There are many reasons why this entrepreneurial tide has been unleashed, but the biggest factor by far has been the development of new technologies that are empowering more and more of us to build an idea into an exciting new business.
Taking a closer look at some of the recent changes going on in the online world helps us understand the opportunities for startups, here are five of the key trends:
1) The move to mobile:
Now that the majority of us access the internet from our smartphones or tablets, mobile offers a huge opportunity. 2020 was the year when the world saw more people accessing the internet through their mobile devices than through laptops and PCs. At first glance, it is not obvious that this should make any difference at all to how new businesses operate – but this would ignore the huge potential of the mobile internet.
People now carry the internet with them wherever they go. Take a look at Uber and you’ll find an example of a business which could never have existed before. New businesses can provide goods and services to their potential customers now not just at any time, but also in any place.
2) Location-based technology:
With the rise of mobile also comes the opportunity to utilise location-based technology as part of your new business. Although photos were always geotagged, any keen Instagram users will have seen that the platform has now made it much easier to search by location.
People in the same place can now quickly and easily find each other and new experiences. The internet is making the global, local and with that comes the ability for small businesses to find and engage with their target audience.
3) Barriers to entry on website design are tumbling:
With increasingly powerful tools online being offered cheaply or even for free, even the smallest startup can set up their own website with very little investment in time or money.
Gone are the days when only the biggest companies had the resources to set up their own websites. Now a new startup can set up a sophisticated website incorporating multiple types of media and powerful ecommerce tools in a matter of moments.
4) Now anyone can create data:
Whether it be blogs, photos or video content, it’s easier than ever to create your own data and share it with your potential customers. Websites no longer need to be barren or boring, they can be dynamic, exciting and provide more than just a place to find prices or opening hours. A good website today should offer new content and experiences to their audiences and give them a reason to keep coming back.
5) The huge role of social media:
No startup can or should ignore the huge role that social media plays in our lives. For startups, social media allows them to build a unique community of potential customers or enthusiastic fans and engage with them directly. And with social media becoming increasingly targeted, it’s easier than ever to connect with the audience which is right for you. Whether it’s using Facebook’s pages, Instagram’s new location based photos or by talking to your fans directly through Twitter, social media allows you to interact with people in a unique and individual way. Moreover, social media is a fantastic barometer of public opinion, allowing would-be entrepreneurs to gauge the enthusiasm for their product or service before their launch their startup.
