Numerous studies have proven that entrepreneurial ecosystems play an essential part in the competitiveness of new high-tech start-ups. It is essential to know how these ecosystems grow and grow self-sustaining in order to increase their capacity to assist high-tech start-ups. There are many obstacles that hinder entrepreneurial ecosystems from achieving their full potential (Gbadegeshin, 2022).
The latest tech trends are having profound impact on the business landscape. Understanding these trends and using these can help startups increase their efficiency, decrease costs and enhance the customer experience and also create new revenue streams. To do this, startup leaders need to determine the appropriate technologies, investigate the potential impact, evaluate the risks and challenges and work with a consultant who is experienced in implementation.
As technology continues to change, startup leaders must be adaptable and change their approaches regularly. For instance, a new technology like AI or blockchain may seem promising in theory however if it’s not feasible for the business and the investment could prove to be an unnecessary waste of time and money. Startups need to identify their biggest issues, and decide if certain technologies can make their work more efficient. For example, using software to manage their internal email. This can free time for teams to focus on implementing other innovative ideas and improving their customer experience.