We are living in unprecedented times. There is a new age of economic revolution unfolding right before our eyes, literally!
Technology has opened new frontiers of doing business that people living in the 19th century and earlier could only dream of. Take, for instance, Facebook, one of the leading big tech companies in the world today. Founded in 2004, it was followed two years later by Twitter in 2006. Google, the world’s largest search platform and arguably the leading internet driver, was conceived in 1998.
These big tech companies now run the world, yet none of them existed a quarter-century ago. So, if you are looking to start a business and you’re technologically inclined, your best bet is the technology sector.
You might want to choose from the following six types of technology startups:
Type #1: E-commerce Startups
One of the easiest types of technology startups businesses to start today, e-commerce, also referred to as internet or electronic commerce, is the buying and selling of both services and goods via the internet. It also refers to the online transfer of data and funds to pay for services and products.
With worldwide e-commerce retail sales projected at $27 Trillion by the end of this year (2020), this technology-driven sector is arguably the most lucrative in the world today. But how did all this come about? Well, the first online transaction involved the sale of a CD on August 11, 1994, by a band known as Sting. It was sold to a friend via NetMarket, a retail platform for the US market.
A lot has changed since then as more businesses now rely on the internet to conduct business and close sales online on a scale inconceivable just under a century ago. If you are planning to start an online business, the best time to do so is now!
Type #2: Software Startups
Business is about solving people’s problems. If you can provide a scalable solution to a problem people are eager to solve, you can have a winning startup. Today, almost everything runs on technology, which hugely depends on software. This ubiquitous infrastructure permeates every aspect of life. If you can create software that can solve people’s problems, you can take the first step to join the league of big tech software development companies.
With a net worth of $238 billion and climbing at 3.9 percent every year, the software development industry is a win if you are looking to start a technology-driven business. There are many tech companies in Toronto, Vancouver, and all around the world. The business opportunities in the software industry are on the rise.
Type #3: Application Startups
The prevalence of smartphones and other hand-held devices such as tablets has provided another lucrative platform for this technology-driven business. From ordering food and rides to online dating to conducting online transactions, there’s an app for almost any service or product your mind can conjure. If you are looking to start a technology business, this is one of the easiest sectors to break into. Besides, application development is inexpensive compared to software development.
Among the most lucrative app categories include video and music streaming, dating, games, messaging, social media, and health and fitness apps. If you can provide a scalable solution to a need, chances are you can develop an app for it.
Type #4: Telematic Startups
Telematics combines computer science, vehicular, telecommunications and transport technologies. Future logistics businesses will converge here. Telematics facilitates better fuel-efficiency, enhances road safety, and makes predictive engine maintenance possible.
You can use telematics to lower fleet costs and cut down on transportation time. These are huge benefits most customers would find irresistible, making a telematics startup a potentially lucrative business. The benefit of this platform is that it provides users with access to real-time, actionable transport data, which is critical when managing a fleet.
Type #5: Cybersecurity Startups
Every business that interacts with the internet requires a security setup. With incidences of big data breaches rising by the day, and as hackers devise ingenious ways to tear through firewalls, it’s extremely critical today to have a watertight cybersecurity infrastructure. The protection of customer data has become a major issue that has attracted increased data regulation. A cybersecurity startup that can provide watertight solutions to internet security breaches such as identity theft will find a ready market here.
Type #6: Cloud Computing Startups
When choosing software, businesses have two options: local installation or cloud installation. With local installation, the software is installed on local computers or servers. However, in cloud computing, the software is installed on a cloud, which means it can be accessed anywhere as long as there’s an internet connection.
With cloud computing, people can work on the beach, in bedrooms, in planes, or on farms; basically in any location with an internet connection. Investing in a cloud computing business is, therefore, a great business idea. Most applications such as Zoom, Skype and many others are cloud-based. By starting a cloud computing business, you will be helping businesses manage their operations efficiently and remotely using a variety of tech devices.
The technology sector is growing exponentially and at dizzying speeds. This is wonderful news for entrepreneurs seeking to start technology-driven businesses. As long as you can identify a problem and provide a scalable solution for it, your dream of becoming a tech entrepreneur is a step closer to becoming a reality.
