Since the coronavirus outbreak, the use of the internet, digital devices and online services has grown, and so has the number of start-ups worldwide. As start-ups are popping out like mushrooms after a rainy week, you might wonder which are the best, most required and most profitable fields for launching a start-up.
Whether you’re planning to start your own business or invest in a new one or, again, you’re reading this article just out of curiosity, here are the best fields to launch a start-up.
The meaning of start-up.
Almost everyone has an idea of what a start-up is, right? Usually, it is a small business that has just been launched. But, before we begin, some of you might wonder what the real difference between a start-up and a small business is.
Well, a start-up is indeed a company in its starting phase. Usually, it comprises investors and/or entrepreneurs with ideas to develop a service or a product.
How do start-ups work.
Since the costs of starting a business and, thus, of a start-up might be high in the first place, the founders of these small businesses – also known as startuppers – usually seek outside investment from venture capitalists, crowd funders and… well, loans.
Usually, start-ups have a high risk of failure and a small percentage of success. But when and if they succeed, their value usually skyrockets to the point of making the brand world-famous.
For instance, Google, WhatsApp and Facebook were all born as start-ups. But in this constantly changing world, technology has broken its way into the market by defining, in significant part, the types of most profitable start-ups.
Artificial intelligence and virtual reality
AI and VR are the most innovative yet one of the most profitable fields to launch a start-up in. While AI is a more promising industry for substantial growth, VR is the winning bet for anyone choosing to launch a media- and videogame-themed start-up.
AI has three sectors: services, hardware and software, which are all growing at different rates. However, the best side of an AI start-up is the variety of fields in which it can be deployed.
On the other hand, when it comes to VR, it is good to remember that VR is about more than just video games. VR can also be applied in various ways, from movies to entirely subversive educational experiences.
These three areas are, of course, different from one another, but they have something in common: the word “tech“. Besides, it is not only about the term but also that all these three fields are highly profitable as technology becomes increasingly innovative.
Fintech is ideal for tech-savvy entrepreneurs and is the fastest-growing among the three.
Healthcare technology is something that the entire world will always need to improve our healthcare system in every possible direction.
The same goes for educational technology. It has to be mentioned that edtech is now also greatly involved in VR and AI-themed services and products, as the latter consists of the chance for full subversions on a virtual level.
Big data
As the world moves towards digitalisation, it is more complex and challenging for companies to keep up with data management.
The growing need for more bandwidth and the need to keep track of the data of every user and device is complicated. Therefore, start-ups that offer solutions for big data management are among the most profitable ones.
E-commerce and delivery services.
E-commerce and delivery services go hand in hand since the products bought online have to have someone that delivers them as well. Besides selling the goods, these start-ups can integrate AI and data management systems to smooth internal operations and assist clients in shopping online.
Delivery services are improving at handling clients’ orders, reclaims and overall logistics. It’s also an excellent opportunity to include some AI or data management systems that make delivery processes smoother.
Similarly to the businesses operating in the delivery field, another perfect crossover opportunity is the eCommerce sector.
Conclusions.
As the demand for these services and products is constantly growing, these are the most profitable and, undoubtedly, the best sectors to open a start-up in.
ACS – ASOMI College of Sciences is engaged in innovation and technology-led actions. If you want to find out how we are involved in research and innovation, click here.
