Reflecting on pivotal advancements, including the transformative role of ChatGPT in travel decisions, the impact of high-interest rates on tech funding, and the rise of sustainability tech and renewable energy, this guest post by Cody Candee, Founder and CEO at Bounce, explores key trends shaping the industry.
With insights into the evolving dynamics of technology and innovation, Cody anticipates the continued influence of generative AI and a heightened focus on sustainable practices, promising exciting developments and transformative changes in the coming year. He shares, “As we reflect on the tech landscape of 2023, several trends have emerged as key drivers of innovation and transformation.
ChatGPT – The invention
One notable advancement is the impact of ChatGPT on technology and for us as a business, on travel decisions. ChatGPT, powered by natural language processing, has revolutionized various sectors by enhancing communication capabilities and will be growing in influence in any business or sector. In tech, it has found applications in customer service, virtual assistants, and content generation, significantly improving user experiences. In the realm of travel decisions, ChatGPT plays a pivotal role in streamlining information retrieval and customer support. Its conversational capabilities provide personalized assistance, influencing travelers’ choices and transforming the overall customer experience within the travel industry.
High-interest rates on tech funding
Another significant development in 2023 has been the influence of high-interest rates on tech funding. European startup funding in particular has halved year on year in 2023. If you’re looking for funding, 2024 is a year to move with caution and be extra mindful of spend. The surge in borrowing costs is rewriting the rules of financing for startups and tech companies, challenging traditional models. As a result, businesses are compelled to reconsider capital allocation strategies and explore alternative funding avenues. This shift is expected to have a profound impact on growth forecasts within the tech sector. Companies are likely to prioritize sustainable and efficient financial practices to navigate economic uncertainties and ensure long-term viability.
Sustainability tech & renewable energy
Sustainability tech, or green tech, has been a standout theme in 2023. This is a horizontal category, which we can expect to see infiltrating into several sectors. Innovations in renewable energy, particularly in solar and wind technologies, are driving the transition to cleaner power sources. Energy storage solutions, such as advanced batteries, are gaining traction to address intermittency issues and enhance grid reliability. Circular economy technologies, focusing on waste reduction and resource efficiency, are also emerging as vital components in the quest for a more sustainable and environmentally friendly future.
What’s next?
Looking ahead to 2024, several trends are poised to shape the tech landscape. Generative AI, marked by its ability to create content autonomously, is gaining prominence. This technology is set to change the way we interact with information on the internet, offering new possibilities for content generation and consumption. In the realm of travel and green energy, a noteworthy trend involves the exploration of more sustainable fuel types. Recent trials, such as Virgin’s use of “more sustainably sourced” fuel, signal a growing commitment to environmentally friendly practices within the travel industry, with further advancements anticipated in the coming year.
In conclusion, the tech trends of 2023 reflect a dynamic and evolving landscape, marked by the transformative influence of technologies like ChatGPT, the reshaping of funding dynamics due to high-interest rates, and the growing emphasis on sustainability and green technologies. As we look forward to 2024, we anticipate continued advancements in generative AI and a heightened focus on sustainable practices, including in travel, further shaping the trajectory of technology and innovation. The coming year holds the promise of exciting developments and transformative changes across various sectors.”
Cody Candee is the founder and CEO of traveltech startup Bounce. Before launching Bounce, Cody was the Product Lead at travel giant Intuit. Before that he co-founded several startups. Cody holds a BA from the University of Wisconsin-Madison.
