Drones are often dismissed as tools used for recreational and military use with little application for improving the world around us. Yes, they are used for military surveillance and a pastime for hobbyists but… what else? As strides in drone development have occurred, the use of drones has likewise diversified. As a student on a college campus, I have recognized the demand for convenience amongst college students.

George Mason University in Fairfax, Virginia has addressed this demand by implementing a plan for drones to deliver food to students. A comparatively concerning demand has also been targeted by drone technology: providing health services to those in developing countries. For people in countries such as Tanzania, it can often be difficult to gain access to the medical resources required to treat conditions such as anemia. However, a Silicon Valley-based startup called Zipline has initiated the use of drones to deliver medical supplies to those in developing countries. By combining the use of physical hardware and advances in technology, drones have the capability of solving society's problems--both serious and trivial.

Many other companies have also realized the potential of drone technology. The financial services firm Deloitte launched a Drone Services team to advise clients on using drones for data collection and analysis. With a massive warehouse stock, Amazon is also planning on using drones for product deliveries to consumers. Drones will be used akin to carrier pigeons--delivering products to customers by initially receiving the product from the warehouse "mothership" and flying off to the specified location.

A primary goal of companies is to strive for efficiency. With these drones, Amazon will do just that as the drones can deliver packages quickly by not needing to traverse roads. At the moment, only smaller packages can be delivered using drones but it would not be surprising if larger packages can be delivered as drone technology advances. Drones even have the potential to change the insurance industry.

In 2014, a French company called Dronotec played a role in assessing the damage done from a fire on the coast of France. Because of the hazardous conditions ranging from unstable roofs to smoky conditions, Dronotec drones were used to survey the site and geotag areas that needed the most assistance. Because of the versatility of drones in many industries, they have been targeted by many companies as a tool for expansion.

So what do investors think of drone technology? Many investors believe there is potential for drone startups. In 2017, seed and Series A funding comprised 62% of drone investments. Also back in 2017 was when 3D Robotics received $53 million in Series D funding. Like the startup Eyrus that venture capital firm Rokk3r Fuel ExO invested in, 3D Robotics is a company driven towards detailing and documenting projects, such as those in construction. However, they use drones instead of cloud technology.

While the future for drones may seem bright, there is a darker side to the industry. Despite receiving $118 million in funding from companies such as Google's GV and Kleiner Perkins, the startup Airware shut down in 2018 because of their drone software technology exceeding the capabilities of drone hardware. Because their software exceeded the capabilities of drone hardware, Airwave tried to produce their own hardware--an effort that resulted in the loss of their funding. Due to advances in technology, drone startups need to be cognizant of the potential drawbacks found when technology and hardware get ahead of each other.

The drone industry has much room for growth in the coming years but investors should be wary of how quickly drone technology advances.