tech companies have already built it.
But innovation isn’t the only criteria your tech company needs to meet. To get enough investment and ensure that your product meets market demand, your software must be reliable, functional, and, most importantly, address a real-world problem. In this context, creating a formal technology company may seem like a good option. By leveraging the power of new technologies, you stand a good chance of creating a useful product that will improve the lives of your customers around the world and solve a solid list of social problems.
What is tech for good, why it will become a top trend in 2021, and how to build a product that will resonate with your audience – we answer all of these questions in our article.
What is Tech For Good?
Before we dive into the market analysis and discover the new opportunities that Tech for Good offers its founders, let’s cover the basics:
Tech-for-good software companies leverage technological advances to create software solutions that help solve an important social, environmental or economic problem.
“Tech-for-good” companies look at the factors that can affect social problems and find ways to use innovation to minimize their effect on society or a particular community. Today, it’s not just a way to solve social problems, but a big business worth £2.42 billion overall for 2019. And that’s just in the UK.
So by building technology for good, you’re bringing a high-demand product to market while maintaining social responsibility and promoting it to your stakeholders.
Creating a “Tech-For-Good” start-up in 2021
In addition to the sense of virtue that comes with building a socially responsible business, you offer a wide range of investment and funding opportunities that may be inaccessible to startups that limit their business plans to financial pursuits.
Bethnal Green Ventures is one of the European venture capital firms that provides investment opportunities for startups. The Tech for Good program aims to support founders who strive to create socially responsible businesses. They have already funded many companies looking to find new use cases for IT advances and can provide your company with significant support to bring your idea to market quickly and efficiently.
Regardless of the niche and industry, tech for good helps your company stand out by giving it a clear and meaningful mission that resonates with your audience, the press, and investors. Especially in times of pandemics, it’s critical to look for ways to use technology for social change.
Technology as a solution
With the emergence of the Covid-19 pandemic, it is becoming clear that our health care system is fragile. The whole world seems to have come to a screeching halt because we happen to be fighting a new virus. But that only meant one thing: we must take proactive measures.
One of the most notable efforts to address health issues is the Lifted program. It is an online platform that provides personalized home support and care for seniors. Users can interact with caregivers through an app where all essential notes, visit records and payments will be made. You may not feel any difference between physical visits and telehealth. 76% of U.S. hospitals are already using this technology. Either way, “fast and efficient” is the adjective you can give to Lifted.
Technologies can also help humanity in the battle called “Covid-19.” With the help of AI, the team at Google DeepMind has created a high-tech system called AlphaFold. It predicts the structure of proteins based on the amino acid sequence. So what? It advances scientific research and the process of drug and vaccine discovery.
In addition, let’s remember automated temperature monitoring and face recognition. These technologies are very powerful means to promote social distancing and reduce the viral explosion.
Climate change has this universal effect. Air and water pollution, global warming and natural disasters unite all existing countries as we consume the same water and breathe the same air.
It has been predicted that the 4 billion tons of annual carbon dioxide emissions allowed will increase to 15 billion by 2050 or even earlier. Such numbers are frightening. If global warming continues to progress, we will likely see a stagnation of other environmental problems, which could cause irreparable damage to flora and fauna.
Therefore, technology can help improve the situation by increasing pollution in multiple ways. How? Electric cars, alternative energy sources, non-polluting air-conditioning systems mark the first steps of humanity towards a better and prosperous future. In addition, some countries have already developed plans on how to use more complex technological solutions to solve this social problem.
One of the examples is the aspiration of gases from the atmosphere. It has been decided to apply direct air capture (DAC) technology to this type of social problem. Giant cleaners remove carbon dioxide from the atmosphere and then recirculate it underground or deliver it to industries that use CO2 for fertilizers or making bubbles for drinks. In this way, this technology purifies the air, allowing us to breathe freely and decrease the rate of global warming.
Technology can also ensure equal opportunity for all candidates. Artificial intelligence-based recruitment software is widely used to combat discrimination in the workplace and increase diversity in companies across all industries. Intelligent algorithms ensure that a candidate is selected based on knowledge and skills rather than the background.
Digital platforms are making education more accessible to minorities and people with disabilities. For example, Chatterbox is a language learning platform designed to meet the needs of refugees. This artificial intelligence-powered software connects users with common learning interests and allows them to benefit from the interaction. According to McKinsey, this project has had a positive impact on social well-being because it provides users with the skills to reclaim their professional identity.
Inequality in education is so deeply rooted that bright individuals in developing countries must bury their brain potential under a rock. But thanks to the social implication of technology, people can access the versatility of information sources. Online courses, e-books, a variety of educational applications open the door to the world of knowledge.
Moreover, what we also gain from innovative technologies is the reform of the educational system. In the past, when children started school, they tended to learn a massive amount of data. But today, the learning environment is radically different.
It is more interactive and flexible, and technology plays a key role in this change. They provide tools such as video projectors, VR devices, infographic builders, presentations, managers such as Google Classroom, etc. Thus, they simplify the processing of information.
Hunger in the world
There are 11% of the world’s population who go to bed hungry not because of a diet but because they are totally out of food. That’s more than 800 million people who are hungry. And this number is growing. This means that we must now think about the idea of applying technologies to increase food production and, therefore, turn it into a technological solution to this social problem.
“Smart farming” technologies have already become a vital part of many farms and agricultural businesses. They include drones and sensors to help farmers interact effectively with the ever-changing natural environment. Specifically, Internet of Things or IoT solutions such as sensors mounted on drones and in the field are ways to measure and monitor crop health to reduce the number of damaged food products. “Smart farming” solutions are also effective for monitoring livestock and managing soil and water.
In addition, the data collected by IoT would enable scientists to properly distribute food. Therefore, it plays a vital role in eliminating hunger in the world.