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10 Best Startup Ideas for 2020

For more than two decades, startups have been the force that propelled the business world forward. And some startup ideas have survived to become the biggest and most influential companies in the world.

If this sounds like a hook, just look at all the largest tech companies. They were all budding startups ten or twenty years ago and have now outgrown even the wildest dreams of their founders.

But what’s the next big startup idea that’s going to shake the world? To help you make an educated guess, the following is the top ten ideas that should be on your radar.

1.       Travel and Airport-Centric Software

Due to technology and globalization, the world has shrunk. Tickets, accommodation, transportation, and auxiliary services have never been more available. However, you’ll probably spend more than a few hours to zero in on those that fit your needs.

To make things more complicated, this industry seems to underutilize AI to gauge market trends and anticipate customer needs. There are privacy issues, of course. But a startup that strikes a balance between privacy, ease of use, and third-party integrations is likely to win.

2.       Food-Related Startups

When was the last time you prepared lunch during workdays? Chances are your diet consists of take-outs, restaurant meals, and occasional junk food. But what if there’s a service that delivers ingredients for one or more meals to your office or home?

Even better, the ingredients are ready to be mixed, cooked, or fried, to dramatically cut the prep time. Plus, there’s an app to go with the service and keep tabs on your dietary habits and offer suggestions. And if that app integrates with health and activity trackers, it could become a force to be reckoned with.

3.       Virtual and Augmented Reality

Did you know that the Virtual Reality (VR) industry is expected to exceed $44.7 billion? The reason for this lies in VR’s versatility and scalability. From uber-cool gaming to education for engineers and medical staff, VR is set to become the ubiquitous tool of the future.

But the future is now and companies are already competing to create better, cheaper, and more scalable VR software and hardware. One of the best examples of this is the stunning success of Oculus, but there’s still a lot of room for new and exciting breakthroughs.

4.       Cloud-Based Software

The idea here isn’t to create novel Cloud storage and SaaS solutions (if there is some room to improve in this area as well). But rather design an architecture that will allow people to use demanding apps with their existing infrastructure and hardware.

For example, Frame was the startup that developed software to run Adobe and CAD apps within any browser. Google took the world by storm with Stadia and its novel approach to the gaming industry. The trick is to find a gap in the market that needs to be filled. And if you succeed, the sky is the limit.

5.       AI Tools

Like VR, artificial intelligence (AI) is already setting new business paradigms. Be it superior business intelligence or predictive analytics, AI strives to expedite decision making and provide actionable data.

In fact, you more than likely already use software that incorporates AI. But AI is just starting to evolve, and there are many niches that haven’t taken the full advantage of AI tools. Regardless of the niche, the concept is pretty much the same. Offer a service or an app that helps humans make informed decisions based on computer-generated data and analytics.

6.       Waste Management Software

Even though most developed countries move towards a service-based economy, production facilities are still the backbone of industry. And most manufacturing facilities are on the constant lookout for new software and hardware that helps them minimize waste, thus improving productivity.

The main challenge is to create a seamless integration with the existing infrastructure. That is, a company shouldn’t spend millions on hardware just to be able to use the new waste management software.

Certain breakthroughs have been made in this field. But a startup is yet to come up with a tool that minimizes trial and error, providing a waste management solution that’s easily scalable.

7.       Medical Startups

The medical niche is only for those in the know and the demise of Theranos is there to confirm this claim. But if you’re able to assemble the right team and find the pain points, the rewards can be astounding.

There are already startups that utilize AI and machine learning to facilitate better mapping of the human genome. Use this as an inspiration and a guide for your medical startup idea.

8.       Social Network 2.0

Giants like Facebook, Instagram, and LinkedIn have already reached maturity and it’s become increasingly tricky for them to grow. But the recent success of TikTok shows that there’s still a lot of room for innovative social networks.

Of course, your startup doesn’t need to have the scale or scope of TikTok. Social networks that aim to connect professionals, hobbyists, and other like-minded people are a ripe playground for startup founders. And the best thing is that these platforms have become cheaper to set up and maintain.

9.    Security Software

Amazon acquired Ring, a popular IoT security company, for a reason. Not only does this acquisition give Amazon a competitive edge, but it also shows that security software and hardware has tremendous growth potential.

But how does a startup challenge the multi-billion-dollar security business? It’s safe to assume that the trick is in ease of use and integration capabilities. The security app that links to smart speakers, surveillance cameras, and all other gadgets/services will probably be on the radar of another checkbook-happy digital baron.

10.   Fintech

Some speculate that Fintech has already peaked and there’s little room for further advancements. Should you judge by the technology’s banks use, this claim might be true. But is there an app that can challenge the payment options you get on WeChat?

The answer is likely no if there are companies that strive to get to that level. However, the point is not to create an app, but rather an architecture that can scale to the level of Messenger, WhatsApp, and other messaging software.

Are You Ready for the Next Breakthrough?

When all is said and done, startup ideas aren’t limited by technology but by the founders’ imagination and creativity. Now is the time to open your mind and think above and beyond. Only then, will you be able to create something that will inspire future generations.  And when your ready to build the next great thing, reach out to us to learn how.

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