Best Industries for Startups

New entrepreneurs will most likely begin a startup because of an idea for a service or a product. For serial entrepreneurs, however, the case is different – they will brainstorm business ideas for startups in industries they are certain have had fast growth.

This is done to guarantee success, and even though founding a startup in a fast-growing industry does not necessarily guarantee success, it is an indication that the startup has more chances at success.

If you’re wondering what business idea for a startup would be most profitable, we would advise that you take a look at all the fast-growing startup industries first; this way, you have an idea what industry may be ideal for your startup.

So here goes:

Financial Technology (Fintech)

As a Nigerian paying attention to the business ecosystem, you might have already noticed how fast the fintech industry has grown in the last few years.

In fact, it is expected that the Fintech industry will continue to see sustained growth for years to come. Leading Fintech startups in Nigeria include PiggyVest, CowryWise, and RiseVest.

Plus, Ant Financial, the world’s leading unicorn startup is a Fintech Company. So, a great way to delve into the fintech industry is to figure out a Fintech business idea for startups.

E-commerce

Worldwide, in 2020, the pandemic year, ecommerce sales were summed up to $4.28 trillion. This has grown to about $5 trillion this year, so far. It can be argued that this growth is due to the increase in popularity of online shopping, which opens up opportunities for you.

There are many ecommerce startups like Jumia and Konga, and you can come up with a beautiful business idea for a startup in ecommerce.

Educational Technology (Edtech)

Edtech is educational technology and involves passing knowledge via the internet. It could be IOT (Internet of Things), VR (Virtual Reality), AI (Artificial Intelligence). Popular Edtech startups include Selar, Kobocourse, Tuteria, uLesson, PrepClass, etc.

As the demand for virtual education keeps growing, especially with the pandemic, you can come up with a business idea for a startup that will help contribute to virtual learning or the Internet of Things.

Healthcare Tech (HealthTech)

The market size of the global healthcare market size is about $74billion and is forecasted to be valued at $166billion in just 6 years. That is A LOT.

People will always need healthcare as long as they are alive and it is on this premise that the healthtech industry’s growth is built. RealianceHMO, Medsaf, Doctoora and Helium are some of the healthtech startups currently blooming in Nigeria.

If you are passionate about healthcare, then you could build a business idea for a startup in the healthtech industry. It could be a healthtech insurance company, or maybe a product for pregnant women, a gynaecology product. The best way to come up with a good idea is to observe the healthcare system, identify a problem and figure out how to use tech to fix it.

These are just a few of the industries we think you can brew business ideas for startups. Share this with someone you think might find it helpful.

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