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As we approach the New Year, I like to look ahead to understand the key market opportunities and what 2019 has in store for technology startups. I also like to look back and think about the successes and failures of the year just ending. When it comes to success and failure, I tend to focus more on the failures. Not because I can’t appreciate the wins, but because the lessons from my failures are far more impactful to my future decisions than the joy of my successes.
Consider this: success comes in two parts—pure luck and execution. The “luck” part requires being in the right place at the right time. Execution requires, well, a good plan. Between the two, I believe luck and intuition are the stronger drivers for something to work well.
Failure, however, can be unpredictable. Any small factor can trigger it; missing a flight to meet an investor, inexperienced teammates working on critical tasks, general market conditions or being in the wrong place at the wrong time can all wreak havoc on your business. The line between success and failure is very thin. So, embrace the failures, enjoy the successes and get ready for 2019.
Here are the biggest opportunities I see in 2019:
1) Women in Tech. There is a massive movement both in the U.S. and global markets to provide more diversity and inclusion. We can’t afford to have more than 50% of the workforce relegated to the sideline. We need more women in technology because, not only does it make business sense, it’s the right thing to do.
2) Healthcare Technology. 2019 will be the year for digital healthcare and MedTech solutions, so it is the right time for you to get serious about that idea/business plan. The massively broken U.S. healthcare system needs technology solutions to reduce cost and increase quality. The good news is some of the required core technologies have already been developed for other markets and are available now. Plus, entrepreneurs and VCs are excited about developing new products and services to fix the broken system.
3) Early Stage Investment. Corporate venture capital firms (CVCs) and incubators are emerging as the place to get funding for your new idea. Try to understand how the game is played. Get your business plan ready and find someone who can introduce you to the right person.
4) Consider Canada. If you are putting together a new company or have an existing startup that needs more resources, go to Canada. The culture, quality of engineers and the support of the Canadian government will help you to start much quicker with fewer investment requirements.
2019 will be an exciting year for technology startups, so be ready to hit the ground running. Happy New Year! I wish you and your loved ones enjoyable holidays.
December 27, 2018 at 08:15AM
Forbes – Entrepreneurs