When the first smartphone hit the store, nobody knew you’d be using it to video-call your long-distance friends while staying in the comfort of your home? Let's fast forward to the 21st century when the network has supercharged itself and taken over. The 5G wave is taking over Canada thanks to its faster networks and immense reliability. This means the opportunities that ride along this wave will also be spectacular! While the greatest minds in Canada's startups have come up with the best way to integrate it into the business world, making them launch cutting-edge technologies in a much more cost-effective way for the consumer. Things are hot and happening, especially in the AR/VR and IoT worlds, thanks to 5G, but is there more? How could it affect the startup culture in Canada for the better, and could it be better? Read on to learn more about it?
What is 5G?
5G is the fifth generation of wireless technology, and to put it in layman's terms, it just makes everything better? 5G would make data transmission faster and also support more devices on the same network. It’s like 4G but with superpowers, making it all the more useful! This is because it uses higher radio frequencies than 4G, thus making your data transfer faster. With the onset of 5G, this would take innovation and technological advancement to an all-time high! This would make real-time monitoring much easier, especially for businesses that require such communication. Not to mention reduced latency. The amount of time a device needs to wait before receiving a response from the internet is known as latency. With reduced latency, device communication would be a whole lot smoother!
Better Connectivity
Canada’s gaming community can set their worries aside, thanks to 5G? The greatest benefit of 5G in Canada has to be faster internet. When streaming HD videos or downloading high-bandwidth applications, 5G will provide users with an improved experience. This would also mean that applications or services that were previously not supported in the 4G network can now come to life? Startups with innovative B2B solutions in industries like manufacturing, energy, and transportation are seen to have hit the jackpot with the arrival of 5G, as startup incubators based in Montreal seem to assist them.
5G and IoT
The impact 5G would have on the IoT is enormous, with increased internet speeds in various industries like healthcare, transportation, and manufacturing. This would also mean that more devices could be connected to the same network. How does a startup fit into this scene? Following the advent of 5G, technological investment has shifted its focus to ERP systems that prioritize customers by giving them faster delivery and product availability. Thanks to 5G, a higher level of automation would be possible at lower costs? Growth of IoT would in turn mean smart homes and smart cities, catering to new opportunities for the Canadian startup ecosystem dealing with IoT technology.
Environment Safety
As the world gets smarter, the risk factor increases. While studies prove that WiFi has inadvertently affected the human brain, the same risk for public health arises for 5G. The alternating electromagnetic fields can also have harmful effects on bees. This debate ultimately led to many people opposing 5G, but it later demonstrated that these fields could be controlled either by distance or by using the right materials. Regarding the radio frequencies emitted by devices, the Canadian government has ensured that only devices with frequency rates that are already covered by Canadian limits are allowed. To do so, the government has set certain guidelines and regulates the usage of 5G. This means that startups setting up their businesses wouldn’t have to worry about safety allegations either, since the allowed frequency is not considered harmful to humans.
A Competitive Culture
With the deployment of 5G, Canada could grow into a promising ecosystem for both domestic and foreign business owners, which would make it challenging for early-stage startups to compete with bigger sharks. This means for startups to ace the game, carving out a particular niche in the market that’d help them be differentiated from the rest in the market. As a result, startups would be forced to create novel solutions, which would ultimately lead to the creation of better and more distinctive products, the attraction of more investment, and the promotion of growth within the Canadian ecosystem.
Innovative Experiences
Prior to the advent of 5G networks, users were unable to access streaming HD video and AR/VR technologies due to slower internet speeds. However, that’s not the case anymore? With 5G, superior, seamless experiences that were previously impossible due to bandwidth limitations lead to increased user engagement, thus driving growth towards startups. Interactive and immersive experiences that take into account the tastes of viewers while streaming content in video space can also help startups work efficiently and drive progress. The development of new partnerships, joint ventures, and co-development opportunities as a result of collaborations with both domestic and foreign businesses is another significant benefit of the deployment of 5G. This opens up a variety of market opportunities.
The Challenge
The biggest challenge for a startup to harness 5G would have to be the digital infrastructure required to set it up. Be it laying optical fibre cables or ensuring the space required is met, the financial effort to do so is huge. Not every startup that wants to transition to 5G would be able to support such infrastructure. Additionally, it would be extremely expensive to hire the talent necessary to guarantee that the best 5G capabilities are met to industry standards or even better.
A New Dawn
While Canada is now in transition to a startup mecca, starting a business in Canada is now much easier. The amount of data that can be processed is huge, making it easier for startups to handle and analyze data. The boost this gives the startup ecosystem would also mean better job opportunities, thus bringing in the creamiest layer of talent. 5G would also help create innovative products when it comes to AR and VR, changing the way we live our day-to-day lives? Not to mention, 5G's ability to process large amounts of data enables startups to outperform their rivals.
