“Time is money” a saying that we often come across is solely true for the entrepreneurs who embrace every minute of their day. Technological advancements offer countless opportunities for maximizing efficiency within organization in minimal time.
Although every entrepreneur has different goals; they all operate under same principle-to transform ideas into a successful business. With recent technological advancements, the current approach towards entrepreneur has gone through a great change. Technology entrepreneurship is a vehicle that facilitates prosperity in various businesses, individuals and nations. Currently, technology driven entrepreneurship is driving force behind national economics and entrepreneurial societies.
Here are some of the technologies that are currently piloting the growth of entrepreneurship and creating new industries altogether along the way.
Internet of things
IoT has emerged as one of the ‘must-watch’ technological developments of recent year. IoT refers to the way in which devices – everything from smartphones and wearable technologies through to household appliances and vehicles – use sensors, software and connectivity to communicate or exchange data.
Whether a new business is operating in the agriculture, manufacturing, engineering or healthcare space, there is a huge competitive advantage for the entrepreneurs who adopt IoT-based technologies earlier in their development stand to benefit significantly.
Ecommerce businesses can keep a real-time record of their stock levels, which means they are able to more accurately track what they need to re-order and simultaneously save time on performing manual stock checks.
Being able to collect and analyses real-time data from sensors within the product means that a startup can better understand how they should adapt and evolve their offering over time.
Machine learning and AI are already making our lives easier & exciting – whether it is through Tesla’s self-driving smart cars, Apple’s Siri, or through home assistants by Amazon, Google. Besides these, AI is being extensively used for fraud detection, personalized shopping experience & customer support in the ecommerce sector and many others.
The development in the AI arena is driven by hundreds of startups, which are collectively exploring what we can do with this futuristic technology.
Augmented Reality and Virtual Reality
AR & VR have been around for quite some time now, but in past couple of years, these technologies have significantly narrowed down the difference between the real & the virtual world. It will encourage developers to create more innovative AR based apps. As a result it drives growth of the new startups and entrepreneurs. It is also revolutionizing the whole smartphone experience in the process.
Analytics is an elegant demonstration of the number-driven world. It is the tool that can infuse life into any failing business we are living in a data-driven society where numerous tools are available to track customer habits, preferences, and purchases. These data help to get timely insights for making decisions about fleeting opportunities, precise answers for challenging problems and uncover new growth opportunities. On account of digital India campaign, there is a huge opportunity for data-driven models for entrepreneurs. Entrepreneurs, after analyzing this data, use this data as the foundation of new business ventures, marketing, and for much other purpose.
We are living in the world where an entirely different & probably even bigger transportation revolution is happening – drones. Now day’s drones are being extensively used for good deliveries across the world. Drone are also used for firefighting, search & rescue operations, agriculture, filming remote locations – all of which previously required helicopters/cranes and considerably more human efforts. Drones are the future and entrepreneurs will leave no stone unturned to capitalize on this technology.
Many of the above mentioned technologies have already been around for a few years, but these technologies are still in their nascent stage. In future, it will provide bundle of opportunities to the current and the future generations of entrepreneurs. Serious efforts in these technologies will give livelihood to many entrepreneurs and transform the world for better.
– Abhijeet Kakade