- TechTO Newsletter
- January 2, 2024: And, we're back!
January 2, 2024: And, we're back!
Welcome to 2024, a year of new trends, new stories and new ways to connect
Quick Take: Is this what to expect for the year ahead?
image courtesy of ideogram.ai
In our last episode of Quick Takes for 2023, we broke down the trends and topics our community was curious about heading into the new year.
Here’s our takes on the trends for the year ahead:
From a VC’s perspective: The importance of brand storytelling
The importance of brand storytelling in the business landscape has always been significant. It serves as a potent marketing tool, fostering connections with investors, customers, and stakeholders. Looking ahead to 2024, the emphasis on brand narratives seems poised to become even more critical.
A brand story isn't merely about stating what a company does but delving deeper into its purpose, values, and unique positioning. The ability to communicate why a business exists and what it stands for influences customer decisions attracts talent, and convinces investors of a team's competence.
In the investor landscape, the capacity to convey a compelling brand story often determines success. Investors are drawn to founders who can clearly speak about their company's purpose, unique positioning, and alignment with customer needs. This storytelling prowess becomes a key differentiator in a competitive market and something every founder should be prepared to conceptualize.
The Evolution of AI and the Future of Work
AI's role isn't just about efficiency; it's altering job landscapes, enhancing work quality, and creating new ways of interacting with data. Industries, particularly in professional services, are witnessing significant AI integration, reshaping traditional work dynamics. We’ve seen it used predominantly to streamline processes and create efficiencies that previously did not exist.
Amongst new integrations as uses, we’re also seeing a shift in the AI landscape, moving from predominantly white-collar job transformations to the potential disruption of blue-collar work. Innovations in AI applications are expected to revolutionize industrial work, presenting opportunities for significant advancements in the next 12 to 18 months.
Although we don’t foresee the “human” element of work being drastically impacted anytime soon, it will become a unique skill and tool to utilize AI in everyday tasks and learn how to better understand its capabilities to various industries.
The Importance of Sustainability Practices for Startups in 2024
Sustainability emerged as another pivotal trend, and although not new, it continues to gain traction as we move into the new year. Sustainability often aligns with efficiency, with companies naturally seeking methods to reduce costs by adopting more sustainable practices.
Sustainability practices remain top of mind as access to information and a resurgence of the Climate Change conversation becomes top of mind. Although not something “new” in the tech ecosystem, it remains important for customers to see that efforts are being made to ethically source, sustainably create, and also give back to the environment and communities impacted.
A VCs perspective: How to be profitable in 2024
When it comes to profitability in the evolving market landscape, various strategies were deliberated. There is a spectrum of approaches, from companies compelled to focus on profitability due to funding challenges to those intentionally pursuing rapid growth over profitability. This divergence underscores the nuanced strategies adopted by businesses navigating the market.
Being profitable means listening to your customers. It also means considering price over the amount of consumers. It’s better (in our opinion) to land fewer (but higher paying) customers who remain consistent than offering a cheaper option to potentially experience churn. Focus on your fewer higher paying customers and ensure their satisfaction. You can grow from there.
We’ll revisit these takes down the road and see how they compare to what has come to fruition in 2024.
Do you think our predictions are correct for the year ahead?
#ICYMI: The top stories, trends, episodes, and more from 2023
Curious to know the biggest stories that made up our year? Check out our ‘Wrapped’ and see what you loved the most from 2023.
Reads & Opportunities
Start the year off with inspiration, or even a new job. Check out the latest reads and opportunities to kick off your year:
Why 2024 might be the most exciting year for tech so far
Get all the insights, opinions, and takes on tech, in short form - watch here
Manifest Climate is hiring a Growth Marketing Manager - apply here
The new rules of marketing for the year ahead
Some predictions for AI and its ability to simplify our lives in 2024
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