The most innovative startups today are changing the way we will live in the next generation.
According to Neil Blumenthal, the co-founder and CEO of Warby Parker, a startup can be defined as a “company working to solve a problem where the solution is not obvious and success is not guaranteed.” This means that startups must have a high level of innovation in order to come up with creative solutions, as well as a high tolerance for risk-taking.
The most successful startups will be the ones that are successfully and efficiently solving real life problems. The future of a business depends on how that business tackles the problems of the current generation, as well as how they cope with the competitive market. These fledgling business enterprises are not constrained by geography, making them very different from brick and mortar businesses and able to scale up very quickly.
It is predicted that Information Technology, Data Services, Practical IT Services and Big Data will dominate the scene. There are enormous opportunities available for those who can see what is coming next and can come up with new ways of looking at old problems.
Startups really are the way of the future and they are the companies that will be shifting the way we work and do business in the coming years. Just take a look at this LinkedIn list of the Top 50 Startups on the scene at the moment – it’s hard not to think about these companies and get inspired.
Startups Defining Employment
Many people are afraid that technology will destroy jobs, but the opposite is true. Technology has created far more jobs than it has destroyed, according to this study by economists at the consultancy Deloitte. Some of the reason for this is because technology increases the spending power of the individual, which creates jobs within the larger economy.
According to a study by Unilever, innovative startups and corporations are predicted to start working side by side in the same physical spaces by 2025. Startups are being recognized as a valuable source of innovation, pioneering business solutions and fueling growth.
Corporations are seeking out the right startups to collaborate with, so that they can build relationships and collaborate effectively. Why do corporations and startups work together? Some of the reasons include learning something new, solving business problems and improving efficiency – according to the research.
In the study, Unilever predicts that collaborating with startups will become a necessity for businesses in the next five year. It estimates that four out of five corporates and startups anticipate that they will collaborate more in the future.
According to this article from Forbes, startups are already providing jobs and are predicted to create more in the future. An exciting boom in startups will create an uptick in hiring and will be a positive for the economy as a whole.
The Perks of Being a Startup
There are a lot of advantages to being a small startup. Small businesses can compete with larger ones in a lot of interesting ways, because their size and structure allows them to be more creative and innovative.
Here some of the major benefits:
- When you are small, you can move quickly and change direction. Larger corporations are much more unwieldy and it can be difficult for them to shift focus. Small businesses can turn on a dime.
- Startups can take more risks, because they have less to lose. They can do something bold and innovative that a larger company would not be able to do.
- Startups don’t need a lot of structure or bureaucracy, they can organise their business in simpler and more democratic ways. In a large corporation, everything must be formalized.
- When you are a startup, you can learn more easily from your users and you can adapt your product according to their demands.
- When you work with a small team, you’ll have more opportunities to bond and get to know your coworkers – which will result in more productivity.
- You’ll also have more of an opportunity to make the most of the skills of your employees – as you can offer them more responsibility and creative freedom.
- Because your startup offers less overhead, you can price your services or products more aggressively than those offered by a massive corporation.
- Startups often have a much more interesting work culture and they tend to allow employees to embrace their own individuality.
While every startup is different, these are just a few of the reasons why working for a smaller business is advantageous. In this case, bigger isn’t always better and being small can offer a lot of perks.
How Boutique Consulting Can Help Startups Flourish
Getting a startup off the ground can be challenging, which is why it’s incredibly valuable to have the support of a boutique consultancy like Digico Solutions. We can help you to develop a professional and creative digital strategy that will boost the reach of your business and help you achieve growth.
Digico Solutions takes the load off startups, so that the founders and employees can focus more on other aspects of growing their business. We work on an individual basis with each company, taking the time to create a unique solution that works for your business.
We are a team of experienced create tech wizards and we offer innovative solutions for increasing your sales, making smarter decisions and connecting with your customers. With our help, your startup can reach its full digital potential. To find out more about what we can do to help you, check out our services page or contact us today.