Since technology is so intertwined with our daily lives, tech startups can succeed if they have the right idea and the ability to take on the challenge of starting their own business. Identifying a problem and developing a profitable, creative, technological solution are common themes in tech startup ideas, as they are in most. With the 25 best tech startup ideas with rapid growth and profitability in mind, you can find the right idea for your future startup. #TWN
You've probably looked into some tech startup ideas if you're looking to start a business with high earning potential.
Why shouldn't you? According to CompTIA, the estimated economic output of the technology industry in 2019 was $1.8 trillion, accounting for more than 10% of the national economy. Furthermore, since 2007, the average successful startup exit (via acquisition or IPO) has been $242.9 million.
What constitutes a "good" tech startup idea is constantly changing in an industry defined by innovation and disruption. As a result, we've compiled a list of tech startup ideas poised for explosive growth in the coming years.
Tech companies offer products and services that have applications in a variety of industries, but their primary focus is on the research, development, and distribution of technological goods. It includes companies that manufacture electronics (such as Apple), develop software (such as Salesforce), and provide information technology services (such as Google).
The best thing about our technology business ideas is that they don't require a lot of overhead—you can start small and grow slowly. However, to successfully start a business in the industry, you will need some level of technical knowledge. If you have no prior technical experience, consider enrolling in a coding Bootcamp.
Here are some of the best tech startup ideas, including some suggestions from tech entrepreneurs.
Phil Strazzulla, the founder of HR software company SelectSoftware, is our first recommendation. Food technology, according to Strazzulla, will be a major growth industry in the coming years:
"Businesses like Beyond Meat are just the start of companies developing eco-friendly and healthy food that tastes as good as our current diet. The science is now in place, and the market for next-generation food is in the trillions of dollars, growing at the same rate as the global population."
Website design is one tech business idea that will never go out of style. That's because, to appear reputable and build their brand, almost every business requires a professional-looking website.
Graphic design, interface design, copywriting, UX design, and SEO are all services that fall under the umbrella of web design. According to IBISWorld, the web design industry grew at a 6.6 percent annual rate over the last five years, generating $38 billion in revenue in 2019, indicating that there will be a market for this tech business idea for many years.
Both augmented reality (AR) and virtual reality (VR) technologies are included in extended reality technology. Extended reality technology, according to Kenny Trinh, editor of the tech review publication Net Books News, will proliferate in the coming years.
"By 2020, we'll see an increase in the number of businesses using extended reality to differentiate their brands and provide a better customer experience," says Trinh. "Some companies have already started doing that."
W-in-a-Box, an eco-friendly water packaging project, uses augmented reality to further explain the benefits of its product, according to Trinh.
Mechanical engineering, electronic engineering, information engineering, computer science, and other related disciplines fall under the umbrella of robotics. Robotics aims to develop machines that can move and respond to sensory input. This industry is expected to grow from $80 billion in annual revenue in 2019 to over $200 billion in annual revenue by 2025, according to Statista.
Customer experience management platforms, such as ZenDesk, according to Ian Kelly, VP of operations for NuLeaf, a CBD oil company, will soon render customer relationship management platforms, or CRMs, obsolete.
"While a CRM can help you manage customer information, a CXM unifies all sales, marketing, and customer service conversations into a single silo so that your customers are treated as the devoted fans they are," Kelly says. "No more hammering your customers with repeat promotions, selling them services/products they already own or letting them fall through the cracks when they've purchased but never been properly onboarded."
Influencer marketing is a business model based on endorsements and product placements from individuals or organizations with a certain level of expertise or social influence in their fields, which is made possible by social media platforms like Instagram. While not everyone can be an influencer, if you have a lot of charisma and some unique knowledge, you can start a business by building a social media following and hiring an influencer marketing agency to connect you with brands.
On the other hand, you could start a company that connects brands with the right influencers for their products and missions.
Gleb Myrko, an analyst at market research firm Freedonia Group, believes content automation software presents a great opportunity for tech entrepreneurs as content and social media become an ever-growing part of many businesses marketing plans.
