According to Valuer, one in three millennials prefer working for a startup than working for a corporation. Whether it’s the more relaxed vibe, or the flexible, fast paced nature, startups suit the lifestyles of many millennials. This article will explore the top seven startup trends that millennials are drawn to when considering to form an LLC.
Remote working
Due to the pandemic, remote working has been at the forefront of business trends since early 2020. Although remote working has proven to be effective, it is not completely successful as of yet. According to Techcrunch, leading investors do not believe that current services and tools solve remote working completely. Security, over Zoom, has been a concern, as well as front-of-office collaboration and personal remote process automation. These issues are seen as opportunities by startups. Many startups have started tackling these issues and there is huge expected growth in 2021. Examples of these companies are Abodoo which is a platform that connects professionals with companies who offer remote and/or flexible work, Figma which is a cloud-based tool for collaborative interface design, as well as Bluescape which is a SaaS company aiming to create a visual collaborative platform.
Robotic delivery
Due to the pandemic, businesses have had to find ways to safely deliver products to their customers. Robotic delivery has been the answer by minimizing human contact. Large corporations such as Amazon, Google and FedEx currently use delivery robots. But startups have also joined the list of companies using this form of delivery. Startups such as Manna, Starship Technologies and Nuro have attempted to use this new form of delivery. For example, Nuro has partnered with Kroger and has advanced with their R2 robot. The chief legal and policy officer of Nuro said, “This is a new experience for people that takes some getting used to. Once they get used to it, then it becomes habitual,”
The use of 5G
The need for higher speed internet and well-connected homes has been the driving force behind the advancement of 5G, regardless of the conspiracies around it and its ‘connections’ to COVID-19. Companies like Verizon have announced the expansion of their 5G network in late 2021 and Ericsson, in China, has been rapidly deploying 5G. The expansion of 5G has been an opportunity for startups to use it within their services. A startup called Movandi has been focused to help 5G transfer data at larger distances. A startup named Nido Robotics uses 5G networks to assist drones to successfully navigate and explore the seafloor.
Online education
Due to most of the globe having to isolate and socially distance, there has been a spike in online education and online study platforms have become a key pillar of remote learning since early 2020. If you're a student and you're focused on your studies, check out Keep Notes. These are study notes to make your learning time matter. Gathered by students, a comprehensive collection of course notes and study guides is organized based on your uni, subject, or course. Several quality study materials like these Psychology notes were available for teachers and students to use as learning aids. Schools, colleges and universities have grabbed this opportunity with both hands and have even chosen to complete parts of the curriculum online even though hard restrictions have been lifted. GO1, a startup, focuses on corporate online education. Andrew Barnes from GO1 said, “The awareness that organisations and individuals have around the importance of continuing to upskill and re-skill is really at the forefront, particularly as people get back into a new state of normal,”.
Sustainable finance
This type of finance considers environmental and social factors when investing. There has been a sharp growth in sustainable debt with the market reaching $1.7 trillion at the end of 2020. Sustainable finance, a growing startup trend, will most probably have entrepreneurs and startup business owners include net-positive social and ecological effects when pitching to investors.
Virtual and telehealth care
Telehealth practices have been offered by healthcare institutions to lower the exposure of COVID-19 to their staff and patients. Although it is a common perception that primary care physicians and providers need to physically see their patients, studies have shown that 80% of these primary care services are able to be provided virtually. Since the start of the pandemic, telehealth visits have increased by 50%. This growth in telehealth care has provided an opportunity for startups to advance and compete against larger corporations in their industry.
AI is taking over
It has been shown that Artificial Intelligence (AI) has become the focus for almost 50% of startup applications. Recent trends show that AI is advancing to become part of household technology and many other products, services and offerings. According to MassChallenge, AI will drive the meaningful next wave of disruption similar to software. This advancement has offered startups the opportunity to improve on current technology and solve issues in the sector to compete with large corporations.
The Takeaway
Many of these mentioned trends have grown throughout 2021 and are continuing to do so. For many startups, these trends offer a huge opportunity to launch themselves into success. Another trend which startups in the US would prefer and make extensive use of, is using free registered agent services offered by LLC formation services to cut formation costs.
