Which niche or industry do you see as being particularly promising for startups and why?
These answers are provided by Young Entrepreneur Council (YEC), an invite-only organization comprised of the world’s most successful young entrepreneurs. YEC members represent nearly every industry, generate billions of dollars in revenue each year and have created tens of thousands of jobs. Learn more at yec.co.
The eSports industry became huge this past year, especially with the rise in popularity of platforms like Twitch, with many reports stating it’s soon to become a billion dollar industry. A lot of startups will be able to take advantage of this rapidly growing industry.
2. Autonomous Vehicles
The industry is going through a lot of regulations and experimentation to make this technology viable for consumers. It seems most promising because, through the process, it will create a whole new set of jobs for the market and boost the economy. I still believe we are seven to 10 years away from fully autonomous vehicles, but with the emergence of these companies, it will be possible.
3. Agriculture Technology
We have a number of clients in the agtech vertical, and I don’t see the trend reversing. As the planet becomes more populated and overheated, a “real” problem to solve for the world is sustainable, secure food sources. This includes meatless meats, soil nutrition, genetically modified crops and waste reduction.
4. Personalized Medicine
Breakthroughs in mapping the human genome, as well as access to affordable testing and reporting, are creating a large and growing market for bio individualized medicine — that is, medicine based on a person’s unique genetic makeup. This presents a huge opportunity for startups to help people interpret their health data and make research-backed recommendations for treatments that are highly effective.
5. Software as a Service
If you have a solid idea in SaaS, you would have a very promising start to your business. Our world is more computer-based then ever, and between the rise of eCommerce stores and good software to support growing businesses SaaS companies are in demand and hotter than ever before.
6. Micro Gigs
I think a business or startup can find incredible success if they can work out a functional business model that incorporates individual gigs with freelance workers. The gig economy is rapidly growing due to increased accessibility for workers. The tax costs are lower, and consumers are clamoring for more easy and cost-effective alternatives to long-running industries.
7. Augmented Reality Apps
Augmented reality is a promising niche for startups to differentiate from other apps, and provides a new service that customers need. For example, interior design is an industry that could benefit from an AR app, among many.
8. AI and IoT in Everyday Life
I think one of the most promising fields for startups is making everyday devices “smart.” Think, for example, a toilet that scans your waste and sends important biomarker data to your smartphone after analysis, or a garbage bin that scans your garbage bag and provides you with important data like what percentage of it is recyclable/organic, etc. AI and IoT can drastically improve our lives.
Blockchain is a revolutionary technology that will change how we keep records and make contracts. This industry is very unstable and in its infancy, with the only real current use case scenario being bitcoin transactions. It is a market ripe with potential for technologists who understand its use potential and the services associated with cryptocurrency.