Top Ten Industries for Tech Entrepreneurs
It is important to note that these industries may not be the biggest, but they are one thing some of the biggest industries are not…they are the fastest-growing and have been predicted to be doing so at the rate of between 118 and 135 percent, as well as projected for a ten-year stock growth rate of between 56 and 296 percent.
Who is a Tech Entrepreneur?
A tech (technology) entrepreneur, in its simplest definition, means a person who makes use of technology in applying his or her idea. The primary technology being used is the phone, computer and internet. There have been tech entrepreneurs who have changed the world with their innovative ideas. Some of them include Bill Gates of Microsoft, Steve Jobs of Apple, Mark Zuckerberg of Facebook, Chad Hurley et al. of YouTube, among other tech entrepreneurs.
Top Ten Industries for Tech Entrepreneurs
There are few industries that are tech-related which are fast growing and have enormous opportunities for tech entrepreneurs. These industries are quite innovative, which makes them juicy and irresistible for those trying to build a career around them. Let us look at the top ten among them and what makes them distinguished from others.
Rapid growing sub sectors under the healthcare sectors include health data management, personalized health, and biotechnology. Healthcare is an industry that tech entrepreneurs can venture into and disrupt the ongoing activities already in place in the industry. With innovative and technological ideas, the industry can be transformed for the betterment and benefit of mankind. There are numerous opportunities one can break into the healthcare and biotech industry and so many entrepreneurs are taking advantage of that. Entrepreneurs are advised to focus on providing data-driven healthcare that would compete with traditional healthcare facilities that include hospitals, clinics, dispensaries, and other primary care practices that are going into extinction.
The best sub-sectors in technology include cloud-computing, Artificial Intelligence (AI), also known as machine learning, and big data.
Technology is the big shot in the world, around which others revolve. With technology, small and large industries are competing radically to dominate the market by offering products and services that are easier, faster, simpler and user-friendly, as against the use of complex and difficult gadgets that are not easy to operate.
- Real Estate
Real estate is one of the rapid-growing industries that are tech-friendly. Its growth and development are foreseen to be best from agents, property managers, property rentals and other individuals and organizations that provide such services. For the people in the real estate industry to take advantage of technology and penetrate the target market, they should leverage online services and real estate technologies. This will help in projecting the industry to a wider market, as well as giving it an enhanced outlook.
- Retail business
Retail business is in the form of e-commerce, popup retailers and personalized retail. The business combines the use of both online and brick and mortar platforms to reach their customers. Goods have been packaged and sent to diverse people and money paid into the account without the business owners having to meet with the customers. With this, they could reach anyone at any place and time without any barrier. This has been proven over time which makes it easier for individuals and organizations to penetrate the market easier and hosting operations using different online platforms.
The media industry is possibly the fastest growing with the way news is spread rapidly like fire, which ordinarily would have taken a lot of time before reaching the target audience. This is affecting traditional television, newspaper, magazines and other physical media houses. Netflix is a perfect example of online streaming services that are rendering weak the traditional television. What about video gaming and virtual reality? There have been a great lot of changes and growth in these areas too.
The energy industry has recorded tremendous growth in the past few years. Oil and gas, mining and sustainable energy are the major areas that could boast of a rapid increase in demand as a result of efficiency, policy issues and population growth.
Fintech is a technological innovation in the financial sector. It has disrupted the activities of financial institutions like banks, insurance companies, and so on and has replaced the name with new and innovative technologies. Different companies have emerged from Fintech and are spreading wide in different parts of the world, thereby causing banks and other traditional financial institutions to sit up and embrace change or go into extinction.
Cryptocurrency and blockchain are other sectors that are fast rising to compete with traditional financial institutions.
The hospitality industry comprises hotels, restaurants, and places of leisure. The industry has paved the way for tech entrepreneurs and startups to pitch their tents and compete in the new and emerging world. Airbnb is a major disruption in the hospitality industry and making it a more competitive environment. Other key disruptions include online travel agents, digitized guest experience, global tourism, asset management and sustainability of the environment.
In addition, traditional hotels will be replaced by major technology firms, creating markets to attract customers. The industry will evolve into niche markets and serving specific customers or transform into a luxury sector and attending to only big brands.
- Logistics and Transportation
Logistic companies throughout the world have been able to establish a cross-border relationship, making goods easier to get to any location from any part of the world at a very fast pace. This is a welcome development.
Of late, electric and driver-less vehicles have been manufactured to make transportation and movement easier and more convenient for commuters. This will as well, attract businesses into the sector, making rooms for employment and entrepreneurship.
- New Space
Activities are leaving the earth and taking place in the sky and other planets. Satellites are the major forms of movements that operate through cameras and radio signals. So many activities are happening already in space and tech entrepreneurs are taking advantage of that to build an indefatigable career.
There are so many reasons to become a tech entrepreneur and one of the most important is the availability of jobs for both startups and already existing businesses. To stand out in your career, you need to come up with great and valuable ideas as a specialist – use your expertise to your advantage. Know that even though tech people are smart people, there are times you might lack ideas. It is just okay. Do not let that stop you from building yourself and becoming the most sought after tech entrepreneur in the world. You have what it takes, go for the best.