Turning Ideas into Developments: The Impact of Technology on Startups Today

Fir Nov 8 2024

Turning Ideas into Developments: The Impact of Technology on Startups Today

Today’s world of entrepreneurship is rapidly changing for the better courtesy of technology. Additional technologies such as Artificial Intelligence (AI), blockchain, and the Internet of Things (IoT) have not only simplified procedures but have also created new industries altogether for startups, in that, these technologies have changed the ways startups invent, grow and live. To entrepreneurs, these technologies are more than just tools; they are the melting pots where many ideas are brewed and innovations churned out.

Technological Inventions and Start-Ups

Technology has become the great equalizer, allowing startups to compete with established giants. It reduces entry thresholds, provides access to timely data, and supports quick iteration first without and then with customers. The secret is in knowing what tool to use for what problem and when. Technology solutions such as artificial intelligence, blockchain, and the internet of things have become core pillars of most startups in as much as the startups have released the technologies to change industries, bring disruption and provide the value that cannot be.

The Modern Goal-Driven Economy Built Around AI-Based Systems Artificial Intelligence has become the core component of many of the start-ups developed in the contemporary society. With the capability of retrieving, storing and analyzing great volumes of information, AI presents foresight statistics, robotizes manual functions, and tailors services to meet the needs of the customers. For example, Open AI is a good illustration whose tools are based on algorithms of artificial intelligence to address the issue of enhancing productivity in an individual or organization that involves content development and solving of challenges.

In the medical field, companies such as Tempus have begun combining computation and artificial intelligence to interpret information collected from doctors and their patients to improve precision medicine. Similarly, the commercial website Amazon incorporates features that enable artificial intelligence to suggest products to a user, making the experience more of an engaging shopping activity than casual surfing.

Blockchain: The New Way of Looking at Trust and Transparency

Trust and transparency have been impacted greatly thanks to the introduction of blockchain technology. This is especially true for sectors such as finance, supply chain, healthcare, etc. Old problems of security, decentralization and accountability are being sought solutions via the blockchain by modern day start ups.

Let’s take Polygon (formerly Matic Network), for example. This Indian blockchain startup has emerged as a global leader in scaling Ethereum, one of the world’s largest blockchain platforms. Polygon provides a framework for building and connecting blockchain networks that are scalable, secure, and interoperable. Its solutions are widely used in DeFi (Decentralized Finance) projects, NFT platforms, and gaming, helping developers create faster and cost-effective decentralized applications.

Another Indian innovator is StaTwig, which uses blockchain to enhance transparency and traceability in supply chains. StaTwig’s platform has been instrumental in monitoring vaccine distribution, ensuring that vaccines are stored and transported under the right conditions. This not only reduces wastage but also boosts trust in the distribution process—a critical need during the COVID-19 pandemic.

IoT: The Physical Meets The Digital

Internet of things is allowing new businesses to create value on data captured on objects enabling a complete system of interconnections. Innovations powered by the Internet of Things are everywhere, from smart houses to smart factories: All industries with processes are being revolutionized.

In India, Atomberg Technologies has made significant strides in the smart home sector by developing energy-efficient appliances that adapt to user behavior. Their flagship product, the Gorilla fan, utilizes a BLDC (Brushless Direct Current) motor, consuming significantly less power than traditional ceiling fans. These fans can be controlled via a mobile app, allowing users to schedule operations and monitor energy consumption, thereby optimizing electricity usage and reducing costs.

In the agricultural domain, Fasal offers a sensor-based platform that assists farmers in making data-driven decisions. By deploying IoT devices in fields, Fasal collects real-time data on various parameters such as soil moisture, temperature, and humidity. This information is then analyzed to provide actionable insights, enabling farmers to optimize irrigation schedules, predict pest infestations, and enhance crop yields. Such technology-driven approaches are transforming traditional farming practices in India, leading to more efficient resource utilization and increased productivity.

With the help of the IoT real-time monitoring of the supply chain is also being revolutionised. Companies using such advanced technologies such as FourKites track their shipments with IoT signals enabling businesses and consumers to enjoy supply chain visibility to the next level.

The Future: An Outlook for Tech-Driven Startups

Technology has been growing at a fast rate and thus there are no restrictions on startups. In addition, there are advancements in quantum computing, edge AI, and 5G technology which means that the next revolution will be even more disruptive. Those looking to start a business can be assured that it will be those who are able to leverage these technologies to solve problems, make a difference, and do it at scale who will drive the startup ecosystem forward.

For would-be business owners, the takeaway is simple: technology has always served as a means to an end. The technology itself will be the base of the structure on which innovative ideas are built to change the world. The issue is not whether a technology should be adopted or not, but how well the technology will be utilized to bring about the desired changes in a fast changing environment where competition is rife.

-By Sarthak Tripathi
Operations Executive E-CELL