If you're wanting to create a high-earning firm, you've definitely looked into various tech startup ideas.
Why wouldn't you do it? According to CompTIA, the technology industry generated $1.8 trillion in economic output in 2019, accounting for more than 10% of the national GDP. In addition, the average successful company exit (via purchase or IPO) has been $242.9 million since 2007.
However, there are hundreds, if not thousands, of failed startups for every successful one. So, if you want to build a reputation for yourself in the technology industry, you'll need some solid technology startup business ideas.
In an industry defined by innovation and disruption, what constitutes a "good" tech company idea is continuously shifting. As a result, we've put up a list of tech company concepts that are expected to grow rapidly in the next years.
What is a Technology Startup Company?
Tech businesses provide products and services that can be used in a range of industries, but their main concentration is on technical research, development, and distribution. It comprises businesses that make devices (like Apple), produce software (like Salesforce), and provide information technology services (such as Google).
The best part about our technology company ideas is that they don't require a lot of capital—you can start small and scale up over time. However, you will need some technical understanding to successfully start a business in the field. Consider enrolling in a coding bootcamp if you have no prior technological knowledge.
The 25 Best Tech Startup Concepts
Here are some of the top tech company ideas, as well as some tech entrepreneur recommendations.
1. Food Science and Technology
Our first suggestion is Phil Strazzulla, the founder of HR software startup SelectSoftware. According to Strazzulla, food technology will be a key growth industry in the next years: " "Beyond Meat is simply the beginning of a long line of firms generating environmentally friendly and healthy food that tastes as wonderful as our present diet. The science is now in place, and the next-generation food market is worth trillions of dollars and expanding at the same rate as the world population."
2. Web Development
One digital business idea that will never go out of vogue is website design. That's because practically every business needs a professional-looking website to appear credible and establish their brand.
Web design include graphic design, interface design, copywriting, user experience design, and search engine optimization. The web design sector has grown at a 6.6 percent annual pace over the last five years, earning $38 billion in revenue in 2019, according to IBISWorld, indicating that there will be a demand for this tech company concept for many years.
3. Virtual and Augmented Reality
Extended reality technology encompasses both augmented reality (AR) and virtual reality (VR) technologies. According to Kenny Trinh, publisher of the tech review publication Net Books News, extended reality technology will grow in the next years.
"We'll see an increase in the amount of organisations embracing extended reality to differentiate their brands and give a better client experience by 2020," Trinh predicts. "Some businesses have already begun to do so."
According to Trinh, W-in-a-Box, an environmentally friendly water packaging project, employs augmented reality to further illustrate the benefits of its product.
4. The field of robotics
Robotics encompasses mechanical engineering, electronic engineering, information engineering, computer science, and other related fields. Robotics is the study of how machines can move and react to sensory input. According to Statista, this business is predicted to increase from $80 billion in annual revenue in 2019 to over $200 billion by 2025.
5. CXM (Customer Experience Management)
Customer experience management platforms, such as ZenDesk, will soon render customer relationship management platforms, or CRMs, obsolete, according to Ian Kelly, VP of operations for NuLeaf, a CBD oil startup.
"A CXM integrates all sales, marketing, and customer support discussions into a single silo so that your customers are treated as the committed fans they are," Kelly adds. "No more pounding your clients with recurrent promotions, selling them services/products they already own, or letting them fall between the gaps after they've bought but never been properly onboarded."
6. Influencer Marketing
Influencer marketing is a business strategy based on product placements and endorsements from individuals or organisations with a specific level of skill or social influence in their industries, made possible by social media platforms such as Instagram. While not everyone can be an influencer, you can start a business by growing a social media following and employing an influencer marketing agency to link you with businesses if you have a lot of charm and some unique information.
You may, on the other side, develop a business that matches brands with the perfect influencers for their products and missions.
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