For all of its negative repercussions, COVID-19 has given a great opportunity for some industries to become major players in their fields. The already booming tech and mobility sectors have shown tremendous growth potential as they continue innovating products and technology being used throughout the pandemic and well into the future. This is a trying time for established businesses. For budding start-ups, the challenge is even more difficult. However, many countries are emerging as major stakeholders by providing aid to keep them afloat.
Who Is Impacting the Future During and After the Pandemic?
As millions throughout the world have lost employment due to COVID-19, seeking out different approaches has become a prerequisite. Many are considering entrepreneurial alternatives because they believe there is no other option. This is a trend being seen worldwide with a great need for talented leaders in the tech and mobility sector who can offer innovative solutions.
In Singapore, venture capital has seen an increase over the past few years. This is highly due to their focus on alluring new entrepreneurs through tax reductions, exemptions, and extending multiple supportive details with business incubation. Singapore is leading the fintech sector, even as a decline in travel and mobility is apparent due to current circumstances. This is good news for investors and entrepreneurs alike because of the shift in their needs for more advanced technology.
Israel, considered by some as the start-up capital, is a top contender in tech, specifically AI. They believe this is essential to their future as a leader on the world stage in-home technology. Alexa, Google Hub, and Apple HomePod all take commands hands-free, and this technology is growing incessantly with the ability to turn on lights and televisions. AI programming will continue to grow, developing even more advanced technological capabilities.
Tel-Aviv, the state capital of Israel, has ranked third in the number of start-ups they have funded globally. This might be a clue into who will be leading the pack in the mobility and travel sectors.
Brazil is a country growing rapidly with their start-ups. In São Paulo, Start-up Genome praises the city for being in the top 30 percentile with the rest of the world’s global start-up ecosystems. The country as a whole is a benefit to any start-up in that they can expect to get funded quickly from investors universally.
Because the country is highly populated with a younger majority, Brazil is seeing increased usage of the Internet as well as mobile devices. Innovation will come from some of these young minds, with fintech potentially being one of the investments for young entrepreneurs in Brazil. Fintech is the biggest sector to produce financially well.
Africa is also seeing massive growth. In 2019, $2 billion came from investments into start-ups. The digital scene has grown rapidly with a growing number of residents using mobile devices. This in turn has made it easier for digitally based start-ups to get financial backing.
Kenya is becoming the headquarters of English-speaking start-ups as it is their native language. Under the Enterprise Kenya Initiative, the government encourages entrepreneurs to craft their idea into a scaling business.
Kenya ranks second in start-up funding, specifically for tech businesses. Kenya is an attractive market for 5G technology. However, what is still limiting are the restrictive labour laws in place. Policies for start-ups are not clear, making it difficult for the budding entrepreneur.
What used to be known as a developing country is now considered an up and coming economic leader placing 12th globally. The government handpicks start-ups to fund, without taking any equity from the business. This takes a lot of pressure off of start-ups who are able to achieve more without the worry of a financial commitment in the short term.
While the pandemic has not made it easy for start-ups, many countries are focused on how to help entrepreneurs and new businesses succeed in this unprecedented time in the hopes that they will have a chance to be the next one to make it big in the tech and mobility sectors.
What Can Be Expected for Tech and Mobility in The Future?
The reality still exists that COVID or other outbreaks could bring further chaos worldwide. A year ago, this is something no one could have ever imagined. Those who are able to anticipate future needs and develop technology will have a great advantage in finding solutions to protect and subdue COVID-19 and other illnesses.
Once health concerns are lowered in the wake of the pandemic, the future will not allow us to go back to the normal we knew before. It will introduce us to technologies that will enhance the pattern we are growing accustomed to such as providing more digital options. In hotels, using a self-check-in system will cut out a physical interaction and keep the threat of transferrable illnesses away, leaving hygienic levels high, which is key with COVID-19.
Other creations are not new ideations. However, they have taken on a new and critical role. Take, for instance, chatbots that automate certain tasks deemed nonessential. This has been something that a lot of businesses have moved towards. Remote workers, whether by choice or for health reasons, have created home offices to keep their jobs. Many companies intend to maintain remote staff even after the pandemic ends.
Prominent sectors in tech and mobility are going to prove that start-ups are essential to the future of business operations. Now more than ever, the need to retain a driven, motivated, hard-working, and creative workforce lie on the shoulders of each country. Public and private sectors need to continue to offer incentives and support for these start-ups. It’s essential to offer opportunities to the young minds who are creating new technology working on a global level to bring solutions to the future of mobility.