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Despite the widespread immersion of technology in our daily lives, many individuals and even more surprisingly, companies and industries, rely on old-school tactics.
What does this mean for startups and entrepreneurs? It means there is a prime opportunity.
As opposed to having to break into an already saturated market, entrepreneurs with original concepts have the chance to bring innovation to markets where it is not yet present. These new markets, eager to embrace technology, are causing startups to focus on industries that have not yet seen the final, or any, wave of innovation.
Nonprofit Organizations
While charities by default do not aim to be profitable, they must be in order to stay in operation and continue their overarching mission. Despite generating tremendous funds, many charities report
that only a fraction of the income generated is actually allocated to the supported causes. While CharityWatch advises that 75% of donations should be spent on direct aid, reports show that only an average of 43% actually does. The reason for this is not the malicious intent or wrongful spending, but rather a lack of inefficiency that can be solved with the right innovations and technologies put in place. As a result of this, there has been a steady increase in demand for innovation.
One of the largest concerns for charities, raising funds for their causes, remains undisrupted and is often done manually or using antiquated software systems that do not accurately assess the source of the donation and the ability to increase it. Digitizing the fundraising activities and simplifying the way charities manage campaigns across modern channels will likely increase the total revenue generated while reducing overall expenditure.
Beyond using technology to digitally fundraise, charities are looking to social media and social activist platforms to increase awareness. Since social media has the potential to drive donations without the need for an expensive gala or event, innovations that simplify the way charities leverage social media and utilize digital sales funnels are increasingly needed.
The charity industry is not lacking desire for innovation – it simply needs the right innovator to understand its unique needs and create modern solutions.
Real Estate
Buying and selling property is something many perceive as almost technology free. While that was once true, today technology has made our world virtually unhindered by borders, making the$73 billion real estate market one that is in desperate need of catching up with the times.
A minor real estate technology revolution has been underway lately, however, nothing has truly disrupted the market, making the industry in need of innovation – specifically on the consumer end. The existing innovations in the real estate market deal with big data, and is predominantly focused on B2B and large enterprises.
Solutions are needed by the 22.8 million landlords in the U.S. in order to manage their properties, collect rent, facilitate daily tasks, and communicate with tenants to meet the needs of 111 million renters.
Currently, digital property management solutions and automation software are being utilized by property managers and landlords, however many of the technologies are antiquated and don’t take social media’s ability to fill vacancies into account.
Beyond needing innovations on the landlord and property manager side, the industry is in need of innovations on the hardware side as well. The popularity of smart homes is rising and more and more home dwellers rely on technology to monitor temperature, water levels, electricity use and more; leading property managers and owners to need innovations that manage maintenance issues. A solution focused on preventative maintenance could save landlords and their tenants time, energy and money down the road. The only question is, who will be the one to come up with the solution?
Manufacturing
With the manufacturing industry moving forward by unprecedented demand, executives are aware of their need for innovations and are simply waiting for the right solution. In fact, according to 
a Forbes study on manufacturing innovation, “Predictive analytics, smart, connected products (IoT) and advanced materials are the three most important advanced manufacturing technologies to U.S. manufacturing executives” showcasing that the need and receptiveness for innovation is there.
Many of the technology needs of manufacturing lines are already in existence, such as predictive analytics, IoT etc, however, they have not been adapted to the requirements of the industry.
A solution that isn’t yet there is the digitalization of machine and materials used – something that is largely based on employee reports and a “fix it when it breaks” ideology. The need for innovative solutions that will monitor machine use and utilize sensors and alarms to optimize use will have a lasting impact on the manufacturing industry as a whole.
How Enterprises Could Embrace Innovation
While many industries are struggling to embrace innovation, there is light at the end of the tunnel in the form of enterprise and startup collaborations.
Enterprises in industries that are in need of innovation often don’t know where to begin in the search for technology that will transform their business operations and take them to the next level. This is why more and more enterprises are reaching out to startups to run proof-of-concepts with.
As startups begin to recognize that their unique technologies can be adopted by industries craving innovation, we predict that more and more enterprise and startup collaborations will take place in the form of proof-of-concepts.
