Let’s face it - 2023 wasn’t a great year by many metrics, but it has seen some interesting developments for businesses. AI has been a hugely disruptive presence, providing new tools that threaten to revolutionise many industries, and empower businesses to create content more easily. Ongoing news stories meanwhile have led to opportunities as well as challenges, with a difficult economic climate affecting consumer spending.
Going into 2024, the startup landscape is ripe for innovation and disruption. Below, we’ll delve into a diverse range of startup ideas that could take off in the coming year, from responses to the cost of living crisis and the needs of businesses to new technological developments such as AI.
Startup ideas and trends in 2024
High inflation and economic uncertainty have placed a significant strain on individuals and families around the world this past year. As the cost of essential goods and services continues to rise, there’s an obvious need for businesses to consider these financial burdens, and offer solutions to help people manage their finances more effectively, and spend their money on more meaningful experiences.
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For existing businesses, this can be a difficult case of repositioning, and developing new products and services to serve a changing audience. For startups, however, there’s a unique opportunity to develop innovative tools and services that empower individuals, families, and even other businesses to better navigate the current economic landscape - and to take advantage of new technologies and trends that will only grow in 2024.
1. Providing support in a cost of living crisis
With the rising cost of food, housing, transportation, and other essential expenses, more and more people are turning to tools that help track their spending, and make more informed financial decisions. While there’s a fine line here - these tools have to be affordable, after all - there is an opportunity for startups to develop new and innovative budgeting apps, providing a simple yet in-depth view of personal finances, unique spending recommendations, and automated expense tracking.
Where current apps and services are particularly lacking is in financial education and counselling. Startups which can offer personalised information and guidance on financial literacy can empower individuals to make better decisions using the data provided to them - taking greater control of their finances, and achieving their financial goals.
2. Unlocking hidden potential through skill-sharing
While average incomes are growing, in many countries this is still only just keeping pace with inflation. As mentioned above, many people are still struggling under the weight of an ongoing cost of living crisis, and are looking for ways to earn more disposable income after several difficult years. As a result, they are looking to apply their skills in areas outside of their current jobs - much as first-time entrepreneurs are when looking to start a business.
Startups in 2024 could capitalise on this by creating platforms that identify and hone these marketable skills, and connect individuals to those seeking services. From freelance writing and graphic design to tutoring and home repair services, many people have skills and passions that they have honed in their spare time, or which are transferable from their work. While freelancing websites exist, there is a definite gap in the market for any service which can reach out to these people: identifying these skills, providing resources to improve them, and connecting them with the right people and projects.
3. Helping workers and businesses adapt to a changing world
With younger workers being more inclined to change jobs in search of better pay and conditions, and skills shortages in many industries, employers are looking for new ways to find and train talent. This can mean hiring less skilled employees and training them up, hiring employees with transferable skills from other areas, or training existing employees to take more skilled or senior positions.
A good opportunity for startups in 2024 is to build new platforms and technologies to support this kind of training and upskilling. New approaches to online learning, remote or in-person workshops, and personal development could provide value to both employers and employees.
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There may be space in the market for something equivalent to Duolingo for a range of business skills, providing a gamified learning experience that encourages personal development. Alternatively, there could be a way to deliver modern mentorship programs at scale that helps individuals adapt to the changes brought by new technologies, encouraging people to learn new skills when their jobs may be at threat.
4. Increasing environmental awareness on a budget
In an era defined to some extent by rising costs and environmental concerns, people are increasingly struggling to balance the need to save money with the need to reduce their environmental impact. Cheap goods are often the worst in terms of impact, with ready meals packaged in plastic trays, cheap fruit and veg using damaging pesticides and farming techniques, and more budget-friendly companies being held less accountable for their carbon footprint.
Startups can cater to this trend by developing apps that help people identify which goods, companies and practices provide both value for money and transparent, environmentally friendly supply chains. These might help people to find discounts, share resources with each other, and adopt more sustainable practices in their everyday lives. They might also help them to band together to hold companies accountable for their environmental impact - having an outsized positive impact on the world.
5. Enhancing customer experiences with ethical AI
AI is often perceived as nefarious, and it’s true that it can be misused. In many cases, however, it can automate menial tasks that people aren’t well suited to, or enhance the level of service that is currently being offered. In customer service, it has the potential to do both - better identifying people’s needs, and providing prompt and helpful information.
