In a recent survey based on the responses of 400 companies with at least $1 billion in revenues as well as 86 startups, 60 percent of large companies and 51 percent of startups in NYC believe that emerging technology is extremely important for the future of their businesses. However, only 35 percent of large companies and 35 percent of startups are extremely prepared to take advantage of these new innovations.
Both large companies (60 percent) and startups (57 percent) believe that Artificial Intelligence (AI) will be the most important innovation for the businesses over the next three years. Large companies also believe that Internet of Things (46 percent) is second most important and blockchain (39 percent) is third. For startups, blockchain (17 percent) was second and augmented reality / virtual reality (16 percent) was third.
According to the survey, when asked about the impact emerging technology will have on the workforce—nine out of 10 respondents from large companies believe that over 25 percent of their workforce will experience a change in the way they do their job. For startups, almost half (48 percent) believe that emerging technology will change the way they do their jobs by as much as at 50 percent. In addition, both large companies (55 percent) and startups (51 percent) believe that hiring new talent with relevant skills will help their business stay ahead of the curve when looking at emerging technology.
Additional interesting findings from the survey, include:
- Being located in New York City helps them innovate: The survey shows that both large companies and startups believe that being located in NYC helps them stay at the forefront of emerging technology. For large companies—having access to technology talent and skills (51 percent) is the number one reason. For startups—having access to diverse industry expertise (54 percent) is the number one reason. This aligns to the Accenture and Tech:NYC survey from May 2018 that found that 74 percent of startups ranked NYC’s diversity of industry as one of the top ways to attract and retain talent.
- Emerging technology will transform industries: Almost half respondents at large companies strongly agree (47 percent) that emerging technology will transform their industry in the next three years. Startups are more bullish—64 percent of respondents from startups strongly agree that emerging technology will transform their industry in the next three years.
- Emerging technology will also lead growth: When looking at emerging technology—45 percent of large companies believe that the future growth of their company largely depends on emerging technology. In comparison, 70 percent of startups strongly believe that the future growth of their company largely depends on emerging technology.