There are so many new products being developed in the market but more than 85% will fail to make a positive or meaningful impact. If you could predict the future, what do you think consumers will be looking for? Today’s consumers are well-informed, have options for Africa and are equipped with the power of new technologies. These technologies are driving change throughout the globe at a pace never seen before. How do you cater to the needs of such a sophisticated market that are not as loyal as they used to be? Consumers have become accustomed to all things new and become bored quite quickly due to the pace at which new products are being pushed into the market.
What modern consumers are looking for is a complex task to fulfill. Consumers are looking to businesses to provide solutions that are fluid, dependable, long-lasting, engaging and practical. If you can make business interactions as simple and timely as possible then you are bound to succeed at some level.
Breaking into any industry is hard but certain industries are even more difficult than others to enter. The solution could be to find a clever way to reshape the way business is done in these sectors so that you are ahead of the curve when consumers decide to migrate to your methods or platforms. Another idea could be to totally create a new market that has no competition so that you can lead the pack from the start. Whichever way you decide to go there are some sizzling ideas on industry picks that could make a huge difference to your Start-up selection and direction.
Here are a few hot tips on which industries you should be focusing on to gain a competitive advantage while the market is still in its infancy.
1. Drone Manufacturing
This is one of the most exciting industries to be part of at the moment because the scope to grow is exponential. The manufacturers of drones have unlocked the portal to aviation and this industry has not seen total change for over 65 years. Designers and engineers have already built and still continue to build prototype; one manned flying machines to take us from our cars to the air. Drones are currently being utilised by security companies, agriculture, science, police surveillance, media companies and our defence forces just to name a few. The industries that are looking to take onboard drone technology are virtual reality businesses, freight deliverers, doctors, medical organisations and humanitarian relief organisations.
2. IT Fraud Protection
This is an industry segment that is ripe for development as fraud increases world-wide. Businesses require solutions they can trust and depend on. If you have a mind for software development and the knowhow to build a business from it then you may be able to develop the next secure platform for a whole range of consumers. The software industry has seen a year-on-year growth rate of over 29% since 2013. This is a very challenging market sector as fraudsters adapt to new technologies swiftly meaning you need to be a few steps ahead and predict potentials threats before they even occur. You will need to think like a criminal to win as an entrepreneur!
3. Touch Commerce and Biometric Scanning Software
We are never far away from our communication devices and smart phones are by far the preferred method of communication that fulfills our personal and business needs comfortably. The ease of use, accessibility and seamless connectivity to the internet has made impulse shopping from your smart phone an effortless pass time. Consumers have indicated that they are time-poor and are looking to speed up the process of things by pre-authenticating themselves on devices so that shopping, ordering and communicating is only seconds away. The security challenges are huge but due to the new mobile technologies fueling this segment from the private sector it is becoming more evident that this will become the norm within a fairly short time frame.
4. Artificial Intelligence
Computers are becoming more intelligent everyday. As scary as it seems, one day computers are going to become even more intelligent than man. Recently Google’s AlphaGo computer has outplayed and beaten the best player in the world (http://www.theguardian.com/technology/2016/mar/12/alphago-beats-lee-sedol-in-third-consecutive-go-game) at the game Go and computers defeated the best chess player convincingly back in 2005-2006. With scary prospects come exciting possibilities and innovations. New heights will be conquered when we utilise and take advantage of computer intelligence to enhance and secure our way of life. There are endless practical usages of computer intelligence and we are only hitting the very tip of the iceberg.
5. Internet of Things (IoT)
The Internet of Things (IoT) was an interesting concept only a few years ago and has now become something far greater than anyone today ever imagined. The Internet of Things is simply an enormous network of networks and the internet connecting physical devices. This can range from various sensors, washing machines to buildings. If you have home automation, Wi-Fi-connecting TV or an IP Security Camera installed then you are already part of the revolution. This trend comes with good reason; devices now have the ability to be remotely controlled from anywhere around the world and new interactions as well as integrations can be made to better utilise all our devices to their maximum potential. If you think yourself to be an entrepreneur, then the possibilities are endless as great ideas surface everyday with solutions to improve our busy lives. Taking advantage of Artificial Intelligence together with the possibilities presented by the revolution of IoT devices will undoubtedly see great packaged corporate and residential solutions made available in the very near future.
6. Mindfulness and Corporate Wellness
Mental and physical well-being have now become a prime focus in the lives of employers and employees. Most individuals are now looking to have a better quality of life and are becoming more receptive to the idea of corporate wellness programs. The shift in mindset has opened the door to new business models taking shape within the cooperate environment. These industry models will be successful because governments are looking for ways to reduce the overall cost of healthcare and would probably subsidise these programs provided there is evidence pointing towards positive global health benefits. As the costs of private healthcare increase year on year, prevention is a much better proposition than a cure! These emerging businesses have targeted specific problem areas with their objectives aimed towards the prevention of disease and an improvement on the quality of life within the corporate sphere.
Some of the most popular methods being adopted are listed below:
a. Stress Management
b. Healthy Eating
c. Fitness Classes
d. Yoga Classes
f. Tai Chi
g. Corporate Retreats
h. Feng Shui for Business
i. Corporate Culture Change
Become part of the new world of things and make positive change to affect the economy in a sustainable way. Better business ideas and smarter thinking delivers improved opportunities which drives superior outcomes.