Let’s talk about The Sustainable Impact of Tech Unicorns in fintech, web3 and on other technology strong fields.
We could ask what on Earth Tech Unicorns are?
According to Investopedia the term unicorn refers to a privately held startup company with a value of over $1 billion. It is commonly used in the venture capital industry. Venture capitalist Aileen Lee first popularized the term. Unicorns are exceedingly rare and require innovation. Tech Unicorns refer to startups, which are in the technology sector.
To explain let’s start first with the words: fintech is the short form of financial technology.
Fintech is using innovative technology to compete with traditional financial methods in the delivery of financial services. The technology was rapidly developing and evolving in the last decade and had the chance to form people opinion, habits, and behaviour regarding how to use money. It is using AI, Big Data and blockchain technologies to create new infrastructures.
It is changed the habits of millions of people if not billions year by year. The whole financial world reconstructed, the business models of different enterprises also the consumer consumption habits. It changed the mind of people; influenced risk taking abilities, and varied factors like social innovation, interaction and learning abilities. Moreover, it improved the relationship between technology companies, unicorns, and the individuals of the society.
A new world was born.
Millions of studies modelling and simulated the economic consequences, the adaptation to financial development, meanwhile others have been studying the socio-economic factor better.
Research presents that “From psychological perspectives, the influence on the methods and contents of individual and social cognition has urged researchers to investigate the specific changes in personality and social psychology exerted by the favorable life convenience, risk, happiness, and conflict brought by the financial infrastructure evolution.”
What do we need to know about web3?
“It is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-based economics.” according to Wikipedia.
It has the potential to change the world as Fintech did in the last decade, and this is an evolving process. Obviously, youth and gen Z might be more attracted to discover these new world and concept earlier. It has a chance that with time older generation will adapt too as this is the future according to researchers. The digital transformation is inevitable, and it will transform the future as Fintech did.
Why should I know these words at all?
Because that’s the future and if we do not care what is around us, then we will lag, which in some cases can create anxiety in us. You know the uncomfortable feeling when everyone speaks about something we have no idea about. As if someone would find a way to Narnia, but we do not have the key how to go through. Introducing ourselves those new concepts early on and learning a little bit about them here and there is a promising idea.
We do not have to go through immediately, but it is a clever idea if we know about our options and opportunities. These companies give us a freedom of choice to find out what is the best for us in different areas of our life.
We will be able to customise our opportunities and adapt to new life situations faster in our life if we know more about them. It might give you the feeling of some uncommon view, but not a bad idea to know about some of those companies.
So, what are the Social Impact of those Tech Unicorns or what are the Social Impact on those Unicorns? Obviously, this is a 2-way street. It is an interaction between the two. How could any tech unicorn exist without people who use it? There is no way that any of them could exist without Social Impact.
Social Tech Unicorns are not hybrid. They are important to create new connections between people to create a long-term impact on society as cutting-edge technologies did. We are speaking here more about the social impact not a financial one. We cannot reject the fact that modern technologies make billions and trillions e.g.: SpaceX and Tesla for Elon Musk, Microsoft did for Bill Gates, and new innovations in education, logistics and pharma industries etc.
Tech Unicorns only successful if it is grown to be not just a tech, but a Social Unicorn as well. If you are a tech start-up founder you need to have a social impact on the world. In that case you can transform habits in a way you want and introduce your services and be sure people will use it.
Although you are not the only one who will affect the behaviour of people as their behaviour will transform your business too with their consuming habits and other social factors too.
Social Impact does not stop to have a positive effect on the world. Traditional for-profit social tech unicorns e.g.: Facebook leaked documents revealed executives aware Instagram cause harm in mental health of teenage girls.
Humans as individuals always need to have awareness to be able to decide if the use of those social networks and platforms have more advantages on their life than disadvantages.
The Environmental Impact
Social impact is connected to the environmental impact as well.
We, humans already changed the environment with our existence and the infrastructural interventions we made on this planet to make it us a more comfortable living Space.
Without charities and help from companies our environment might would have been destroyed by now already. That is why it is important not to forgot to plan and have an idea what do we want while we are trying to change the future for us and for the next generations.
Environmental impact is just as important if not more as worldwide transformation. People start to realize buying local products and exchanging between each other have more sense than waste it. Having your own garden or community gardens might be an option against inflation and the aggressive increasing of prices.
Donating charities, non-profit companies and in some cases, blogs can help sustainable development by spreading sustainable products, and services. Blogs help to create and advertise green infrastructures too. This is important (p)art of social progress to protect the World and make it a better place to live.
Social awareness and social responsibility of individuals and communities help to realize they can help more on each other than government do. In those communities’ people can decide if they want to be part of them. By being part of them can help each other and make an impact on society and the environment.
These contemporary trends expanded lately as humans realized how important not just the Social, but the Environmental Impact too.
Fortunately, some blogs focus on the environmental and social impact of the planet. For example Greenfrastructures, envisioned and present sustainable infrastructures, products, services, which create not just Social and Environmental, but a Sustainable Impact on our Planet.
This new phrase present that in the future we need to focus more on tech unicorns, who have not just technological innovations and social impacts, but Sustainable Impact as well.
Sustainable Impact cannot exist without people who make it happen, this concept needs a worldwide cooperation and collaboration, not just a one-time participation.
From Sustainable Awareness to Impact
ESG (Environmental, Social and Governance) criteria are imposed and important in strategic directions of businesses and the 17 Sustainable Development Goals (SDGs) set for 2030 by the United Nations.
Soon as Sustainable awareness grows, humans will realize they need to pay more attention on tech unicorns, who focus not just on the Social & Environmental, but the Sustainable Impact too.
The effect to save more than destroying the Green Planet is particularly important by spreading the word with education, using greentech and green infrastructural solutions, which help people to protect the environment from future harm and be active part of the favorable processes.