Govtech, a concept so new there is no clear definition for it. Let’s start by covering the basics. Govtech is all about incorporating the new and innovative technologies on the rise to improve the public sector as we know it. Sounds great so far, right?
The problem is that this is one of the most complex industries to break into because the Government usually likes to keep tradition and stick with their current way of doing things. This means that Govtech companies such as Glass find it a serious challenge to develop new ways to enter the market and keep our Government involved and informed constantly. Through educational programs, demos, events, and so much more, we ensure they can also join us in championing the power of a digital transformation.
The GovTech sector is estimated to be worth around $400bn globally, yet it remains one of the least talked about subjects in the venture capital world. Why? Because it’s a risk most are not willing to take. Backing a new and upcoming company is already quite unpredictable, but then doing so in a space that no one believes can change, such as Government, becomes almost impossible to most.
For us at Glass, we think of it as an opportunity. Most of our team comes from the government field, so we align ourselves with the demand to keep processes as they are, but there’s clearly a need to improve them. Our goal is to make the public sector more innovative and versatile.
We want to make Government more technologically functional because significant shifts are happening right in front of us. Many changes came as a result of the COVID-19 pandemic; operational adjustments had to be made out of urgency and not desire. This is why I must highlight our passion for creating technology that manages and improves the currently existing infrastructure.
Govtech is not here to replace or simply create other resources but instead to find an intersection between the government frameworks already in place and technology. The truth is, we get inspired by the work getting done within the public sector, and we take that to develop the tools that we are currently creating.
The public sector, by definition, is full of constraints, so innovation has to really fight its way through. And although we might think that Government is all the same, in reality, each agency, department, city, county, and state has its own ways of running things. They also have different sizes of administration, initiatives, and priorities, so they act independently for the most part. It’s not a one-size-fits-all field; it’s our mission to really engage the government staff and the community to better align our tools with their respective team goals.
It’s exhilarating to be part of this up-and-coming industry. We are bridging the gap between Government and technology to better serve the people. Our citizens are the ones that get affected the most (directly and indirectly) with the way things are run in the government administrations. I’m confident that as Govtech continues to grow and to gain center stage across the U.S and the world, the citizens will be the ones pushing forward the innovative initiatives that people in this space are creating. It’s a full circle; we help the Government help the people—innovation created for the public and by the public.
So now you know. If you’re asked again, “What is GovTech?”. In summary, it’s a $400B market of digital transformation for government systems & processes.
What initiatives would you like to see in this industry? Tell us below, and please share the article to engage our community as we shake up the public sector!
Amada — GovTech Advocate