Three Tools In Which Startups Should Consider Investing

March 28, 2023
Photo by cottonbro studio from Pexels

Numerous Startup success stories incentivize young entrepreneurs to put their ideas into action. Companies like Netflix, Airbnb, WhatsApp (and many others) made such a huge impact on the world, and the profit they generate is hard to resist. It may be hard to believe, but more than 300 million startups are created annually.

However, about one-fifth of all new businesses fail during the first year, citing financial difficulties, the lack of investment, and geo-political tensions as the biggest challenges. Many business owners state they should’ve prepared more before realizing their ideas and conducting more in-depth market research.

This article will overview tools in 2023 that can set your startup on a successful path. We will focus on the most contemporary tech tools that reshape the industry.

Cybersecurity Software

Saving money on cybersecurity is no longer an option. The Internet expanded so quickly that adequate protection mechanisms were left behind, and criminals were quick to capitalize on that. Furthermore, the Covid-19 pandemic and the shift towards virtual markets worsened the situation. Currently, 60% of small businesses go bankrupt after experiencing a cyber attack, and new startups are particularly susceptible.

Although cybersecurity is expensive for large enterprises and corporations, small and medium businesses (SMBs) don’t have to spend extra for basic effective protection. They can utilize affordable commercially available cybersecurity software until they come to size to upgrade their setup. Remember that hackers consider possible outcomes vs. risks, and hacking a small business that uses additional protection is not profitable.

The most common cybersecurity software for new startups includes an Antivirus, a Virtual Private Network, a business password manager, a Firewall, and additional file encryption software if you store user data on your servers. This setup will protect business accounts against unauthorized access, inspect incoming/outgoing traffic for malicious elements, neutralize infections, and protect user data.

Lastly, consult a law professional if your business gathers and utilizes personally identifiable data. The General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) have strict laws on how to collect and store it. Failing to adhere to their rules will result in hefty fines, which would be devastating for most new startups.

AI-based Technologies

After hearing about the revolutionary AI technology for nearly two decades, we finally see the results. OpenAI’s ChatGPT technology is predicted to affect nearly 80% of workers. Technology skeptics are alarmed that AI will replace much manual labor. On the other hand, others argue that it will assist workers with specific tasks, freeing up time for more creative activities. Whichever way it goes remains to be seen.

The fact remains that AI technologies are game changers, and you can already use them to gain a competitive edge. We want to draw your attention to two services: Microsoft’s Bing search engine and the mentioned ChatGPT.

On February 7th, 2023, Microsoft added an AI-powered Chat feature to the Bing search engine. Instead of making regular keyword-based queries like Google, this technology allows AI communication and more detailed requests. The results are presented in a conversation form, bypassing ads and non-relevant content.

Furthermore, the Google search engine often fails to complete extremely detailed queries and push out the best SEO rankings results. Meanwhile, Bing Chat can identify exact user requests – no matter how complex they are – and return relevant results. Use Bing to improve your search engine-related business operations, but remember that the technology is still fresh and requires double-checking the results.

Simultaneously, ChatGPT can already be used by marketers and content writers. Although it cannot replace human written content (and some tools accurately identify ChatGPT-written texts), it can be used to generate ideas. Marketers can bypass writers’ blocks by asking ChatGPT to generate text ideas and use them as examples for their paragraphs. Once again, the service requires verification and a heavy human touch to perfect the content.

Data Gathering Tools

Most successful businesses utilize online data to ground their decisions on verifiable facts. With so many startups appearing annually, it’s extremely important to know the market situation to avoid futile investments.

Startups should use web scraping tools to collect and aggregate publicly available web data. Instead of doing expensive and time-consuming manual research, these tools can automate such tasks:

  • Price comparison;
  • User review analysis;
  • User sentiment identification;
  • Brand protection;
  • Social media marketing campaigns;
  • Global market data collection.

Remember to adhere to ethical data scraping rules and never collect data that is personally identifiable and not publically available. Once you master transparent web scraping techniques, you will take your business decision-making to the next level.

Conclusion

Everybody knows you need a marketing strategy and business analytics tools for a successful startup. We hope this article sheds some light on lesser-known tools that genuinely make your business stand out. This cutting-edge technology will help you increase your efficiency and protect your new startup from numerous online threats.

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