8 Top Startup Trends To Watch Out For In 2023

An entity working towards innovation, development and improvement of products or services is considered a Startup. Most innovative breakthroughs come from startups with almost no money, experience, or resources. Startups are about revolution, research, and about people looking for solutions for real life problems.In the words of Steve Jobs “Think Different”, this is the startup mindset. Curiosity, focusing on new possibilities, speed, discipline and the ability to overcome one’s fear of the uncertain make a good entrepreneur.

Successful entrepreneurs are those who do not follow the herd but anticipate the needs of the market before the competition. Successful startups create an impact on the world and change it for the better.  The first step to becoming a successful entrepreneur is finding a business idea that works for you. Some trending startup ideas for the upcoming year are:

1. Preserving the Environment – Caring for the environment has become crucial in today’s times. Startups focusing on cleaner and greener innovations  are emerging to assist in conserving the environment.  Eg. Phool converting temple flower waste into incense  and Ather Energy making electric vehicles.

2. Scientific Research and Biotechnology –  The Indian biotech industry has over 2700 startups. This number is likely to go up to 10000 by the end of 2025. The huge population of our country is looking for high quality drugs, better diagnosis & MedTec products available at reasonable prices. Eg. Oncostem  a cancer treatment startup, offers innovative prognostic & preventive solutions. MedGenome is into genome–based diagnostics and research solutions. It uses DNA sequencing to help pharmaceutical companies develop personalised medicines for diseases like Cancer, Diabetes and other rare diseases.

3. Agritech – India has the second largest area under cultivation, making the agritech space very lucrative. Farmers in India need  information, new and efficient methods and sustainable farming techniques to increase the yield and reduce wastage. Eg. Bighaat is an online forum where farmers can exchange information and learn about all aspects of agriculture. This organisation offers a wide range of goods and services, including consulting services for farming and crop nutrition. Crofarm is trying to reduce food waste by enhancing distribution systems. It’s a “Farm to Business” (F2B) business concept that involves a community of more than 10,000 farmers.

4. Data Analytics –  In today’s world data is  very precious. It can make or break a company.  Companies are eager to leverage large new databases to gather more information about their customers, their competitors, and even themselves. The challenge is not just to calculate numbers, but to make sense of them, and to get useful information that can translate into a business advantage. Marketing and market research are two growing fields in which data use is exploding.  Eg. Realbox developed a product  similar to Google Analytics, named Pulse. Zendrive created a  platform  to leverage the sensor data of mobile devices.

5. Computer Engineering –  Today, there is a need for high-level IT experts capable of linking systems that remain strong. Finance and investment companies need high speed computing to gain a competitive advantage. Most large companies need networks that are faster, smoother and more secure. Eg. Stellar Techn is providing Web and Application solutions to help Businesses solve their day to day issues and make the work experience easy. Aptlyf is a software company focused on augmenting human intelligence

6. ElderCare –  The average human lifespan has doubled in the past 100 years.  The National Statistical Office’s (NSO)  said that India’s elderly population aged 60 and above is expected to reach 194 million in 2031, up from 138 million in 2021, a 41 percent increase over a decade. The ageing population in our country wants to be self-reliant, hence there is a growing demand for independent living by the elderly.  Home care products and services to the elderly, like physical therapy, grocery shopping, cooking, paying bills, retirement recreation services etc. will be of great relevance in the coming years. Eg. 60Plus India offers doctor, nurse, and physiotherapist visits, diagnostic sample collection, and other services through its network. It also operates an ecommerce platform with products for senior citizens. Alserv is an assisted living services platform for seniors and aims to ensure their daily convenience. It offers services like food and catering, medical, security, housekeeping and maintenance, and concierge services.

7. Edtech – Education is critical for a developed society. The new generation of learners are aware of the growing need to have knowledge that they can implement. Edtech companies are using software like virtual reality, videos, automation and more to make education more engaging and more approachable. They help students make better decisions for their careers, and help them understand the practical side of things. These companies are trying to enhance educational outcomes. Eg. BYJU’s uses engaging video lessons, personalised learner’s journeys, unlimited practice sessions and engaging questionnaires to make learning truly fun.  Classplus focuses on building the complete institute management system with features like smart attendance, insightful student reports, online video selling, fees records, online tests and more. The app makes running a coaching institute easier and also helps parents keep track of their child’s progress.

8. Personal Care and Wellness –  Personal care helps maintain a person’s dignity, health and wellbeing. Good hygiene and personal care reduces the risk of infection and illness.  Overall physical and mental wellbeing improves the quality of life of individuals. Companies are tapping into this requirement by providing a wide range of solutions in fitness, beauty, therapy, counselling etc. Eg.  A vegan skincare brand Plum Goodness offers cruelty-free and toxin-free beauty products across skincare, haircare, personal care, and makeup. Power Gummies has found an innovative way to make people take their vitamins. It combines technology with medical expertise to provide affordable solutions for wellness.

Everyone wants to be a successful entrepreneur and a good business idea may seem hard to come by, but if you are passionate about your idea and willing to put in the hard work then these trends are a good place to start.

8 Top Startup Trends To Watch Out For In 2023
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