Typically, technology cycles last about a decade, but wearable technology products (or “wearables”) are coming up more quickly than that. Think about it: mobile and tablet computing technology is still advancing, with a whole lot of room to grow, yet wearables already have a growing presence on the tech scene – and we’re not just talking about big brand devices from Google, Nike or Apple.
Startups like Nugg-it, a wearable wrist device that continuously records audio so you can save sharable, spoken words whenever you deem them noteworthy, received $250,000 in funding earlier this year. And when Twitter chief executive, Dick Costolo and Apple CEO, Tim Cook are both talking about wearables playing a dominant role in the future of tech, startup entrepreneurs must pay close attention to this tech trend that’s set to become a $50 billion market.
If you’re still not convinced that wearable technology will change the startup world, we get it. There was a time when consumers believed desktop and even mobile computing sounded a little strange, too. But here at PayScale, we’ve done our research and have reason to believe that wearables are going to change the tech industry in profound ways.
Here are just three reasons why we predict that wearable technology will impact startups in the near future.
1.) It Will Provide Startups with More Accurate Marketing Opportunities
There’s great potential for wearable tech devices to unlock new types of consumer data that have, until now, been unseen. Once consumers start wearing tech devices on a consistent basis, and depending on the lifestyle and preference data they opt to provide, this information will help aggregate new big data points that startups can capitalize on when it comes to targeted marketing efforts. Plus, better data will allow startups to formulate new methods that will, in turn, help them release better, more customizable products in the future.
2.) It Will Turn Startup Founders Into Fashionistas
When it comes to wearable technology, fashion elements of these products will need to be just as important as functionality. Fact: Apple isn’t about to release wearable tech that doesn’t look aesthetically pleasing to consumers. Why? To stay consistently profitable, Apple only produces beautiful gadgets that target the masses, not products directed to smaller demographics. And so, if startups want to be truly competitive in the wearable tech market, they must place fashion at the forefront when planning the design of their products. Mobile and tablet technology is already an extension of ourselves; we match our iPhone and iPad cases to our shoes, our outfits and even our personalities. And consumers are going to look at customizing wearables in the same fashion (no pun intended).
Startups will need to be aware of more than just aesthetics and functionality of wearables, too. Fit and comfort are both important elements of wearable product design, and must never be an afterthought. So, wearable tech startup founders, you better start lining up some high-tech fit models to increase profitability.
3.) It Will Allow Startups To Be More Productive
Want to launch your startup right now? Look no further than utilizing some incredible wearable tech that can help you and your team increase efficiency and productivity. Many entrepreneurs already know that discovering an MVP and staying “lean” will help release products rather quickly. And now, wearables will save the tech startup community even more time and money. Productivity gadgets like Google Glass, shirts and pants that charge your mobile devices, smart watches and more will help startups stay ahead of the game, be even leaner and push their innovative products onto the market sooner rather than later.
Tell Us What You Think
We want to hear from you! How do you think wearable technology will impact the startup world? Let us know in the comments or on Twitter!
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