Wednesday, 27 April 2016

What are good startup ideas for 2016?

Thanks for the A2A. Here are my three tips for 2016 and beyond:
1. Serverless Computing. Think of this as the natural progression of Amazon Web Services etc. Instead of renting compute resources per month, you rent per CPU cycle. The economics are stunning - 10x-100x reduction in costs. Practically speaking this makes bootstrapped freemium a practical model (not just for VC backed). I expect this to drive a mushrooming in new SaaS startups, especially where compute costs are  significant. Somewhat related to this, I expect 2016 to be the year we start to see BaaS - Backend-as-a-Service take off.
2. Human Monitoring. Yes, there is an "ick!" factor, but I think it's inevitable. It will start in specific niches such as medical staff, pilots, soldiers etc, where the gains from centralized awareness of physiological state is more important than privacy concerns. Then it spreads to the elderly, the young (who already have tagged phones etc), and finally everybody. The monitoring devices are almost there (we still lack a reliable effective way to measure blood pressure unobtrusively), and the field is still wide open for monitoring and alerting apps. This also could tie into health insurance.
Never mind IoT, this is IoP - the Internet of People.
3. Tech Banks. High street banks in the UK are viewed with as much love as taxi's were in the US prior to Uber. As bad as their service is for consumers, it's 10x worse for SME's. Trying to connect your bank to your accounting system is a nightmare. I don't think US banks are much better either. I expect to see startups move from pure payment capabilities into full stream banking. Again, like Uber, there are regulatory issues to be overcome, but the current standard of both UK and US banks is so low, I think they are ripe for disruption. Surprisingly for banks, they are lamentable with security. A modern tech approach could run rings here. Note this is nothing to do with Bitcoin, which I expect to diminish in profile, as people realise the trust issues haven't gone away.

It seems that everyone in the answer trail tried to give you examples of trending business ideas. In my opinion they might work and they might not, so here me up to help you understand what would you need to start a successful business idea in 2016.
If you wanna become an entrepreneur, you ought to master the market research strategy and techniques. here are 2 guides for you to study.
  1. The Absolute Guide to Leading Market Research Strategies
  2. The Ultimate Startup Resource for Entrepreneurs (2016)
Here are some tips to find out what business ideas should you start this year:
Step 1: Go to the second link I mentioned above and find google trends. Use google trends and look for trends in 2016, (Narrow down your search and go to the industry you want to penetrate). You will be able to see how that market is doing and how's the prediction for future.


Step 2: You can use Think with google and understand more about your customer's behavior. To start a business you need to have clear insights about your potential customers.

Step 3: Craft your startup business model based on business model canvas. Make sure you have covered all 9 building blocks from customer segment to revenue stream.

Step 4:Test your business plan with your customer. Listen to their feedback and after collecting them all , come back to your business plan and iterate as much as possible to fit the market demand.
Follow the above 4 steps and you'd have real business idea to start in 2016. Don't start a business based on guess, find facts with market research.

No comments: