Here is a spoiler if you are a fan of blockchain and deep tech or professional: less than 1% of founders in the United States and out has found revolutionary blockchain for their activities, according to a survey. Similarly, a majority of over 63% and 51% of startup founders believed that VR / AR and bots, respectively, were overhyped technologies. The fourth annual survey was conducted among 529 founders from one of the most prolific funds of the first phase of the First Circle.
"There's a cycle of hype in every new technology that comes in. It takes time for real-world application to come out and people realize whether it's relevant or not," he told FE Online Amit Ranjan, head of the Government's National Digital Locker Project. "Blockchain will take time to create a large-scale impact," he said. Amit Ranjan previously co-founded the SlideShare content sharing company that was acquired by LinkedIn in 2012.
Only 50% of respondents said that companies in their industry have only minimal integration of cryptocurrency or blockchain technologies into their businesses or are still experimenting.
The survey reveals surprising feelings that suggest that the founders are not too optimistic about technology and large technology companies. However, they are optimistic about the growth and profitability scenario in the coming years.
Here are some other interesting results from the survey:
Profitability does not seem to be the priority for the founders, given that 70.8% said they were optimizing for growth rather than profitability. "This is due to the pure availability of venture capital that pursues much less of investable companies and also because of investors who return to a situation that gains the upper hand, to gain disproportionate wealth," Ranjan said. However, 47.8% of founders believe it will take 1-3 years for their businesses to become profitable.
A whopping 89% said that older people face age-related discrimination in the technology sector in general, while the founder's age is the biggest detrimental factor among investors while they invest, according to 37.6 % of respondents. "Despite this prejudice, successful startups have been founded by entrepreneurs over 35," added Ranjan.