The creation of iPhone in the year 2007 was the groundbreaking invention of the 21st century, changing the way of life. By 2010 everyone realized that people prefer using mobile phones more than using PCs. Several companies like Facebook (2004), YouTube (2005), Twitter (2006), etc were used more on mobiles rather than computers. This gave rise to a lot of start-ups worldwide, whether it was India or Nigeria, there was a boom of information technology and everyone wanted to do business online.
But as we enter a whole new decade, things have changed drastically, running a start-up too in 2020(s) is certainly way more different than what is used to be in 2010.
- Innovation – Innovation in 2010 was disruptive. People saw prolonged issues in the society and wanted to solve them using IT. Investors looked for something that was never solved before. Innovation in 2020 is sustainable. Internet is a place where your ideas have already been implemented by someone at some place. Today’s entrepreneurs are looking to improve already existing solution with sustainable innovation. They already know that their idea has been implemented by they want to improve the product more with better UX/UI, AI and other emerging technologies. Differentiation is the key in today’s start-up ideas.
2. Location – People in 2010 seemed to have loved the concept of making offices for their companies. But with time entrepreneurship became a hard nut to crack with so much competition and most of the people started preferring working remotely until they saw future in the company. Also platforms such as Internshala and Letsintern opened opportunities for millions of student to work from home. This is the reason why co-working start-ups (especially WeWork) are facing problem in sustaining the company. In 2020, due to the pandemic from Covid-19, people anyway had to work from home making some permanent changes in the world of business
3. Change in Attitude – Somebody had told the founders in 2010 that hustling all day long 24/7 is the lone way of finding success in the world of business, they need to quit their jobs and cut themselves off from the rest of the world to get millions of funding. Of course the result was positive but at what cost? It gave rise to depression and health issues, their was a rise in the number of smokers and alcoholics due to entrepreneurship. Things have changed in 2020, people have ideas and they try implementing at a small scale without leaving their jobs and see whether there is a scope in it or not. In 2020, the mantra for success is to work as well as take out time for yourself, your family or anything you like as a hobby.
4. Product Types – Products in 2020 have leaned on more towards improving your daily life and affecting it in several ways. We have moved on from the times when our lives on internet was restricted to it, health, fitness are just to name a few. Internet of Things will also be a reality in a few years, changing the way of life.
5. Revenue Model – For a long time was not known to the people say to how they can earn revenues online in 2010, in 2020 it has got more clear and they have expanded their ways of earning alternate ways of earning revenue (other than advertisement). As the world economy grows, companies too have begun with the subscription packages and what was free in 2010 now has a price in 2020.