The startup scene has changed a lot and for the better. From merely being driven for profit, startups that are hot and promising these days involve what Harvard Business Review cites as part of the three magic P’s: people, purpose, and profit. They also recommend startups that are involved in public and private partnerships as those that are highly likely to scale up or be built to last.
Traditional businesses are still all the rage, and investing in both traditional and startup businesses can help you diversify your portfolio. You win at all fronts when you take advantage of multiple investments. You can locally be checking out lawn care franchise opportunities one day and rubbing elbows with a visionary like Elon Musk for the next hip tech product. And this is all perfectly okay.
Having applauded the rewards of both traditional and avant-garde startups, here are some industries that have lasting power and whose startups are likely to be worth your time and money:
Healthcare and Health Scares
Managing outbreaks of epidemic diseases or infections such as the Wuhan-originated coronavirus, a desire for better management of health records, and data security of personal health information are just some of the many wicked problems being solved by healthcare startups. And health is increasingly given more attention by people. Startups in this industry are highly likely to gain more customer bandwidth in the future.
Gender Neutral Services
The rainbow-colored LGBT advocacy is also a bankable consumer market in itself. Gender-neutral products for e-commerce or services such as dating apps have a niche following, but they make for an incredibly loyal, cultic, and frequently-willing-to-buy fan base. Startups that cater to this cause will get a lot of traction and even media interest.
Global warming is a real problem. Sustainable products such as reusable straws, menstrual cups, and even biodegradable funeral urns are now considered fashionable. There is even a search engine called Ecosia that plants a tree for every user’s 43 searches. These purpose driven startups in the sustainability scene are worth looking into not just for your balance sheet but also for your contribution in making the world a better place.
Healthy living is the new buzz among boomers and millennials. Organic food delivery services, online stores for fresh produce from farmers, and others of the similar sort are interesting startups that promote a healthy lifestyle choice.
Next Generation Tech
Drones that fly customer orders? A robot that cleans the house? A space technology living companion? Sign up for these occasionally outlandish but perfectly scientific innovations. These next generation technologies go for premium customers or those elite 1% of the world who can afford to pay for and experience these things first hand before the rest of the world. Among the industries, this also needs the most funding for warehouse and production needs.
A good eye for potential is key to success in your investment. This holds true whether you are taking a risk with a startup or a safe local franchise of your choice. Trust your instinct and follow potential trends, but do not forget to check your data and sources as you go along.