The present time is a boiling pot for technology start-ups. Mainly because the disruption brought about by the pandemic has forced all industries to fall back on technology, whether they are ready for it, or not.
These industries need to do a rehaul of their operations, and worker skillset to improve engagement with technology. This is where job morphing will occur where the non-technical workforce is upskilled and morphed to create a technologically sound workforce.
Professional networking moved to the technology space when the pandemic commenced. While most industries and companies have easily been able to adopt technology with just a few speed bumps to report, a few are still struggling to fall in line.
The financial services sector has absorbed digital technology well and this has enabled them to easily overcome the challenges posed by the pandemic. A good example is ‘Slice’, a Bengaluru-based Fintech start-up which managed to achieve 100% growth in 2020 despite the pandemic. It recently declared an annualised gross transaction volume (GTV) of INR 1600 Cr and has also raised a capital of $33 million.
EdTech is one sector where networking mainly relies on technology and the need for lifelike interactions is strongly felt. For instance, teachers in the EdTech sector need hands-on training on advanced tools to be able to conduct lifelike classes smoothly on them.
Just like Fintech, Manufacturing has done pretty well in adapting to technology and morphing its workforce jobs with tech capabilities.
On the other hand, the healthcare sector has already failed to assign enough healthcare workers during the pandemic and this problem is continuing. Technology start-ups have already seeped in to help them counter this problem.
Start-ups have emerged as the solution for industry sectors like financial services, healthcare, manufacturing, and EdTech to face the problems of the pandemic.
What’s in it for me?
Start-ups have emerged as the solution for industry sectors like financial services, healthcare, manufacturing, and EdTech to face the problems of the pandemic. Essentially, start-ups have two tasks to complete in order to pace up with the job morph currently ensuing. One, they have to offer technology solutions and two, they need to provide the means for upskill-ready workforces to utilise and apply these technology solutions. Start-ups have a clear avenue to fulfil the gap between the pandemic and industries.
In education, AirMeet is a prime example of a virtual events start-up which is providing a valid technology solution to the education industry and a means for the educators to upskill.
Orion Edutech, SimpliLearn, Eruditus are other examples which start-ups in EdTech can mimic to help workforce receive training and to upskill.
In Manufacturing, start-ups can get inspired by the business models of Altizon, Infinite Uptime, and Ecvinox which are offering Predictive Modelling and Automation technology solutions.
In healthcare, companies like Dozee, eKincare, and DocsApp are leading the start-up bid to resolve the industry’s covid challenges. They are offering digital healthcare platforms for online consultations, AI/ML driven predictive models that can perform complex diagnoses and technology tools which can assist healthcare workers.
In order to pace up, start-ups need to grab the opportunity to leverage technology as a solution for struggling companies since industries have no choice but to absorb them.
Start-ups should come in as a benefit. And in return, they can expect good investments from these struggling companies. It will be like a giving of technology in exchange for investments.