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2018.08.17 Rapid Growth of Danish Translation Startup Due to Technology
In the Business Insider Nordic article dated 7/12, it features a 20-year old Danish college student who is full of entrepreneurial spirit that founded a translation company with $500, which now grosses $1.5 million today in revenues. 

Martin Boberg, who is the founder of .diction, was a student of Copenhagen Business School at the time, but did not have the requisite skills for translation. By outsourcing translation work to language students, he was able to beat out his competitors through lower prices. Today, .diction has grown to become one of the major translation companies of Northern Europe by boasting 1000 registered freelance translators with 11 staff members. 

While Boberg acknowledges that one of the reasons for .diction’s success is through its price structure, he states that the technological advancement to be the biggest factor. He was the first one in the industry to actively incorporae online advertisements such as Adwords which was an important marketing tool that contributed to .diction’s performance during the early days. Furthermore, the next-generation Computer-Assisted Translation (CAT) tools made their debut as cloud-based service after 2012, enabling him to compete on the same playing field along with major firms because now he was able to access to the same technology that they were using.  

The prevalence of machine translation has brought on huge changes to how translation is rendered. However, humans still need to conduct the final check which is where the true caliber of the translator gets tested. Boberg states that today’s translators need to be equipped with linguistic capabilities, area of expertise and software knowledge. 

The market size of the world’s translation industry was estimated at $40 billion in 2016, and in 2020, it is forecasted to increase to $45 billion. In addition, the global language technology industry is valued at $34 billion. 

For more details, please visit the following websites:
 
https://nordic.businessinsider.com/danish-startup-diction-wants-to-conquer-the-40-billion-dollar-translation-market-by-combining-technology-with-people--

https://www.diction.dk/

https://www.gala-global.org/industry/industry-facts-and-data