While technology was once viewed as revolutionary and unparalleled, software advancements are now being perceived as customary for many businesses and industries.
What this means is that the competition is fierce and new technology must go above and beyond to prove itself as necessary for the general public.
A recent article by Forbes demonstrates this shift and what it means for technology investors and businesses globally.
“Investment in new technology has ballooned in recent decades. Areas such as biotech, artificial intelligence and deep tech have gone from being niche sectors to dominating the public conversation in every major financial center across the world. The resulting exponential growth in the technology sector has created entirely new industries and supercharged innovation. Because of this, I see today’s investment opportunities in technology as unparalleled. However, this has also brought with it increased competition, and attracting investment is tougher than ever for new players entering the market.
Perhaps the most important insight into the minds of today’s tech investors is that they are not just looking at companies’ current and short-term projected valuations, but whether a clear and realistic growth plan can be implemented. The culture around investing in technology firms radically changed in the aftermath of the ’90s dot-com boom. The investment frenzy that led to the collapse of e-commerce giants of the day taught us some valuable lessons, and today’s investment community looks beyond simply how numbers on a spreadsheet are changing quarter to quarter. Most investors look at what a company’s product can offer businesses, consumers or society in the future and whether the company has the expertise, talent and market knowledge to turn these ideas into reality.”
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Now that technology has burst on the global scene in a big way, new software needs to stand out in some way and offer something different.
Tech companies that are actively creating software need to be thinking big– not just about how their software will impact businesses short term, but how their product will continue to evolve in the coming years.
What is challenging about this prospect is the knowledge that our world is constantly evolving and changing. Every single year we experience new challenges, and with those, new issues that need to be addressed and fixed.
New technology companies may think they need to be predicting the future, but in fact, they need to examine the past.
What problems have persisted, even through all of the great challenges our world has faced?
New problems will certainly arise, but the old issues that continue to be prevalent are where new technologies need to be focusing on. Find a product that addresses a persistent issue, and your product will never be discarded or understated.
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