With Echonous recently landing a $57 Million deal to develop portable bedside ultrasound devices, the race within the medical tech startup industry has intensified. People of all ages have been enamored by the startup world ever since the start of the tech revolution. It seems like every day there is a new company on the horizon, looking to do the next big thing.
But of course, not all startups succeed, and that is part of the game. Every year, there are some promising companies that have the potential of "making a dent" in their respective landscapes. It is the combination of a great idea, the team behind it, and the final execution with just a bit of luck that makes the difference between success and failure.
SoLo Funds
SoLo Funds was founded by Travis Holoway and Rodney Williams, and it aims to cut out the middleman and the banks involved in small to medium-sized financial loans. The startup allows people who have excess income or unused capital to give loans to people who are in need.
The idea for the company was generated when co-founders, Rodney Williams and Travis Holoway, noticed their friends and family needed access to short-term loans, but did not have access to quality financial services. As a result, they created a solution so cash-strapped, everyday Americans can get the financial help they need, when they need it, from members of their very own community. One way of thinking of it is the financial equivalent of Airbnb or Uber.
FinMark
FinMark was founded by Rami Essaid as a startup for startups. Any new business needs to manage its finances from the get-go, and while this may be done as basic spreadsheets, as businesses grow and become more complicated, it isn't enough.
FinMark acts as a tool for businesses to manage their finances. Smaller businesses with monthly revenue of between $10-20,000 only have to spend about $25 per month, and this cost will go up as the size of the business increases. This is the type of idea that makes tech billionaires.
Grifin
Grifin is an investment app that aims to make the world of stocks and trading easy and accessible to the general population. Grifin works by investing money in companies where the consumer is making purchases. For example, if someone spends $3 on Starbucks, Grifin will invest $1 in the company.
It is a free-to-use app and its profit model completely relies on its users making the investments. The world of trading can be scary, with fancy words and complicated graphs, which might turn off a lot of new potential investors. The app is also a good way to invest in companies where consumers actually spend money. Users can also keep track of their expenditures this way and curtail the excess, like perhaps canceling their Apple TV+ or Netflix subscriptions.
Jeenie
Jeenie was founded by Kirsten Brecht Baker and aims to solve the problem of the language barrier while communicating with someone from another part of the world. Jeenie will connect the user with a language interpreter on demand. The startup covers about 250 languages, including sign language, and claims that it can connect anyone with an interpreter in less than a minute.
Jeenie charges a time-based rate, with most calls costing around $1 per minute. This is quite affordable if it gives the users the ability to properly communicate with anyone without pulling a dictionary out. A subscription to this could be a great tech gift to your parents, especially if they are planning to travel.
re:3D
re:3D was founded by Matthew Fiedler and Samantha Snabes and it aims to solve the high cost of entry into the industrial 3-D printing landscape. The company aims to sell the Gigabot Printer for 1/10th the cost of other competitors in the market, while having the same printing quality.
3-D was poised to be the next big thing in the late 2010s, but the high cost of entry has prevented this from happening. Having access to cheap 3-D printing could be a huge boon for underdeveloped communities where necessary infrastructure, like housing, could utilize the technology to its full extent.
Onward Delivery
Onward Delivery, founded by Grafton Elliot, aims to make the delivery industry more affordable, efficient, and sustainable. The company is attempting to capitalize on the growth in delivery services, which began at the start of the Covid-19 pandemic. It works by allocating empty spaces in existing trucks to businesses that might need them. This will reduce delivery costs and lead to fewer trucks on the road.
For example, if two businesses need to get their products delivered in the same neighborhood, Onward can join both their orders together and send them on an existing truck already going to that area. Delivery was always a massive industry, but its growth potential was accelerated by the pandemic. Onward can disrupt this industry if they play their cards right and, if successful, could cultivate brand loyalty similar to Apple.
The Beans
The Beans, founded by Melissa Pancoast, aims to provide financial planning for anyone with a lower income or struggling to make ends meet. The app has two tiers, the first being free, which allows the users to track and see trends and patterns in their spending, to help them better understand their financial situation. The second tier costs $30 per year and adds a data visualization tool.
The Beans claims that the paid tier is actually worth about $500 per annum, and if this is anything to go by, it seems like a pretty good deal. The company has been organizing workshops in the Atlanta area to educate people and grow its brand reputation.
AtoB
AtoB, founded by Vignan Velivela and Tushar Misra, aims to make the trucking and transportation industry more efficient while also giving truckers a better system to manage payments, track fuel costs, etc.
The team traveled through trucking hubs like Stockton, California, and through their research, came to develop AtoB. The software helps truckers track fuel prices, exact fuel charges, etc., while connecting them to a fleet tracking service. Truckers are some of the most underpaid and overworked workers out there, any service that not only makes work easier for them but also gives them a better deal compared to the competition will surely thrive. AtoB's revenue is set to surpass $20 million this year.
Celona
Celona, founded by Ravi Mulam and Raveev Shah, aims to help businesses achieve better cellular connectivity to power their automation and digital transformation. Named after the city of Barcelona, the company is also helping companies integrate 5G technology into their existing infrastructure.
The startup has taken on Verizon and Google as clients and is looking to triple its revenue this year. With more and more businesses trying to become more automated and integrate technology into their operations, Celona has a huge potential to tap into this need.
Cowbell Cyber
Cowbell Cyber, founded by Trent Cooksley and Rajeev Gupta, provides cyber insurance to small and medium-sized businesses. Its AI identifies risks and has already signed up about 18,000 clients.
Cowbell also helps small businesses in identifying potential risks to their business, ranging from both physical threats to cybersecurity concerns. This adds a big incentive for smaller businesses to sign up for the policy.