The technology sector is about more than gadgets and luxurious standards of living. Tech is truly changing the world for the better. New opportunities are arising. People that have been ignored or forgotten are now networking with the world. All this is happening at affordable costs and on larger scales than previously existed.
Women, minorities, the impoverished, and non-profit efforts are all positively impacted by the tech sector. Low startup cost is among the reasons why this is occurring now. Shannon Farley is a cofounder of the startup accelerator Fast Forward. The company provides financial, information, and physical resources for beginning, nonprofit tech companies. According to Farley, the cost of a new startup can be as little as $5,000. Back in the 90s, new companies could expect an initial financing goal of $5 million.
So what is responsible for the lower startup costs? The advent of mobile phones and app development for one. New tech companies have unimaginable resources compared to decades ago. They are at the center of innovation. This results in a great advantage over all other sectors. Tech startups can focus their efforts on taking their virtual services to the real world, rather than, adjusting their business model to try to fit in with the latest innovation.
One must realize that smartphones are just a means of networking and exchanging over a digital platform. As the world realizes all the benefits offered by digital applications, markets will exhibit new characteristics. For example, money is sometimes defined as a medium of exchange. Since smartphones are a network for digital exchange why not explore the financial aspects native to phone applications? In fact, this is a growing trend. It is a big reason the tech sector expects to lead a global market transformation.
Technological innovation alone is not enough to create effective change. The nature of these changes is important. Thankfully, new tech startups have the essential characteristics for creating a better world. There is less discrimination. Both women and minorities have new opportunities. A major reason for this is that new tech startups tend to be more diversified than traditional businesses. Combine these opportunities with being at the forefront of innovation, and it is easy to see why tech is taking the lead in shaping a better world.