Last week, I had the privilege of attending the Smart City Startups Summit in Miami, Florida. By bringing together startups, government, investors and philanthropists, it was an incredible demonstration of the health and maturity of the government technology (GovTech) market. During the event, we released the first round of research out of e.Republic Labs regarding the state of the GovTech market as it pertains to startups. Up to this point, there have been numerous definitions and market sizing figures that have been used by different groups within the space – but there was no clear definition to reconcile the differences. Months back, we began a journey to develop a framework to reconcile the differences and describe the GovTech market in its entirety.
This is what we discovered:
GovTech companies are firms that have state, local and federal government as their primary market focus and derive the majority of their revenues from the public sector. GovTech companies can be categorized among four domains: (1) administration, (2) service delivery, (3) civic tech and (4) smart infrastructure.
This early research is designed to fill a knowledge gap with the market as well as initiate a larger conversation regarding how we analyze and describe market activities. We encourage you to reach out with feedback and questions so we can collectively accelerate the pace of knowledge transfer and change within this exciting space. Also, if you’re a startup in this emerging market, we want to hear from you- jump to this form so we can include you in future research.