All over the world, tech businesses are making big moves in the market place. From Elon Musk's growing empire to industry game changers like Amazon, Uber and Airbnb, there's no doubt the tech space is an exciting place to be. But what's the reason for this extraordinary growth? And, what is the tech business landscape like in South Africa?
The tech business landscape in South Africa...
What is the Fourth Industrial Revolution?
Simply put, the Fourth Industrial Revolution (4IR) refers to the technological revolution the world is currently experiencing. It deals with everything from AI and robotics to the Internet of Things and virtual reality. We're in the midst of the information age, where digital and tech systems help streamline information so it can be used more efficiently. Right now, disruptive technologies like the ones mentioned above are changing everything from the way we work to the way we interact with the world around us. Thanks to 4IR, the future is looking brighter than ever!
Is South Africa helping to grow the tech industry?
Last year, the government announced its intention to develop the biggest tech hub in Africa. The plan involves a partnership between two departments - the Small Enterprise Development Agency (Seda) and the Department of Telecommunication and Postal Services.
At the engagement session where this intention was announced, the then Minister of Small Business Development Lindiwe Zulu said, "It also becomes important that small, medium and micro enterprises, and co-operatives embrace this radical reshaping of the relationship between technology capabilities and business opportunities. Incubators must focus on creating a new generation of South African start-ups that will drive the creation of disruptive technologies in the creatives industry."
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The hub was set to focus on a coding and programming academy for start-ups and young scholars. We're waiting to hear more about this tech hub and, with the development of the COVID-19 pandemic, tech start-ups have never been more crucial.
Are tech start-ups a good investment?
Recently, we've seen the growth of several tech business in South Africa. These include internationally-based companies like Uber and Airbnb as well as local tech start-ups such as Sweep South and BitX.
When speaking about the advantages of being a start-up entrepreneur - specifically in the fintech space - investment executive at Rand Merchant Investments Dominique Collett said: "South Africa is still a great place to be an entrepreneur. Unlike in other emerging markets, we have an incredibly well-structured regulatory system – so entrepreneurs have access to knowledge about what they are up against and how far they can push the boundaries. This is especially beneficial in the fast-developing world of fintech."
At Innovative Thinking, we couldn't agree more. We believe that tech businesses and unique start-ups are the way of the future. And, if you want to know more about what we as a Joburg-based software company can offer your business, check out Our Services and Company Overview.