When I was a CEO, I knew I needed co-pilots around my executive table. Piloting a business in an environment of increasingly fast-paced turbulence, with such high stakes decision making and so many strategy, execution, and leadership challenges, requires Collective Intelligence in the cockpit. I was running high technology aerospace hardware and software companies, serving […]Continue reading
This Decade’s Most Promising Business Ideas
Even as the pandemic has been shutting down much of the global economy, entrepreneurs have continued their search for exciting new opportunities. We all sometimes need extra eyes to spot that next financial adventure…especially if we weren’t taking that step of our own volition. With that in mind, REF’s research team is pleased to share the most promising options and opportunities coming down the road, with the promise that something will suit your style, timeframe, interests, and budget.
#1 Fitness Technology
There’s a lot of pent-up demand today among household members desperate to get out and exercise more. This makes fitness technology perhaps the most promising (and evergreen) business idea to pursue. With the numbers of people using gadgets and apps for improving their fitness results growing exponentially, this may be the perfect example of being in the right place at the right time. Areas worth an in-depth examination include:
- Fitness trackers with built-in sensors and heart rate monitor
- Smart scales for tracking weight loss
- Smart gym equipment
- Sleep improvement apps and devices
#2 Robotics & Automation
For years we’ve all been hearing about how the robotics revolution is coming. Well…it’s here, and the team that develops the next generation of devices geared towards cleaning, construction, entertainment, programming, robot repair, and maintenance are guaranteed to be among the highest earners of the next decade.
#3 360 Degree Photography
360 Degree Photography is video is taken by a special camera with multiple lenses or with multiple cameras. It provides a complete view of whatever place you’re filming, and has numerous applications in the business world, including event planning, real estate, landscape designing, gaming, and entertainment. Opportunities worth considering include equipment sales, maintenance, videography, and image effects.
#4 Micro Mobility
An overall increase in the global population is creating a natural byproduct of vehicular traffic. This recognition provides opportunity in the form of Micro Mobility (commuting using lightweight vehicles at low speeds). Many communities have already seen benefits and challenges from this evolution that need to be addressed, and the seeds of these solutions appear to be in ebikes, electrical scooters, skateboards, electrical pedal bicycles, and similar devices. Assuming the future of urban transportation lies down this road, development, maintenance, sales, sharing apps, financing, communications, and community relations challenges all need to be addressed now for a better tomorrow.
#5 Space Tourism
With the announcements of multiple companies launching private orbital space missions within the next 12 months, space tourism has suddenly gone from fantasy to reality. While the number of tourists going into space is limited for the moment, it doesn’t take a rocket scientist to see this as the next big “thing,” with openings in manufacturing, sales, engineering, fuel, insurance, communications, transportation, and finance.
#6 Electrical car
Also quickly transitioning from science fiction to reality is the electric car. With seemingly every major car manufacturer committing to converting overwhelmingly or exclusively to electric vehicles within the next two generations, business opportunities will also get charged up to address the longevity and environmental sustainability brought about as these vehicles become the default transportation method for billions of people. Those looking for ground floor openings should be exploring vehicle service, charging stations, spare parts, battery development & replacement, and home solar energy setups.
#7 Information Security
Information (cyber) security is another field growing by leaps and bounds as the sheer volume of demand multiplies by the hour. Every computer, server, network, and personal device on the planet needs expanded levels of protection, creating openings for security consultants, infrastructure deployment, maintenance, and IT security solutions…applications that will only increase as the information age expands further.
#8 Home Automation IoT
With refrigerators now monitoring our milk supply, then arranging for automatic delivery via drone, it’s obvious that conversion of all home appliances to IoT enablement is the next step towards completion of the “Smart Home” concept. Doors will quickly open for aftermarket appliance conversion, as well as all related development, manufacturing, sales, programming, maintenance, and similar services for each new device.
#9 Virtual Medical Appointment
The pandemic has demonstrated the growing acceptance of telehealth and the need for outsourcing the scheduling of virtual medical appointments. Even after COVID is wrestled to the ground, it seems a safe conclusion that society will not be returning to business as usual. Patients have already grown to like the ability to get their medical prognoses quicker and easier than before, even as healthcare professionals have been focusing on providing medical services while looking to off-load more administrative duties like billing, collections, and scheduling. This suggests expansion of the current collections and scheduling infrastructure, as well as new opportunities for those specializing in virtual patient scheduling and management.
#10 Cryobank and Stem Cell
This will entail the collection of human tissue for future usage, including sperm, eggs, umbilical cords, etc. Given the growing interest in cryogenics as a potential strategy for overcoming a variety of diseases, entrepreneurs are examining chains of cryobanks as a very promising business option.
These recommendations are merely the beginning, of course, and listing every new technology and the doors they could potentially open could take days. From virtual call centers to wearable technology, chatbots and AI to biofuel production, the list is truly endless.
Meaning regardless of where you live, your world is about to change…and more rapidly than you may have thought possible. This is why we recommend you use these ideas as a place to begin your exploration of this brave new world. Investing a little time, energy, and money now is almost certain to pay off big…and SOON!