The role of technology for startups cannot be understated. Modern startup culture is almost synonymous with technology. Right from the inception of such enterprises to their functioning, growth, and ambitions, today’s startups depend upon technology as an indispensable resource for their success. The correct utilization of digital tools can lead companies to astronomical transformation.
At its core, technology provides companies with an almost endless repository of information and resources. This helps businesses shape innovative strategies in their approach to scaling the company and excelling in their industry, which starts with a thorough understanding of what consumers want. This understanding comes from studying audience insights extensively, which can be obtained via the scope of the internet.
Incorporating as many technological tools into startups’ frameworks and using them in the most innovative way possible can futureproof them by helping address the needs of the present with the knowledge, predictions, and thought processes of the future.
In the context of marketing businesses to new customers, technology comes with the powerful tools of social media platforms, each of which has unique attributes. However, the benefits don’t end with external communication, as technology facilitates the ease of communication within companies in their operations.
From the brand’s point of view, technology makes it seamless for customers to reach out to companies for their needs. From learning more about products via questions & queries, to effectively enhancing/ returning products, it is all possible with just a few clicks/ taps of a button.
Finally, when working at startups, technology allows employees to work wherever they want. This has become an essential attribute for younger generations when choosing a company to work at/ work for, thereby influencing how startups function.
The bright future of technology-driven startup culture
As technology continues to evolve and enhance the corporate world, startups look for more ways to incorporate the latest tools into their work processes, from Artificial Intelligence to the Internet of Things to Machine Learning, companies vying for the attention of consumers by better understanding their pain points and how to solve them.
Standing out from the crowd is the most challenging obstacle in the initial days of any startup. Here, companies are faced with the choice of jumping on the bus of technology or risk of getting left behind.
Technology will benefit startups in every aspiration they seek to fulfil over time. As digital tools continue to evolve in their scope and effectiveness, startups can only expect their efforts in utilizing them to translate into building more loyal customers, making products that not only solve problems but offer conveniences in ways people didn’t need they know, and scale their companies to heights they could never fathom.
India on the podium of the Global Unicorn Race
As a country, India has grown into a bustling hub of successful startups across many industries, especially in recent years. With 25,000 to 27,000 active tech startups, India is in third place among the world’s largest hubs for startup companies, just behind the United States of America and China. Among these many startups, the nation is also home to over 100 Unicorns.
Today, enterprises realize the potential of startups and seek to extend their corporate support through investments or partnerships. Over 26 states have laid down startup policies to create conducive environments for such companies to be made and thrive. Government organizations such as the Small Industries Development Bank of India have even launched a scheme to assist Small and Medium Businesses that require capital growth.
Today’s startups are instrumental in creating opportunities for the aspirants of tomorrow, contributing to boosting employment in the country. Given their immense potential, they are also poised as a dark horse in reviving economic growth.
Technology can, at times, be a daunting word to startup owners who are looking to incorporate the same into their companies. In understanding company objectives, who and what their consumer base can genuinely benefit from, and optimizing the resources, they have at their disposal.
(The author is Mr. Kapil Gupta, Founder & CEO – Ruhe Group of Companies, and the views expressed in this article are his own)
