The entrepreneurs who don’t follow the herd but predict the needs and trends of the market earlier than the competition tend to be the most successful. While such predictions carry some risk, the payout can be quite significant. Also, the impact of invention and innovation are not only cultural but economic. The advent of technologies such as the automobile, the internet, and smartphones were all met with varying levels of doubt but today, these technologies have given rise to a host of small businesses as well as online companies. As a result, these businesses have grown from small operations to very large ones.
Business can sometimes feel like it’s becoming less human, less genuine. But the key to building a truly successful business in this changing world is to heartily engage those attributes that make us human, and leverage community and technology to thrive. It’s getting increasingly hard to differentiate some technologies and businesses. Over the next decade, there are going to be incredible businesses built around artificial intelligence (AI), augmented reality (AR), virtual reality (VR) and the blockchain. Any business idea inside of these markets that solves a problem and delivers value will undoubtedly be profitable.
While some businesses will be wholly powered by these technologies, other businesses will have some aspect of their operations empowered by these technologies. While we can predict how most of these technologies will be used by businesses, the outlier is Blockchain. Even though Blockchain is still in its infancy, there is a lot of opportunities to get into the ground floor. Because blockchain is going to significantly change the world. The technology is advancing quite quickly and no one is really sure what it’s ultimately going to look like, which is very similar to what the internet was at its inception.
Technological disruption and digital transformation have necessitated that we work cooperatively and creatively to solve challenges in our societies, across our industries and individual businesses. The pace of change in the business world is faster than ever these days, thanks largely to globalization and digital technology. Here, we zero in on fields that will be hot in the future and try to stay away from those that are not.
So what are the businesses that will be most relevant in the next decade or two, and where will we find them?
Alternative Energy & Cleantech
As the world continues to advance due to better technologies, it still faces an energy problem. Particularly for emerging markets, energy is quite an issue as they still rely on traditional sources of energy such as nuclear, coal and hydro-power plants. Energy gotten from these sources are quite harmful to our environment.
In order to save our environment and avoid it going to shit, there’s a need to embrace renewable energy and clean energy sources. As low-carbon technologies and green energy continue to become more commonplace and businesses start to realign their investments to accommodate these modern trends, the potential and opportunity for businesses in the energy market are beginning to ripen.
Alternative energy and cleantech are going to be massive in the future, coupled with AI and IoT. Right now, it might be the right time to enter into the energy business as the market isn’t saturated yet and there are a lot of unfilled needs. Some types of alternative energy niches are Solar, Wind, Natural gas, Biomass, and Biodiesel. With the range of alternative energy, there are quite a number of green business ideas one can consider going into in the energy value chain.
Do you need pizza? Print it up. That is the sort of future that 3D printing offers. 3D printing enables anyone to produce any item from spare camera parts to food and even architect models. The end goal of 3D printing is to allow fabrication of items in low-cost printers, but right now 3D printers are still extremely expensive.
3D printing intensely piqued interest in 2013 and some players in the tech sector were quick to benefit from this interest, thereby reaping rapid revenue growth between 2013 and 2016. Although, the hype has subsided since then, 3D printing manufacturing methods (additive manufacturing) is starting to find its place among other manufacturing methods.
In 3D printing currently, the focus has shifted towards the digitisation of workflows, the manufacture of production quality final products and rapid prototyping. Various industries are now seriously analysing the benefits and competitive edge that 3D printing can lend their operations. The most keenly expected technological innovations in 3D printing are those that will cater to these professional users.
As the 3D printing market transitions to cater to the needs of this user group (professional users), this current period of readjustment and urgency signals the enormous potential for growth in the market over the next decade. Although 3D printing hasn’t found its way to physical shops or personal spaces, the possibility is quite near.
Some of the best businesses that require low capital to start are franchises. Franchised businesses are more than twice as likely to still be in business after five (5) years than non-franchised businesses. This is a strong reason for any budding entrepreneur to consider buying a franchise.
Franchises have devised, tested and refined an operating system that has proven to be highly effective. New franchisees greatly increase the odds in their favour by applying this proven recipe for success, almost ensuring that they will also be successful.
Franchising offers franchisees a collective buying power, as franchisors supply all of their franchisees with the goods and services they sell at lower costs. With franchisees leveraging this buying power, they can have a powerful advantage over their competition in the marketplace.
Franchising has maintained a popularity over the years and will continue to see steady growth, making it a business that will be around for a long time. As new innovations of franchising start to pop up coupled with the era of AI and machine learning, franchising should be one of the first business ideas considered by anyone looking to start their own business.
DNA Design Firm
DNA is our body’s own biological roadmap. The better you understand your DNA, the better you understand yourself. It can help you stay one step ahead of your health and plan for the future.
An increasing understanding of human genetics holds the potential to significantly change health care through customised preventative care and treatments. Reading DNA gives clues to disease within an organism or body. The total aim of DNA design and testing is to address global challenges with control of biological systems across four major biological systems — Human cells, plants, animals, and microbes – to protect our environment, promote health and feed the ever-growing population of humans and animals.
DNA test for health reasons has become increasingly popular. The test’s designed to give you better information on you and your family’s health. Through a DNA test, you can find out which diseases you’re more likely to develop or pass onto your children. You’ll also be able to discover life-changing results to make better decisions when it comes to your future by analyzing your genetic variants.
Presently DNA testing techniques and procedures only reveal some diseases, the long-term possibilities involve a better understanding of ageing and endless avenues for new ways to cure and treat disease. The DNA market shows that it is still an open race and as the health industry gears towards preventative medicine and treatment, people who can create technological solutions for reading DNA will reap the benefits.
Commercial space travel
Space travel used to only be the territory of governments or large aerospace giants. That is no longer the case, with numerous companies launching a new space race with the intent to send paying customers into space, and some may go a step further, with lunar missions, in the next five or 10 years. SpaceX said in February 2017 that two brave space tourists deposited a significant amount with the company to secure themselves a trip around the moon.
A presentation in May 2017 at an international investment bank – under a heading of “Space; the next investment, frontier” – affirmed that “investment interest has helped reduce launch costs and spur innovation across related industries, opening up a new chapter in the history of the space economy.” The original space race resulted from the ideas and skills of visionary theoretician engineers including, Robert H Goddard, Wernher von Braun, Konstantin E. Tsiolkovsky but the second space race is being propelled by a new generation of entrepreneurs, including Elon Musk, Jeff Bezos, and Richard Branson.
The price of satellites has reduced drastically as technology has evolved, resulting in more entities – from major corporations to high schools to a podcast team – having a growing interest in putting satellites in space.
Although launches aren’t cheap or haven’t been frequent enough, more space start-ups are stepping up, promising more convenient access to space. The space market is still very open, allowing new entrants with access to capital to enter. Although the entire value chain of the market is years from being figured out, the pursuit of space endeavors is not only a signal for possession of wealth but one of vision, innovation and a wish for the betterment of humanity.