Startups and Ever-Changing Technology
Many companies have chosen to stay online permanently. Magazine publications have chosen to stay digital since there isn’t enough revenue generated as physical publications. According to MagLoft, “It’s easy for your readers to access, too. When you’re ready, you can blast the issue out via email in a format viewable on any digital device. Whether your audience is on their computer or scrolling through their mobile phone, they won’t have trouble reading a digital magazine if it’s designed correctly.”
However, it’s not just magazine publications and huge companies such as American Apparel that have stayed online. Many startup companies are birthing every year. It is becoming easier for people to startup companies, even if they have very little finance. There are now drop shipping companies such as Alibaba and websites such as Shopify that have templates available for you to create a website.
According to “Developing Entrepreneurial Competencies for Start-Ups and Small Business,” technology has changed the way that we “live, communicate, and work, so that the WEF predicts that it will ensure 52% of current work tasks by 2025. Besides, new phenomena appear and seem to be more and more applied in big and well-known firms, such as Alibaba, Accenture, Facebook, or Airbnb.”
Given the way technology works, there is software and apps out there that can help design, market, and sell products or services. Social media has and will now always be the most powerful tool for promoting and marketing products. There is considerable competition in nearly every niche on the market, and using free social media platforms such as Instagram is the key to a successful marketing campaign.
Since startup companies are the new normality in this generation, there are even marketplaces online that sell startup companies. Some come with a hefty price tag equivalent to buying a house, but the startup companies are already set up and have a promising revenue. Having a startup company can also mean that you’re not working the regular 8 hours anymore, but you may even have the chance to work less or at least have flexible hours.
Startups and International Work
What is great about startup companies is that people can run it in their bedroom. This means that it can grant opportunities for people who live in undeveloped countries and need to make money to support their families.
The International Journal of Innovation in the Digital Economy (IJIDE), reported earlier this year that technology “could potentially help millions of migrants living and working around the globe, who send nearly half a trillion dollars through various formal and informal channels to family and friends in their home countries. These migrants often play a major role in their family’s, community’s and country’s economic survival through the infusion of a significant amount of capital in the form of these remittances, sent from abroad.”
If migrants are taught about the way technology works or even have the skills to use technology, they can positively impact some of the most undeveloped countries with vulnerable populations.
Amazon is one prime example of exceeding a $2 billion benchmark within the last four years in India, under the global selling program. This program set out to help small and medium business owners in India export and sell their goods to the global market. The aim is now to meet a $10 billion milestone by 2025 in India.
In 2019 there were just 30.2 million startup companies in the US, and more than 69% of US entrepreneurs started their businesses from their very own homes. However, only 50% of the businesses have survived the past five years, and given the current circumstances with the COVID-19 pandemic, there may be more job uncertainty.
Another point to consider is that since the pandemic put everyone in lockdown, there were more consumers online than ever before. Many companies that are still working from home have resorted to using software tools such as Zoom to have business meetings. With the temporary situation of working from home, technology is needed now more than ever.
About the Author
Mariliana has an MSC in consumer analytics and business strategy. She has a special interest in fast-moving industries and big data.