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Verticals of the startup scene



Kirjoittanut: Tuuli-Emily Liivat - tiimistä SYNTRE.

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Next week will be very special for SYNTRE – we will be attending our second learning journey. The purpose of the learning journeys is to encourage learning practical skills and promote knowledge sharing through visiting new ecosystems and regions. In SYNTRE’s case, we will be visiting Latvia to visit companies and startups, solve innovation challenges and volunteer at one of the biggest technology festivals in the Baltics called TechChill.

What is TechChill? 

TechChill is a leading annual technology and startup event held in the Baltic region, specifically in Riga, Latvia. It serves as a platform for entrepreneurs, investors, policymakers, and tech enthusiasts to come together, network, share ideas, and discuss the latest trends and innovations in technology and entrepreneurship.

The event can include various exciting and knowledge-sharing activities through which one can find new contacts and gain new knowledge in the form of keynote speeches, panel discussions, workshops, pitching competitions, networking sessions, and various other activities. The focus on those activities centres on topics such as artificial intelligence, blockchain, cybersecurity, fintech, e-commerce, and many more.

The purpose of TechChill is to boost and foster collaboration within the tech community, support startups in their growth journey, and promote the Baltic region as a hub for innovation and entrepreneurship. The attendees are across Europe and beyond, including startup founders, investors, corporate executives, government officials, and tech enthusiasts.

Startup verticals.

A startup is a company in its early stages of development with rapid growth potential and innovative ideas aiming to compliment existing systems or solve a specific problem, which may introduce a shift in innovation development and creates a better world in the progress. The startups are inclined to face uncertainty and risks regarding competition, regulations and market acceptance. The key to a startup is its scalability and rapid growth. In startups, it is also often that the work is done with a goal of maximising efficiency, which means their activities are prioritised to iteration, experimenting and agility. The employees are usually driven by a shared vision of the company’s success.

Startup areas can be divided into horizontals and verticals: a horizontal caters to a wide variety of industries while a startup vertical refers to a specific industry or market niche that a startup operates within.

Startups can focus on various verticals, such as healthcare, finance, e-commerce, education, transportation, and many others. Each vertical represents a distinct sector or area of interest where startups develop products, services, or solutions to address specific needs or challenges.

Here are the most common verticals among many others:

  1. Healthcare Vertical: Startups in this vertical develop various innovative medical devices, healthcare software, telemedicine platforms, or biotechnology solutions aimed at improving patient care, diagnosis, or treatment outcomes.
  2. Finance Vertical: Startups in the vertical could focus on financial technology (fintech) solutions, including online banking platforms, payment processing systems, peer-to-peer lending platforms, or blockchain-based financial services.
  3. E-commerce Vertical: Startups in the e-commerce vertical typically specialize in online retail platforms, subscription services, marketplace apps, or logistics and delivery solutions aimed at enhancing the e-commerce experience for consumers and businesses.
  4. Education Vertical: Startups in the educational vertical aim to develop educational technology (EdTech) solutions, such as online learning platforms, tutoring services, language learning apps, or tools for classroom management and student engagement.
  5. Transportation Vertical: Startups in this vertical might focus on innovations in transportation, including electric vehicles, ride-sharing services, autonomous driving technology, or logistics optimization solutions.

The verticals are there to guide and be an umbrella term for companies that share common challenges, opportunities, and trends specific to that industry. There will be more verticals to be explored and developed over time – as an example, an exciting vertical called deep technology or deeptech provides technology solutions on tricky scientific or engineering challenges, which require vast research and development as well as large capital investments before commercialization. Deeptech is valuable as the outcome is intellectual property, which is difficult to reproduce. 

Understanding the dynamics of a startup vertical is crucial for entrepreneurs to navigate the market landscape effectively, identify potential competitors and collaborators, and tailor their products or services to meet the needs of their target audience.

At  TechChill, we will learn of the verticals among many other topics more specific in detail. The essay will be updated with more insights after the event.

 

Source:
TechChill website, www.techchill.co
Article. Navigating Startup Landscape Marketing. https://www.linkedin.com/pulse/navigating-startup-landscape-marketing-perspective-horizontal-kumar/

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