Startups in general live in the future when it comes to technology. We believe this is what is their strength – to foresee the future. Startups develop roadmaps, then build products, and continuously upgrade them with an eye on the coming year – or even a few years out.
Innovative technologies like Artificial Intelligence, Machine Learning, Quantum Computing, and Blockchain are all attracting the eyes of modern businesses. Without a doubt, startups are attracted to these technologies for creating a business solution that can mark their success. However, the impending question here is – which is the right emerging technology to be adopted by a startup? How does the technology actually fit in, what it’s for, and what problems it could help solve?
Can one technology help them or is it a mix of technologies that can help develop a cutting-edge solution? The answer to these questions never come easy!
Before we begin, let us try to understand what are the challenges that a start-up faces before adopting an emerging tech.
Thinking how and why blockchain technology and its use cases are gaining popularity across industries? Gain information from our ebooks.
Challenges faced in adoption of emerging technologies
With startups there are always budget constraints and that makes it difficult to experiment with the emerging technologies. The businesses have to weigh the ROI against the investment to implement the technology. As a result, many times it is suggested to develop an MVP before going for a full-fledged product.
The availability of technical expertise becomes another hurdle for a startup in the road to adopt emerging tech. The experienced developers ask for higher remuneration, moreover are not easily available everywhere. In case the startup aims to adopt heavy automation or manufacturing processes, training people becomes crucial, moreover it demands extra time and resources.
If everything goes well, how to scale the business with an emerging tech becomes the next bottleneck for a lot of startups.
What to consider while choosing the right emerging technologies for your startup
There are various technologies available in the market. Let’s help you measure these on various parameters before deciding to incorporate one or more of these technologies in your solution.
- Spot the areas in your idea where tech innovation can add a leverage to your solution.
- List down the technologies that can be integrated into your solution. Find out how these technologies can enhance productivity, efficiencies, and performance.
Note: While gaining 360-degree knowledge about the technology, it is important to know its cons alongside its pros
- Check out the scalability of new technologies for your growing business in the next few years. Some areas can expand while some may contract.
- Check the trends of your selected technologies and watch predictions about it in the market so you can learn whether technologies will stay for long or fade after a peak.
- Check the suitable IT companies which can help you install or integrate those technologies into your existing systems and find out reviews regarding support from the providers or vendors.
- It is advisable to bring common concessions among your workforce before implementation. You can take help of demos of tech solutions before the final purchase and see adaptability.
Looking for help?
For a startup it is risky to take impulsive decisions for adopting innovative yet an emerging technology without consulting experience hands. It is advisable that the startups look for a tech-partner or a development firm which has proven expertise in the technology. By hiring a tech-partner, the startups wouldn’t need to worry about hiring or training professionals. Also, the saved time can be used to give attention to other important matters. If everything goes well, tech-partners can help startups to scale which may become the next bottleneck for a lot of startups.
At Akeo, we believe in getting our hands dirty trying and testing new and emerging technologies before suggesting them to our clients. Start-ups can leverage on that experience with Akeo Tech-Start.
Akeo Tech-Start is a service that we offer to both startups and scaleups. Businesses can avail the service to:
- build a product from scratch
- include blockchain technology in an existing product
- do a feasibility study
- develop a proof of concept or minimal viable product.
Get in touch we are looking forward to help you with any of the beforementioned points.