2017 has been a great year for the tech industry. The titans of the industry, the Apples and the Samsungs of the world, have stayed true to form and shown off some impressive new smartphone related technology and innovative designs. Patents filed earlier this year hint at foldable and hydrophobic screens within the next few years. As we tick over into the second half of the year, now is a good time to look back on some of the startups that have established their presence and are ready to enter mainstream consciousness in 2018.
Abacus is an innovative tool that uses sophisticated AI and machine learning in order to make the dreaded process of producing expense reports much easier. Abacus can be taught a company’s expense guidelines and use this to decide what expenses should be approved, its creators cite 80% accuracy, although this should improve as they refine their learning algorithms. Ultimately, Abacus will be able to learn and improve itself, making it an important player in the current race to produce true learning machines.
Kinnek is an online marketplace in the same mold as eBay but is aimed at businesses looking to save money on supplies. Buyers post what specific supplies they need and then any supplier who is able to fulfil the order can offer a quote and buyer and seller can negotiate the price.
Andela have a rather unique and very important mission statement; to address the so-called ‘pipeline problem’. The pipeline problem refers to the lack of diversity that has plagued the tech industry since its inception. Fortunately, women and ethnic minorities are now much better represented in the US tech world but there is still some way to go. Andela offers a training program designed to pair the most talented software developers from across Africa with leading tech companies in the US. In partnership with Facebook the company was able to secure a whopping $24 million and has received a great deal of good will from the rest of the industry.
Betterment is another NYC startup that is making waves in the investment industry. The company has created an easy to use platform that enables beginners to get started with investing their earnings without the need to hire a financial advisor. It’s also suitable for advanced investors too, though, and there are plenty of features to keep investors of all experience levels happy. It’s a tough platform to beat where price is concerned, and it will be interesting to see how this platform continues to perform in the future.If the service pays off for you, then you can begin to look at opening and filling up an individual retirement account (IRA) to secure your future financially.
At the helm of Ellevest are Sallie Krawcheck and Charlie Kroll who, between them, count industry titans Citigroup and Andera among their previous employers. Sallie and Charlie have brought their skills together to form Ellevest, a company that helps women invest their money. There are a number of companies that offer this kind of service but Ellevest is the only one geared specifically towards women. The company cites research it carried out that suggests that while men and women generally have an equal understanding of investments this is not reflected in the returns with salary gaps and different career progression opportunities. Ellevest helps its users to make smart and safe financial decisions.
New York City is one of the most diverse and exciting cities in the world. Outside of Silicon Valley the city is one of the major tech hubs in the United States, and indeed the world! A growing number of startups are setting up in New York or transferring their operations there to take advantage of everything the city has to offer. If the trends established over the last few years hold then 2018 should be a very exciting year for the New York tech industry.