Best Startup ideas for 2021

Best Startup ideas for 2021

Startup Ideas 2021
Innovative Solutions

Year 2020 was year of uncertainties but human being always tried to overcome the challenges with their intelligence and courage. Serving the society, solving the problem, creating wealth etc. drive the entrepreneurs to kiss the challenges to build future ready businesses.

Entrepreneurs have different mindset for success but as an investors or analyst success  largely depends upon the impact,return and uniqueness of idea.

“A startup is a young company founded by one or more entrepreneurs to develop a unique product or service and bring it to market. By its nature, the typical startup needs to be a shoestring operation, with limited funding.”

One section of people consider startups as goldmine due to high ROI.

Ideally (and for you to succeed), your best business to start  should consist of three things:

  1. It should be something you like doing,
  2. It should be something you are good at,
  3. It should be something that is in demand (i.e., customer would pay for).

As per Startup experts, highly successful startup ideas needs to have

  1. Scalability –How fast and efficiently your idea can be replicated.
  2. Impact –A big section of society is benefited from idea.
  3. Return on investment (ROI )- Profitability and wiliness to pay by customers.
  4. Future readiness –Relevance of idea in future.
  5. Dedicated team- Strength of team and their dedication.

Our team did the research and prepared a list of best startups to start for 2021 with based on top trends and future readiness

  1. Online aggregation and retailing-aggregating is supplies and delivering is to consumers safely will be the one of high growth area. Lockdown and social distancing will become the norms for healthy living and people will prefer to live healthy.
  2. AI enabled Health services & tele medicines — Old age people, children ,people with health complications will try to curtail the hospital visit and possible solutions can come through innovations in health services.
  3. Online interactive education— change in lifestyle will drive the demand for interactive online education. Almost every second person on earth will feel the need upgrade their skill set and online education will become the high in demand sector.
  4. Green Energy- Global warming, health awareness etc. will pull the common people towards green sources of energy. Leadership will encourage the investment in green sources.
  5. Food on demand — Fast urbanization, global markets, work from home is driving the need for food on demand services. Innovations in smart cooking, cloud kitchen, food delivery etc. will become the promising sector.
  6. AI enables life support— People are suffering social ,emotional and health complications due to pandemic. AI based life support like someone want health counselling, someone want emotional counseling etc. will be the new emerging area for startups.
  7. Smart plantation– Demand for green planet is continuously increasing and a big section of society in developed and developing world is searching AI and ML based solutions for plantation with optimum use of resources.
  8. Robotics— Pandemic created a big market for automation in routine work in hospitals, restaurants, show rooms etc. Robotics will be one of high growth sector.

Startup success is largely depends upon execution of ideas. In real life you will find that some businesses which were profitable in beginning but later become loss making and vice versa, why ?

There is big possibility that execution mechanism changed or market scenario changed.

Once I was attending a startup boot camp in 2020, One of highly successful serial entrepreneur who came there as a guest faculty told us that his analysis state that success formula for startup is 80% execution,10% idea & 10 % other factors.

Last but not least remember that “A startup is a company or project undertaken by an entrepreneur to seek, develop, and validate a scalable economic model with limited resources.”

Attracting investors

Investors chase the startups which have potential to scale up with robust team.In normal circumstances below mention five diligence are very common for  investing in a start-up

Team diligence-Dedication,robustness,skill and loyalty of team

Market diligence-Market depth and competition of product and service

Product diligence-Robustness and uniqueness of product/service

Technology diligence-How relevant the technology is?

Financial diligence-Financial robustness and future orientation

Business Modelling-Relevance and robustness of business 

I suggest entrepreneurs to prepare your own matrix based on above indicators and regularly go for  self diligence.Based on your findings prepare time bound improvement plan to become more investor friendly.

Customer research

Seeking feedback from your customers is a great way to develop competitive advantage for your startup.

You should ask to your customers four questions

  1. 1. What made you decide to buy from us in the first place?
  2. 2. What’s one thing we do better than others you do business with?
  3. 3. What’s one thing we could do to create a better experience for you?
  4. 4. Do you refer us to other, and if so, why?

For any doubt or detail can write to me at info@digitalswadesh.com

For more detail read my book “How to Build Profitable Startup”

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