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The Role of Technology for Startups

In today’s business landscape technology is crucial for your startup’s growth. It is vital as a founder to understand how you can utilise this technology to enhance your startup’s competitive advantages. In fact, it makes best business sense to remain up to date with the latest advancements to increase your startup’s efficiency and productivity. Planning, software, communication, and security-based tools can streamline your startup’s processes, so it’s wise to consider which technology-based solutions you can implement. At Allied Legal, we have listed a few innovative technology tools best for your business startup:

Artificial Intelligence

Artificial intelligence (AI) is booming in Australia with startups like Harrison.AI and Tiliter producing innovative technology. AI allows machines to comprehend and learn with sophisticated proficiencies. Basic reactive machines, limited memory, theory of mind and self-aware AI are amongst the new AI technologies that are either being implemented or envisaged. To give your startup an understanding of existing technologies and its’ potential capabilities, you can read more here

Digital Marketing

 

The utilisation of artificial intelligence in marketing is steadily growing and is only set to increase in the upcoming years. Startups have been quick to leverage this technology to gain a comprehensive understanding of their target audiences and to improve the client experience. It can also be used to boost a startup’s return on investment (ROI) of marketing campaigns through the integration of machine learning and big data analytics. Customised messaging, chatbots, personalised content and marketing analytics are all examples of AI marketing. Before utilising AI marketing within your venture, you should consider the ethics of harvesting client data and ensure that you are complying with the relevant standards. At Allied Legal, we recommend consulting a commercial lawyer before considering using AI tools.

Cryptocurrency

Cryptocurrencies like Bitcoin are becoming increasingly recognised in the mainstream with the Australian government legalising digital currencies in 2017. Cryptocurrency is decentralised digital currency used to exchange or store value. Rather than rely on a central bank or an issuing authority, cryptocurrencies rely on complex blockchain technology. These blockchains regulate the generation of additional units and store digital footprints which can be viewed or accessed by anyone. To learn more about cryptocurrency and how it is regulated, you can follow the link.

Digital Platforms and Databases

Digital platforms and databases are essential, from security, hosting programs, planning tools and software checkout programs. Ecommerce platforms like Shopify, for example, offer a streamlined approach to selling. Shopify is a subscription-based ecommerce platform helping startups to get their online stores up and running. The core Shopify offering covers everything from content management to payment processing and inventory management, giving startups the ability to extend their store’s needs through third party apps and application programming interfaces (APIs). To learn more about how your startup can optimise your Shopify experience, you can follow the link. Other platforms like ConsultXperts connect highly skilled business, digital and technology professionals with best businesses and startups.

Need Help? Contact us

Implementing technology in your startup is key to its’ long-term growth. To learn more about how we can help, you can connect with one of our best business lawyers on 03 8691 3111 or email us at hello@alliedlegal.com.au to enquire about our startup services. 


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