"Today's businesses have accounts on a variety of social media platforms, including Instagram, Facebook, TikTok, and others.” Content planning, content production, account management, and analytics require different approaches for each of these channels," says Myrko. "For the most popular social media, there is still no widely used tool for omnichannel management, promotion, and analytics." We need a centralized, convenient, and effective hub where marketers can analyze data/performance, as well as manage and promote their accounts on various social media channels."
Machine learning, computer vision, natural language processing, and other technologies are referred to as "artificial intelligence." Artificial intelligence is a technology that has been around for a long time, but its market potential is increasing as it becomes more sophisticated.
According to Statista, the industry grew by 154 percent in 2019, making it a great tech sector to start a company in.
If you've been paying attention to content trends over the last few years, you've probably noticed how popular podcasts have become. Today, 51% of Americans have listened to a podcast, and podcaster Dre Baldwin believes that podcasting's prospects will only improve in the coming years.
"Entrepreneurs must begin building their podcast content library as soon as possible," Baldwin advises. "Audiobooks and podcasts are at the forefront of this trend of people consuming media on the go." Any entrepreneur or business entity that wants consumers' attention must literally be in their ears."
When it comes to streaming services, Netflix and Disney+ get the most attention, but there are plenty of opportunities to start a service for more niche content. Create a streaming service where users can upload instructional videos or a streaming service dedicated to children's content, for example. You could also create a live-streaming (like Twitch) or music-streaming platform (like Spotify).
The streaming service industry's global outlook is overwhelmingly positive. Streaming services brought in $25 billion in revenue in 2019. According to Statista, that figure is expected to reach $30 billion by 2025.
3D printing, which allows users to create a three-dimensional object from a computer-aided design model, is one of the more exciting technologies developed in the 2010s. Shayne Sherman, CEO of TechLoris, believes that as 3D printing becomes more sophisticated, it will become more important in the next decade.
"There will always be a need for production companies," Sherman says, "but just as the assembly line changed production, 3D printing has changed production." "The ability to manufacture entire components in single pieces has sparked significant interest, particularly in the medical field. Because of this demand, 3D printing companies are expected to grow at an exponential rate, and if you can get into the business now, it's a good investment for the future."
E-commerce is another technology that has been around for a while but still has growth potential. Over the last year, Statista reports that e-commerce sales grew from $500 billion to nearly $550 billion.
If you have a unique idea for an e-commerce store, you can launch your own e-commerce business from the comfort of your home. No product in mind? Not to worry; dropshipping allows you to start an e-commerce business with products you are not responsible for warehousing or shipping.
You could also take the time to create your own e-commerce platform or the marketplace if you want to gain a larger share of the market. Just keep in mind that e-commerce platform behemoths like Shopify and Amazon already have a stranglehold on the market. As a result, we recommend focusing on a niche market if you want to start your own e-commerce platform.
Although we carry our phones with us everywhere we go these days, having your phone battery die on you while you're out is still an all-too-common occurrence. That is what is propelling the portable phone charging industry forward.
According to BCC Research, the portable charging device market is expected to grow at a compound annual growth rate of 6.6 percent from 2017 to 2022. The fact that many newer phone models have lower battery capacity is fueling growth.
According to Mohammed Javed, the report's author, "growing urbanization, rising disposable income, and increasing mobile phone penetration will boost the mobile charger market around the world." "Soon, the mobile charger market will be boosted by the increasing penetration of high-specification electronic gadgets/devices that drain batteries at a faster rate."
An e-book is a book that has been converted into a digital format. There is a growing market for books published online if you're a writer. Businesses create e-books to market their brands, and aspiring fiction and nonfiction authors publish e-books to reach a wider audience and expand their readership.
According to Statista, revenue from e-books reached $1.3 billion in 2019 and is expected to reach $1.6 billion by 2024.
Nearly every industry, including the fitness industry, can benefit from technological advancements. New technologies like FitBit, Peloton and Strava have already changed the way people exercise, and more innovation is on the way. Jared Weitz, the founder of United Capital Source Inc., believes this.
