Startup Dictionary: The 20 types of "Tech"
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Diccionario startup: 20 tipos de “tech” del ecosistema de nuevos negocios, Gentileza

Startup Dictionary: The 20 types of "Tech" in the new business ecosystem

At EntrepreNerd, we have selected 20 terms to explain in simple terms what each of these new industries consists of, as a way of immersing ourselves in the ecosystem of new businesses globally.

Nowadays, we have heard or read various terminologies to categorize startups in various types of industries, if in the past there were only terms like construction, health, education, agriculture, finance, today, due to technology and its impact on the creation of new solutions to transform traditional industries, we have arrived at new terms like Agrotech (AgTech), Healthtech, Edutech, Fintech, among others.

In EntrepreNerd we have selected 20 terms to explain in simple terms what each of these "new industries" consists of, as a way to immerse ourselves in the ecosystem of new businesses worldwide.

Here we leave you some definitions:

1. Startup Tech: They are likely the foundation of the main ventures or technological solutions to solve problems, pains, or opportunities. These are usually projects that, based on the development of algorithms, technology, processes, automation or the like, allow optimization, improvement, and innovation in various industries and actions.


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2. Agrotech (AgTech): A term that emerges from the combination of the English words agriculture and technology. New technologies are based on 'blockchain', artificial intelligence, and biotechnology to collect and analyze data from the field, genetics, transactions, and weather phenomena to revolutionize the agribusiness sector. Its inclusion allows for increased production potential and reduced environmental impact to achieve greater profitability through digitization and innovation, in an attempt to address climate change, etc. Some researchers suggest that the use of 'big data' and 'machine learning' can help transform industries such as agriculture and find new environmentally friendly construction materials.

3. Edtech: stands for Educational Technology, that is, educational technology. A tool that, when used correctly, enriches the teaching process by taking it beyond the classroom. We can define this concept as the practical application of tools and applications that help to improve learning.

Startup Dictionary: The 20 Types of Tech Gentileza

4. Biotech: Biotechnology has one advantage: it's perhaps the strongest of all as it combines in one category two of the least cyclical businesses: the health and technological sector. That is to say, its work is based on tangible concepts applicable to reality, a situation that does not occur in software design many times. A medical breakthrough is here to stay, it does not go out of fashion, and also evolves.

5. Constructech (within this is Archtech): "Constructech", or how to take advantage of emerging technologies to optimize processes within construction, tasks, real estate development and similar, one of the most analog industries in the world, probably because of how physical it tends to be. Here we go from cloud solutions to know the allocation of people in real time on a project; knowing the use of machinery that is being employed, where it can be rented, knowing beforehand the delivery times and finally improving the quality of the new properties, hopefully to the point where there is no need for post-sale attention.

6. Proptech (also including the happy community topic): These are companies that offer technological solutions of all kinds: from modernizing real estate portals and 'marketplaces' to buying and selling houses via 'blockchain', to the development of 'software' for construction and property management. Some believe this is a sub-branch of constructech, or vice versa. This remains to be seen.

7. Fintech: This term comes from combining the words finance and technology, and refers to all those projects, many of which are from 'startups', that are transforming financial and banking services thanks to the application of disruptive ideas that rely on the new digital environment. This field encompasses countless solutions: payment methods, decision-making based on the analysis of large amounts of data, customer service through 'chatbots', maximum personalized services through artificial intelligence that learns from customer patterns.

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8. WealthTech: WealthTech solutions can also be considered a subcategory of FinTech, as their objective is to manage and grow people's financial wealth through technological advancements. To achieve this, these types of companies offer alternatives to traditional investment firms and develop digital support tools for investors and advisors. One of their most well-known proposals is 'robo-advisors', automated services that use machine learning algorithms to offer advice to the user based on the most profitable investment options, performance objectives, the user's fear of risk, and other variables such as age or income.

9. Insurtech: a branch of 'fintech' dedicated to managing policies in a more efficient way. For this, solutions related to sensors, Internet of Things, artificial intelligence, and 'big data' are especially needed, aimed at detecting, collecting, and analyzing large volumes of data from different repositories. All this information, well managed, allows insurance companies to optimize their internal procedures and, above all, to offer better products, better measuring risk, to increasingly demanding consumers with new habits.

10. Logistech: Strictly speaking, this is a deceptive division, as it should only be Startup Tech (technology-based solutions), but it particularly exists in Mexico and Chile, given the wide variety of solutions or platforms that have been born to provide a new path to the logistics world, understanding this as delivery, from the first mile (port to port), penultimate (from port to warehouse and/or commercial premises) and last (from commerce -warehouse or premises- to delivery to a person).

11. Creative Industries: These are technologically based innovations that can be applied to visual and performing arts (concerts and performances, theatre, orchestras, dance, opera, crafts, design and fashion). Here we have few - still - recognized startups, but Runway ML (from Chilean founders) is one of them.

12. HealthTech: Focused on optimizing patient care in general, we find 'healthtech'. Here the spectrum opens up to include solutions used in all areas of the healthcare environment: from booking a doctor's appointment through an 'app', to 'wearables' with sensors that collect patient data, applications that help ensure the best conditions for a scheduled surgical procedure, or video games that make rehabilitation more bearable.

13. Legaltech: The legal sector cannot be left out of the digital revolution, and that is why many companies offer technological services, under the denomination 'legaltech', to law firms and other legal professionals. In this context, it is not only necessary to consider the need to regulate and manage potential conflicts in many areas that did not exist until recently and are still undergoing transformation, such as virtual reality, artificial intelligence or digital identities, but it is increasingly common to talk about 'smart contracts' that automatically execute on 'blockchain'.

14. Regtech: Encompasses those tools aimed at improving legal compliance, optimally addressing risks related to financial stability and integrity, and ensuring consumer data protection. This is accomplished through the automation of manual processes and a detailed analysis of information, which also allows the generation of homogeneous reports for regulators, documents that can also be used internally to improve business decision-making.

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15. Femtech: Initially, this term was coined to define technological 'startups' that develop health products focused on women. Nowadays, it applies to a much broader phenomenon that encompasses other initiatives that combine feminism and technology. Among other goals, these companies and associations fight to eradicate the gender gap in the technology sector and promote women's participation in STEM careers (Science, Technology, Engineering, and Mathematics).

16. Foodtech: encompasses a wide range: sophisticated kitchen robots, apps for ordering home delivery food, 3D printers that prepare all kinds of dishes, social networks to meet new people while sharing table and cloth, restaurants with virtual or augmented reality experiences, personalized recommendations through virtual assistants with artificial intelligence, dishware that calculates the calories deposited in them, etc.

17. Cleantech: Technological solutions related to helping minimize environmental impact. The focus is on sustainable development, the key areas of these firms are resource efficiency, pollution reduction, and the study of alternative and renewable energies such as solar, wind, and biofuels.

18. Martech: it's the application of technology to the areas of marketing and advertising through tools that interact with the audience and potential customers, always with the idea of providing added value that can result in increased sales. Sometimes, these types of solutions are also referred to as 'adtech'.

19. RetailTech: Bringing the online shopping user experience closer to in-person shopping is one of the objectives of companies dedicated to providing 'retailtech' solutions. To this end, among other proposals, RFID technology, electronic 'beacons', and virtual reality have already been used.

20. TurisTech: Using technology to enhance the experiences in the tourism industry. Using 5G for traceability, cloud-based databases or platforms for bookings, digital platforms to open up the experience of simple and easy payment to everyone and more.

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