The Timecapsule series captures the author's observations on a noteworthy event or phenomenon that might not have been seen by other writers (journalists, academics). It aims to give broader information about the topic for future historians who were not alive during the actual event or phenomenon.
The buzzword in 2015 and 2016 was the “tech startup” which stands for a small organization (registered or unregistered) that uses IT to make ‘disruptive’ solutions. A disruptive solution is one that displaces existing products and firms.
It emerged because there are so many new technologies being churned out, such as IoT, big data, and mobile apps and devices. These then created new ways of doing things that could render existing products and even whole industries obsolete (such as print media). There were other tech startups in the past, such as Hewlett Packard and Apple, which started in garages. However, those startups were focused mainly in hardware and took a long time to become big. Today’s startups, however, are mostly into software and take a shorter time to be big, the best example being Facebook, starting in 2004 and having its IPO in 2012.
At Soranomics, we like to ‘do a Hume’ and trace the root idea or impression of complex ideas and impressions. For the tech startup phenomenon, we come up with cloud computing as the cause.
What is Cloud Computing?
Cloud computing is an internet-based computing that provides computer resources on demand. It became available to the general public in 2006 through Amazon’s EC2 system, though other companies like Rackspace and Azure soon followed. Nowadays, cloud computing allows everyone to have access their websites, apps, databases, storage from wherever they are, through their laptops and the internet (wifi).
Wifi has been around since the early 2000’s. However, the usual things you could do were just to browse some websites and access the local intranet. With cloud computing, people could run their entire tech business remotely and so the standard office was not needed anymore.
Pretty soon, the coworking spaces grew and started carving out their own markets to differentiate themselves from others. For example, Impacthub started out as coworking space and is now a worldwide franchise.