Keeping track of a complex, global marketplace is incredibly difficult. And the beginning of a new year often brings renewed focus on big, new ideas that will define the marketplace in the next 12 months. At the vanguard of changes in the marketplace, and innovation that will define our century, is the startup industry. With 1,183 billion-dollar startups in the global marketplace today, it can be incredibly hard to keep track of the changes that the startup industry is having on our world. Below is a list of key startup trends that may define 2023.
DNA analysis broke into the mainstream through the advent of ancestry tests and the sites that offered them. However, advances in this technology may mean that the biotech industry, and accompanying biotech startups, become even more prominent and profitable in 2023.
There have been a slew of advancements in DNA analysis, resulting in innovations like apps that can recommend the type of food you should eat, and even what kind of exercise you should be doing, all based on your DNA make-up.
As DNA analysis becomes more advanced, and breaks even further into the mainstream, the biotech industry stands to become even more important and profitable in 2023.
A growing trend in the startup world is that of sustainable finance, the practice of taking environmental and social factors into consideration when making investments in business. Focus on this practice has ballooned in the business world as issues of climate and sustainability have moved towards the forefront of our minds.
The focus on sustainable finance and this type of funding will mean that startups will increasingly take such considerations into account when pitching their product or service. The ecological and social outcomes of their product’s development and release will become increasingly important to investors in 2023.
With increased global commitment to targets such as net zero emission, there is renewed focus in the startup world on the potential of green energy initiatives. Harnessing green energy in a sustainable and profitable way will continue to be an important trend in the startup world in 2023. Expect more investment and interest in companies developing products such as alternative fuel vehicles and plant-based alternatives to traditional meat products.
Automation and Robotics
There is a current shortage of frontline labor in several key industry sectors (particularly manufacturing) in developed countries across the world. This is due to factors such as immigration rules and a cost of living crisis. This has resulted in a new focus on the use of automation and robotics to fulfill tasks once completed by the human hand.
Automation has the potential to seep into every aspect of the manufacturing industry, from low-value tasks to the automation of complex managerial processes. Robotics has also received new focus with the potential for robotic technology to replace workers or reduce the strain on existing workers. Expect, then, the development and success of startups that focus on automation in 2023.
The successful development of digital products and services is of vital importance in our ever more digitized world. This continued rise in the need for digital products and services has resulted in a slew of companies offering ‘low-code’ or ‘no-code’ platforms for web and mobile development.
These platforms are set to transform the web development industry, with their focus on amateur-friendly drag-and-drop interfaces that replace raw code and programming languages. These low-or-no code platforms require almost no coding knowledge.
The platforms allow for far quicker development of apps and websites, and reduce the need for expert coders on the payroll. Several ‘no-code’ platforms have received millions in funding and will only become more prominent in 2023.