Change is constant in the world of startups, and in 2024, technology will continue to accelerate growth and innovation.
It’s not just the employment of artificial intelligence (AI) that’s evolving startup trends; so too are climate change, personalised learning experiences, and the commercialization of space. Intrigued?
Read on to discover the key startup trends that are defining 2024 and beyond.
Fintech
In Southeast Asia, financial innovation remains vibrant due to its growing digital economy, high mobile penetration, and the promise of tapping into underserved markets.
Startups like POD and du-it that are addressing specific local challenges like remittances, microloans, and digital payments are poised for substantial growth.
Expect further disruption as fintech startups redefine how individuals and businesses manage their finances, paving the way for greater accessibility and efficiency.
Generative AI
Venture capital firms have invested over USD1.7 billion in generative AI solutions since 2020.
Generative AI is set to revolutionise various sectors, including sales, marketing, research and development, customer operations, and software engineering, driving unprecedented levels of automation and efficiency. Research firm, Gartner predicts:
- By 2025, 30% of outbound marketing messages from larger firms will be synthetically generated, up from less than 2% in 2022.
- By 2030, a major blockbuster film will be released with 90% of the film generated by AI (from text to video), up from 0% in 2022.
For Southeast Asia, the latest Adobe generative AI study revealed that 56% of its respondents in Malaysia, Singapore, and Thailand have plans to integrate generative AI into their business operations.
Agritech
In order to meet growing food demands, revolutionary technologies are being developed for farmers to grow, transport, store, and manage their produce.
The focus of agritech startups is not only to improve the overall quality and quantity of crops and enhance livestock management but also to reach the goal of a sustainable future.
Here are some of the many innovations redefining food security:
- Precision farming techniques.
- Agricultural drones.
- AI-driven, cloud-connected indoor farms.
- Robotic harvesting.
Healthtech
The healthcare landscape is dynamic and ever-evolving due to factors like technology, regulations, and events.
In 2024, startups will continue to play a pivotal role in accelerating the pace of medical advancements, improving patient outcomes, and enhancing the delivery of healthcare services worldwide.
Artificial intelligence (AI) aims to dramatically change everything, from the way medicines are developed and patients are treated to the business and commercial side of healthcare. Other trends reshaping the future of healthcare include:
- Internet of Medical Things (IoMT).
- Nanomedicine.
- Smart Implants.
- Integration of healthcare systems with big data and data silos.
- Elderly care.
- Digital therapeutics.
- AR and VR for education and diagnosis.
- Precision medicine advancements.
Climatech
Climate-tech encompasses a diverse array of technologies aimed at mitigating, adapting to, and reversing the impacts of climate change.
In 2023, climate-tech companies raised US$51 billion in venture capital and private equity funding across more than a thousand deals tracked by Bloomberg NEF.
From renewable energy to energy efficiency, carbon capture, and sustainable agriculture, these innovations hold immense promise for reshaping industries and redefining human’s relationships with the environment.
Startups like Arus Oil are working towards a greener future. The startup, which received an undisclosed investment from Shell Malaysia specialises in collecting, pre-treating, and lab testing used cooking oil (UCO) that is then converted into biofuels.
Edtech
The global education technology market is expected to grow at a compound annual growth rate (CAGR) of 13.6% from 2023 to 2030.
The education shift from traditional to interactive and digitized formats has positively impacted the online education market with a new creative approach to delivering education and skills.
In 2024, expect further innovations in online learning platforms, adaptive learning technologies, and data-driven insights, empowering individuals of all ages to pursue continuous education and skill development.
Spacetech
Startups are developing technologies to ease movement, operations, and communications between Earth and space.
Satellites will be a key focus area in spacetech in 2024. It will allow humans to identify what is happening on earth—to monitor weather disasters, predict weather better, and better understand climate change and how humans should manage it.
Spacetech will also be crucial for agriculture. Just like SpaceIn‘s picosatellite, SpaceANT-D. The Malaysian startup is focusing on the agricultural, forestry, and oil and gas industries as potential areas where SpaceANT-D can be used.
Web3
The third generation of the internet, Web3 is a series of open-source and interconnected applications built on blockchain technology.
Web3 is poised to permeate industries, fostering a new era of innovation in industries such as gaming, real estate, finance, and consumer-centric tools.
Embracing the inherent advantages of blockchain—decentralization, heightened consumer privacy, and seamless native payments—web3 applications are poised to redefine user experiences.
Are you an early-stage startup looking to scale in 2024?
Join Alpha Startups Online, a self-paced online course where you can learn how to and progress from idea to MVP at your own pace.
Alternately, if you’ve got a pitch deck, then pitch your startup to us at the Pitch Tuesday session, where we welcome startups from the pre-seed to pre-Series A stages.
