Disruptions in every industry are commonplace with the growth and development of technology and innovation. To be competitive in the current marketplace, start-ups must be innovative and integrate new technology into their operations. And for entrepreneurs looking to create start-ups within these new technologies, it’s critical to pick the next big thing that will drive adoption and profits.
We’ve got a list of the seven “next big thing” innovations to enhance your business and increase your competitive edge. And for new start-ups, you should be looking to get into these spaces.
Artificial Intelligence (AI)
While AI has been around for several years, its adoption rate grows exponentially. According to a Harvard Business Review poll, 67% of businesses plan to accelerate their AI strategy. By enabling the AI to learn and perform tasks, it can streamline operations as well as process and analyze data to increase your business’s efficiency and productivity.
For start-up companies, you need to assess where and how you can utilize AI to improve productivity and efficiency across business functions. If you want to innovate in this space, you’ll need to do a deep dive into where the industry is going and the current problems with AI technology.
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This industry has exploded, with major car manufacturers racing to create the next step in driving innovation. Autonomous driving enables the car to drive itself. And companies like Google, Telsa, Apple, and General Motors are on the cusp of making autonomous driving the new norm.
Even Elon Musk believes that all new cars will be self-driving within the next ten years. That’s a bold statement, but one his company, Telsa, is betting big on how it will be the future of automobiles.
Another Musk company disrupts space travel by making it more affordable through reusable rockets. SpaceX is leading this industry by creating reusable rockets to reduce the costs of getting to space.
By lowering the launch costs, reusable rockets will enable entrepreneurial activity in Low Earth Orbit (LEO), the moon, and beyond. There will be many start-ups in a variety of categories like:
- Space tourism
- Pharmaceutical research
- Materials development
- Power generation
- National security
Virtual Reality (VR) and Augmented Reality (AR)
The AR and VR market will reach $28 billion by 2028. AR integrates digital and physical environments in real-time to create an enhanced environment with a lot of real world applications.
The metaverse is becoming the next iteration of the Internet, making a world like Ready Player One part of your foreseeable future. The metaverse is creating a variety of entrepreneurial opportunities to create digital spaces where people worldwide can socialize, work, and game together.
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Renewable Energy Adoption
Renewable energy is becoming more affordable, sustainable, and eco-friendly. As companies innovate in this space, they create efficient products and services to deliver renewable energy to households and governments. Renewables are on track to become 95% of the increase in global power capacity by 2026.
As new businesses innovate in this space to make renewable energy affordable and sustainable, more individuals, businesses, and governments will invest in the technology. The most popular renewable energy sources are:
These sources are zero to low carbon footprint. Start-ups that can improve upon these technologies will do well in the coming years.
Desalination technology has been around for a long time but being able to produce drinkable water on a large scale has been elusive. But many countries, like Israel, are beginning to adopt desalination technology to solve their water problems. This technology is made efficient and affordable could be the answer to drought and other water crises around the globe.
Start up businesses that can solve the problems of affordability and energy efficiency will do well in this space. Desalination also creates a concentrated brine that it puts back in the ocean and can affect sea life. Innovation in this space is needed for large-scale desalination adoption.
As technology evolves, the need for hyper-fast internet is critical. To enable all the innovation surrounding web3, metaverse, AI, VR, AR, IoT, and additional future tech, we need hyper-fast internet that can deliver internet speeds 100 times faster than WiFi. Goggle and other companies are currently rolling out fiber-optic speeds of 1 gigabit per second.
For start-up companies, they need to incorporate faster internet into their operations. Almost everyone and everything is becoming more connected to the Internet, but you need bandwidth to process all this data.
There are also many areas within this technology to provide internet to businesses and individuals. Bandwidth demand for individual households is expected to grow to 40 Mbps in five years and 300 Mbps in ten years to support innovations, services, and technologies. Providing last-mile Internet is a competitive space where new start-ups can carve a niche by solving the problem.
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Solve the Pain Points to Grow a Business in an Innovative Sector
As you look to innovate and build a business in the future’s growth industries, you’ll want to solve any of the current issues or problems that exist within these innovations. While the technology is revolutionary, you can still get in on these next big things.
TaxRobot provides a powerful AI-powered tax tool for start-up businesses. Our intuitive software can automate, monitor, and assess areas to improve your business’s efficiency and productivity, which is critical for start-up businesses.
Our automated tax solution enables your business to maximize its efficiency and tax preparation. Contact us to see a demo.
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