If you’re looking to start a business with high income potential, you’ve probably looked at some tech business ideas.
How about you? In 2019, the tech industry’s estimated economic output was $1.8 trillion, accounting for more than 10% of the national economy, according to CompTIA. Additionally, the average successful exit of a startup (through an acquisition or an IPO) is $242.9 million since 2007.
However, for every successful startup, there are hundreds, if not thousands, of failed startups. So if you are an entrepreneur hoping to succeed in the tech industry, you need to start with a solid tech business idea.
In an industry defined by innovation and disruption, what constitutes a “good” tech business idea is ever-changing. That’s why we’ve compiled a list of tech business ideas that are poised for massive growth in the years to come.
What is a technology company?
Technology companies provide products and services that have applications in many industries, but are primarily concerned with the research, development, and distribution of technology goods. This includes companies that make electronics (like Apple), make software (like Salesforce), provide information technology services (like Google), and so on.
The best part about our tech business ideas is that they don’t cost much – you can start small and grow over time. However, you will need a certain level of technical knowledge to be able to successfully launch a business in the industry. If you don’t have any technical experience, consider starting with a coding bootcamp.
Here are some of the best tech business ideas, including recommendations from tech entrepreneurs themselves. 1. Food Technology
Our first recommendation comes from Phil Strazzulla, founder of HR software company SelectSoftware. Strazzulla sees the food technology sector as a key growth sector in the coming years:
“Companies like Beyond Meat are just the beginning of those that are making food that is as healthy, eco-friendly and delicious as what we eat today. Science is here now and the market for next-generation food is literally trillions of dollars and it’s growing as fast as the world’s population.
1. Website Design
One technology business idea that never goes out of style is web design. Indeed, almost every business needs a professional website to look trustworthy and build their brand.
Web design encompasses a wide range of different services including graphic design, interface design, copywriting, UX design and SEO. According to IBISWorld, the web design business has grown at a rate of 6.6% over the last 5 years and generated $38 billion in revenue in 2019, which means you can count on its existence. market for this technology business idea for many years to come.
2. Augmented Reality
Augmented reality technology includes both augmented reality (AR) and virtual reality (VR). Kenny Trinh, editor of the technology magazine Net Books News, sees augmented reality technology as going strong in the coming years.
“In 2020, we will see more and more companies apply augmented reality to their brands to stand out from the competition and deliver a better customer experience,” Trinh said. “Actually, several companies already do this.”
Trinh mentions the W-in-a-Box eco-friendly water packaging project, which uses augmented reality to further explain the benefits of the product.
3. Robots
Robotics is a general term that includes mechanical engineering, electronic engineering, information engineering, computer science, and other related disciplines. The goal of robotics is to create machines that can move and respond to sensory input. According to Statista, the industry is expected to grow from $80 billion in annual revenue in 2019 to over $200 billion in annual revenue by 2025.
