Top 6 Booming Industries for Startups in 2017
Uncertainty plagues the world today, but there's never been a better time for innovation for individuals and startups to make their mark and start a business. As a matter of fact, thousands of startup businesses are founded each year and 2017 won't be any different. But the trick is in ensuring your business survives and thrives for many years to come.
Forbes had previously reported that of the hundreds of thousands of new businesses that emerge every year, About 90 percent would fail. For a startup to be successful, it needs a good team, reliable investors and a product that sells. Knowing what the fastest growing sectors are will also give the entrepreneur an edge.
The top 6 industries that show promising growth for startups in 2017 and beyond;
1. Education Applications
BBC News says that 'Tablet computers are in 70% of schools'. Computers in the classroom are undoubtedly here to stay, as most children grow up with access to smart phones and computers - the level of sophistication is on the rise.
There is big demand for education apps; Ted.com says "More than 250,000 teachers use TED education tools to spark student curiosity and explore presentation literacy skills."
Higher birth rates mean that student numbers will also be growing. Couple that with parents' desire to give their offspring the best education and one can see why schools will see a big boost in the coming years. Private academies, online schools and education software will undeniably find a robust market.
2. Digital Wellness and Ageing Technology
The next few decades will see a continuous increase in the number of Australian citizens aged 65 and over. This will fuel a demand for services connected to ageing, health and well-being; and this will be more than the usual residential aged care. Businesses geared towards medical research, preventive medicine, personal care and even the digitalization of health services will be needed. A Positioning for Prosperity report also claimed there will also be a demand for businesses that will help update or introduce new skills to an ageing workforce.
3. Finance Factoring
Invoice factoring, also known as 'accounts receivable finance"or 'finance' or simply "factoring", is a type of business finance that can offer a quick boost to your cash flow. This sector is traditionally always stable, but it will reportedly see an impressive growth in services such as Invoice finance factoring.
Everything the big banks do is regulated and supervised by the Australian Prudential Regulation Authority, a Government body that "protects the financial well-being of the Australian community". Some online lenders, such as those offering short term financing like merchant cash advances, operate outside of these regulations.
4. Commercial Drone Services
The controversial drone might soon be the go-to method for delivering food and other parcels. But it has far more (and better) uses than that. A study by Grand View Research revealed that the commercial drone market will see its growth rate hit $2 billion by 2020. Interestingly, the best way to tap into this growth market is to focus on the manufacturing of the drones and its parts, instead of aiming for the end users.
'Commercial drones have garnered importance in search and rescue missions, scientific research, and mapping.' grandviewresearch.com
According to StratsTimes.com these are the most in demand drone services, Aerial Photography, Surveying and Security.
5. Medical 3D Printing
This technological achievement has repeatedly shown that there's nothing it can't do, or print. Experts believe that 3D printing will usher in a new industrial revolution as manufacturing parts will soon be made on a 3D printer. One independent consulting firm had estimated that the industry's 2015 value was at around $5.16 billion, and it's still growing. Another recent study had even pegged that 71 percent of US manufacturers are already using some form of 3D printing.
"When patients come into the clinic, they would provide us with their cells from their skin. Those cells can generate stem cells and then heart cells. The 3D cardiac tissue will be utilised to replace the damaged tissue in the patient."
6. Virtual Reality Entertainment
The technology has been kicking around for years but it's just during the past 3 years or so that it has really taken off. The industry might be more focused on video games right now, but VR is expected to grow in the design, manufacturing and health care sectors as well.
'The majority of VR non-gaming content currently comprises of short films and videos.cnbc.com
Starting any form of business will always be tricky. As these sectors are still growing, startups here will have a relatively easier path.
Writes for Authorflair a freelance writing network. With years of experience in Small Business and a yearning for all things new she shares her insights. Connect with her at Authorflair if you have any questions about this article.
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