Technology News: Top Technology Prections for 2017 By Norwest Venture Partners
Jomst C.The Norwest Venture Partners team was behind the super-hit, ride-hailing app Uber and the heart health developer iRhythm, and their ventures have reached the far side of the tech landscape. Members of the team have shared their prediction on what's ahead for 2017 and it might be an indicator on where the $1.2 billion they made last year will be invested.
Jeff Crowe predicts that real estate technology will make its debut this year. Companies dedicated to the real estate market, which is the second largest class asset in the US, will finally have their day. It is expected that easier solutions to help in buy, sell, rent and own properties will come up this year. People will no longer need to go through long and excruciating processes that are outdated just to be part of the real estate market.
Jared Hyatt predicts that Mental Health Tools will become ubiquitous. He said that patients who have experienced the good results of therapy will want an easier to use and accessible way to access their therapist and mental health materials. As 'text messaging' is becoming ubiquitous as a medium of conversation, patients will be more comfortable using it and could be expanded to other areas of human life, including therapy. The Journal of Clinical Psychiatry recently released a report that estimated that the mental healthcare market is around $99 billion. The traditional healthcare models will be continuously disrupted by Innovators.
Lisa Wu predicts that Fintech will continue to ramp. It's true that millennials are disrupting everything including the bigger financial services ecosystem. A three-year study of the industry, Millennial Disruption Index (MDI), found out that out of 10,000+ millennial respondents, 1 in 3 would change banks in 90 days. The study found that more than half of the respondents believe that all banks are alike and the 4 major leading banks are the ten least loved brands by millennials. The study result is scary for banks but an opportunity for startups. Expect to see a lot of new startups this year. These are companies that will give personalised user experience for digital natives with simple, transparent, automated services with real financial guidance.
Parker Barille believes that Insurance Tech will heat up. Venture capitalists put $167 million in investing in the insurance market in the third quarter last year. It maybe because current models of insurance services do not fit today's "consume what you need" customers. There's a big opportunity to create more flexible models for a car, travel, home, and healthcare insurance. The market will continue to see new startups shaking up this staid industry.
Sergio Monsalve says that there is a bright future for EdTech. Today's education does not stop at students getting into their dream colleges, earning degrees and getting the right job. The education sector has hit an inflection point due to new educational technologies introduced in the market and the growth of resource availability. This impacts employers expectations. Skills obtained from degrees or vocational training are not enough anymore, and there are always something new to learn and to keep up with the dynamic and innovative tech cycle. It resulted to companies dedicating resources to online learning and continued education for their employees to succeed in the coming years. We'll surely see more employees seeking out these career development opportunities to stay ahead and improve performance.
Casper de Clercq predicts that patient engagement through Digital Therapeutics will be a blockbuster this year. Software built using persuasive design will be utilised to create user experiences for patients to assist them on self-managing their chronic conditions like heart disease, diabetes, and obesity. Digital Therapeutics takes protocols, usually face to face, that are guaranteed and uses ideally designed web and mobile experiences to implement to more users. Imagine Facebook or even Candy Crush, then apply the techniques used in making them to behaviour change in healthcare.
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