One trend that we have noticed in the startup world lately is a rise in Digital Identity Management platforms. We have featured several on the site over the last week or two (Axuall and Sumsub), and we wanted to discuss the shift being caused by the pandemic and how it has created new demand for Identity Management.
Identity Management was already a growing field in our global world pre-COVID. As companies, agencies and freelancers from around the world increasingly found one another and worked together, employers had a need to verify the identity and credentials of these individuals to make sure they knew who they were hiring. Then the COVID pandemic gripped the globe and a majority of us when into a remote/digital working dynamic over night. Once the fog settled and we all started to adjust to this new normal, employers realized, “I still need to hire” but how can I verify a new hire when I only get to Zoom with them?
Startups like Axuall and Sumsub are in the early waves of new innovation to help address this gap. Providing professionals with a set of tools to help input and verify their credentials and then make them easily sharable with employers so that both parties are comfortable with the validity of them even if a NYC firm hires someone from Tulsa, OK.
While some firms like Sumsub have created a more generalized set of tools for identity verification and management. It is more likely that specialized shops like Axuall will quietly move in and disrupt the specific needs of an individual industry (healthcare in this instance). What other industries will benefit form this? Freelancing, bio-pharma, education? There are many possibilities.
Regardless of what industry comes next, we seem to be in the early innings of a Identity Management innovation boom and entrepreneurs and investors alike will be on the lookout for the next opportunities to disrupt and bring value to an industry.