If you are an avid tech aficionado who also has an affinity for Shark Tank and entrepreneurship, continue reading. Why? You’re about to learn seven business categories that modern technology has helped facilitate in recent years.
Starting a Wearables Business
If the Pebble Smartwatch’s success is any indication, the wearables industry is heating up. The sector’s growth is owed in large part to the massive number of smartphone owners and the proliferation of advanced technology that makes it possible to fit vast amounts of data into ever smaller devices.
Experts project the global wearables market to surpass $20 billion by 2018, and some say that it could even top $30 by 2020. Much of these gains will be fueled by technological advances in the fitness, mobile payment, and healthcare industries.
While starting a wearables company represents as thrilling an adventure as one could imagine, there are certain considerations you should take before embarking on this project. Namely, you should know that launching such a venture requires significant funding, there is also the challenge of scaling the manufacturing process, and generating sufficient sales to turn a profit. Nonetheless, if you have a knack for digital technology and can arrange the requisite funding, it’s a great field to pursue.
Launching an App Development Firm
No one can deny that the mobile app market is one of the hottest markets in the world right now. In fact, in 2015, Apple’s customers purchased over $20 billion worth of apps for their mobile devices, and the Google Play store continues to churn out impressive figures, as well.
Like the wearables market, mobile app growth is driven by the plethora of mobile phones in circulation. So, the sky is the limit for mobile developers with an entrepreneurial bent. However, starting an app development company is about more than just writing code. Succeeding in this business requires you to wear many different hats.
In addition to being a proficient coder, user experience design is another key component of app development. With literally billions of other apps that have already hit the market, gauging consumer demand is critical. Furthermore, while the app stores do a great job of promoting top sellers, as a new app developer you won’t have the same luxury. Instead, when starting out, you’ll need to drum up your own business.
Social media, web design, search engine optimization (SEO), mobile development, reputation management, digital campaign management, and content marketing; these are all facets of the $60 billion juggernaut that is the digital marketing industry. The market growth is made possible by rapid advances in web technology and the evolving needs of tech savvy clients.
If you’re adept in the art of digital persuasion and do not shy away from an entrepreneurial challenge, consider starting a digital marketing agency.
The digital marketing space is so vast that one could easily have their hands’ full building a brand that focuses on only one segment of the industry, be it SEO, social, content, PPC, etc. Given the scope of the online marketing arena, it wouldn’t hurt to choose an area of specialty – even if you are well versed in all aspects of the field.
After selecting a niche, there are many other things to do before you’re ready to hang your shingle as a digital agency. Namely, you’ll need to find an audience to target, hone your service offering, develop a production process, and build a team. And although you are already well-versed in marketing you must ever sharpen your proverbial ax.
Build an Artificial Intelligence Empire
One need not visit Mashable, Techcrunch, or other leading tech publications to know that the AI is a field to watch. And, although it’s difficult to arrive at the industry’s exact market size, the most common estimates forecast sales to reach $15 billion by 2020.
The bulk of the field’s growth is expected to come from increased demand across the financial, character recognition, automotive, natural languages, and data management sectors. If you’re skilled in any of these technical areas, can muster adequate personnel, and attract funding AI may be the path to consider.
Create a Biotech Startup
Every year researchers and scientists around the world push the bounds of pharmaceutical technology. Judging by global revenues, which have already topped $400 billion their work has not gone unnoticed. Although most of the growth comes from the US and parts of Europe, India is also a regional player in the industry. Another interesting aspect of this sector is that it not only encompasses pharmaceutical tech but agricultural, as well. Growth in this area is aided by several factors, global population growth, longer life spans, and greater crop demand, along with rapid advances in bio science.
Hence, it should come as no surprise that investors are pumping $billions into the industry year after year. If you possess advanced knowledge in chemistry or biology, are passionate about technology, and don’t mind handling management related issues, launching a biotechnology company could be a wise decision. However, it is not for the faint of heart. Indeed, it’s one of the world’s most highly regulated industries. Running biotech company also means investing heavily in research development and it often takes years to develop a product and bring it to market.
Open Your Own Software as a Service Firm
The software as a service (SaaS) field is another rapidly growing sector. It is one of the newest areas on this list and had already reached $70 billion by 2016 and is expected to double by 2019. Innovation in this sector is fueling many opportunities in this market.
To make this type of business work you’ll need first to identify a problem or a need and then solve it. It also wouldn’t hurt to identify an existing solution and learn how to improve upon it. Next, comes the task of turning this information into a concrete business process.
Venture Out into Cyber Security
Rounding out our list is the cyber security sector; this industry continues to expand because as cyber criminals adapt, cybersecurity professionals must respond by developing even more powerful tools. Thus, the total market share for the cyber security is expected to reach nearly $170 by the next decade.
Unlike some of the other fields we’ve covered, you can start a business in cybersecurity without being a cyber security expert. Of course, to do that you’d at least need to learn the basics, which includes learning how to code, understanding how hackers can do what they do, etc. However, once you learn the basics, you can begin laying the groundwork to open shop as a cyber security professional.
Now that you have background information on these industries it’s time to decide where you fit into the mix. And remember, when you’ve had a moment to reflect on it fully, you’ll need to ready yourself for whatever comes next.
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