"Fitness technology is a rapidly expanding field. "Whether it's creating fitness trackers, wireless earbuds, or multifunctional smartwatches, the market is always looking for new gear and technology," Weitz says. "This niche is expanding beyond physical fitness products to include apps and data that combine the physical and digital worlds. You'll be setting yourself up for success in 2020 and beyond if you combine a high-tech device with an app related to exercise or diet."
Do you have any foreign language skills? Are you able to construct a treehouse? Do you know how to make a good soup? You can then make money online by sharing your knowledge and expertise. Teachers can now create their own online classes, sell them to students, and teach the entire class online, thanks to services like Teachable and Udemy. You can earn a livable wage by teaching your skills to others over the internet if you're a good teacher and know how to market your class.
Every company requires a website. Besides, given the current state of the market, every company will soon require its own mobile app. Individuals with app development experience will be able to take advantage of this exciting opportunity. Braze and Leanplum, for example, have built their entire business on developing apps for others.
There's a never-ending supply of app ideas. In 2018, there were 194 billion app downloads, and that number is expected to rise. As a result, strike while the iron is still hot.
Many businesses' marketing strategies still rely heavily on Google. They must be able to rank first in Google Search for keywords relevant to their industry. That means they'll need assistance from someone knowledgeable about search engine optimization or SEO. Some companies hire SEO specialists in-house, but many others hire freelancers or third-party agencies to implement their SEO strategies. You can start a business providing SEO services to other organizations if you can train yourself in SEO and keep up with its ever-changing trends.
As a social media marketer, if you're not into SEO but are good with social media, you can help businesses generate likes, shares, retweets, followers, comments, clicks, and more. You'll consult with businesses and help them manage their social profiles, distribute content across the web, and build their brands in this role.
Furthermore, becoming a social media marketer has a low entry cost and can be done from the comfort of your own home. Just make sure to brush up on your social media skills and stay current on the latest platforms and trends.
There's a market for your services if you have a drone and know how to use a camera. Aerial photography is increasingly being used by commercial and residential real estate agents to market their buildings and properties. Platforms like Zillow can help you find local real estate agents. Then make contact and offer your assistance. Drones are also used in other industries such as agriculture, events, and more.
Today's businesses are more vulnerable to cyberattacks than ever before, necessitating the hiring of IT consultants. As an IT consultant, you can assist companies in evaluating their security systems, conducting tests, and providing recommendations on how to better protect themselves from cybercriminals.
An IT consultant can also assist businesses in setting up their computers and troubleshooting any general issues.
Venture capital funds the vast majority of tech startups. If you're interested in the tech industry but lack technical expertise, you could try raising funds and becoming a venture capitalist or angel investor.
Being a venture capitalist, like being an influencer, isn't something you can achieve overnight. Because being a venture capitalist necessitates allowing others to put their money in your hands.
To make a name for yourself, you must start small and make some solid investments. Many independent investors join a VC fund for some time before leaving to start their own.
Creating your own startup incubator is another way to get involved in the tech world without having a lot of technical experience. An incubator's job is to assist startups in successfully planning and launching their businesses. Management training, office space, and mentorship opportunities are all possible services.
To successfully launch an incubator, you will, of course, need some business experience. It may be difficult to come up with the funds to start your own incubator and attract founders. Many incubators begin small and expand over time after successfully assisting several startups in entering the market.
An antivirus developer is a very specific type of tech business idea that entails the creation of antivirus software that can assist businesses in protecting sensitive data. Antivirus software can be written in a wide range of programming languages. An antivirus's overall goal is to detect and remove malware before it harms a computer's systems. Start networking with local businesses to see if there is a demand for this service in your area.
A domain name broker is similar to a stockbroker, except you sell domain names instead of stocks. To get started, you'll need a small sum of money to purchase some domain names. You'll then need to educate yourself so that you can anticipate future domain name requirements.
As with the majority of the business on the list, an emerging business ideas you can also have that creating a booking system - Booknetic SaaS, they can start a business and make their own money without having technical skills. However, since everyone who want to travel need to book hotel, flights, train, etc. So its a great niche to start this business.
The Bottom Line
We hope our list has assisted you in determining which tech business idea best suits your skills and interests. Whatever path you choose, you'll need to write a business plan, form a legal entity, and possibly take out a business loan to get your venture off the ground.