AI chatbots and virtual assistants can provide 24/7 customer support that is not otherwise feasible for businesses. As well as intelligently identifying and answering queries, AI may soon have the capacity to automatically resolve simple issues, such as updating or changing your details. Startups can be at the forefront of these developments, as well as tailoring customer service solutions to specific industries, whether that’s e-commerce, healthcare, or finance.
6. Making marketer’ jobs easier with AI automation
Marketers are constantly looking for new tools to gather data, automate processes, and better assess how their clients’ communications can be better optimised. While AI tools such as ChatGPT and Canva have already changed content marketing, there is still plenty of room for new tools - and much more scope to improve automation in technical SEO.
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Startups could use AI to automate tasks such as segmenting customer data, personalising email campaigns, and optimising ad spend. Beyond this, there is a gap for AI that can analyse key website metrics to provide objective analysis of why a website is performing badly. The switchover to Google Analytics 4 and the confusion this continues to cause is a huge opportunity for anyone who can take that data, analyse it, and make tangible recommendations.
7. Using new technology to protect customers from fraud
AI algorithms are perfect for analysing patterns and anomalies in data - and this makes them perfect for spotting cases of theft and fraud. Startups can develop AI-powered fraud detection solutions for businesses in various industries, protecting their assets and safeguarding customer information. These solutions can analyse transaction data, customer behaviour, and other relevant factors to identify potential fraud, and prevent unauthorised access attempts.
There’s also room for innovation on the consumer side. Most fraud happens to individuals, from phone scams to phishing emails, and AI is making this increasingly difficult to detect. New tools could go beyond ineffective spam filters in helping to scan emails, calls and other messages, and determine which ones are fraudulent. While the issue of privacy is a challenging one, it’s a challenge that startups in 2024 can rise to.
8. Using new technology to improve patient outcomes
Where AI has clear and inarguable potential is in revolutionising the healthcare industry. Hospitals and health authorities are always looking for ways to cut costs and improve patient outcomes, ideally at the same time. Healthcare is also hugely reliant on the analysis of huge amounts of data to identify and treat illnesses quickly - something AI seems perfectly suited to.
The biggest startups in 2024 are likely to be around AI and healthcare. AI-powered solutions are already being developed to automate menial tasks performed by doctors, nurses and administrative staff, analyse scans, provide real-time diagnostics, and deliver more targeted treatment. The ability to identify signs of illness in scans and other data - already with percentages approaching those of humans - has the capacity to produce quicker and more accurate diagnoses, improved treatment plans, and ultimately save lives.
9. Using algorithms (and common sense) to reduce supply chain waste
In an increasingly complex and interconnected world, supply chains are crucial for businesses to operate more efficiently and effectively. Startups can develop AI-powered supply chain solutions that help businesses optimise their logistics, reduce transportation costs, and minimise inventory levels.
Software already exists to track products and vehicles as they move through a supply chain, but these sometimes lack interconnectivity with things like warehouse management systems, and still require a lot of manual data entry and upkeep. Solutions that can better automate parts of the supply chain, provide insights into real-time trends, and identify and fix disruptions could have a huge impact on supply chain resilience, profitability and waste.
10. Applying technology to breaking down language barriers
Language barriers can pose significant challenges in communication and collaboration, especially in a globalised business environment. While services such as Google Translate have made great strides in facilitating easier communication, they remain clunky and awkward. Users in a pinch have to get out their phones, navigate to the app, speak to it and hope that it hears them correctly - and then relays the correct translation.
There’s an opportunity for startups to develop a language translation and transcription service that enables more seamless communication across languages. These tools could translate written and spoken language in real-time, perhaps through the use of a wearable, which could listen to the speaker and automatically translate what they’re saying through earbuds, or to your smartwatch or other device. This doesn’t necessarily need to be a competitor to services such as Google, but an augmentation, applying its API to a new use case.
The year 2024 presents a plethora of opportunities for aspiring entrepreneurs to launch innovative startups that address real-world challenges, and contribute to the betterment of society. By harnessing the power of technology - particularly the rapid advancements in AI - and addressing the pressing needs of individuals and businesses, startups can shape the future of innovation, and make a significant positive impact on the world at large.
