The trend of using technology to propel older business models, which is seen abundantly in San Francisco’s Silicon Valley, is now also flourishing in the technology hubs of Toronto and Montreal and Vancouver’s startups.
Technology startups are coming up with new and innovative methods to challenge the old ways of doing business.
While there is one technology startup that is using artificial intelligence to help travellers save money on their flight ticket bookings, another has designed an app that is helping farmers boost their yields and helps tracks their financial position. These companies are providing an economic stimulus for the country and could even be the reason that some older companies remain stable in a turbulent economy.
“You adapt, or you die,” said Ray Walia, CEO of Launch Academy, a non-profit firm that trains and mentors startups He added that businesses outside the innovation world must change the mentality that these technological innovations don’t make a difference to their commercial enterprises.
Startups are revolutionising traditional businesses with technologically advanced models that consumers would be more interested in.
The trend of using technology to propel older business models, which is seen abundantly in San Francisco’s Silicon Valley, is now also flourishing in the technology hubs of Toronto, Vancouver and Montreal.
British Columbia is a major stakeholder in this, earlier this month Premier Christy Clark said the province is looking at startups to provide more jobs by establishing a new $100-million venture capital fund to launch in 2016.
This support from the government could be a step in a multi-year government strategy to enhance the industry’s role in the provincial economy.
Vancouver is home to companies that act as boot camps for startups and provide crash courses for early-stage technology-based startups with ideas to market. This access to training leads to zeal among the Vancouver startups looking to be the next billion-dollar company.
These startups are also developing exciting and innovative business models with some coming up with new product ideas using just a 3D printer, while others are coding data in their basement and use remote servers to increase efficiency.
Using freelancers has benefited these startups greatly, and employees collaborate from far away cities using social apps to avoid overhead costs.