Starting and launching a career in any industry is not something that could be achieved easily as robots and machines are taking up jobs from human beings these days. Despite that, there are industries that are taking advantage of the robots and machines in carving a niche for themselves in the global eyes. So many people are venturing into these industries and are making it big because the industries themselves are lucrative and growing at a fast pace, disrupting the status quo and building longer-lasting enterprises.
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 forecasted 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.
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Table of Contents
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 5 Industries with the Most Opportunities for Tech Entrepreneurs
There are so many opportunities in different industries, of which tech entrepreneurs can extend their tentacles and make the best out of them while building a fantastic career. We are going to list five of them and the areas tech entrepreneurs can focus on.
1. Healthcare
The following are open to tech entrepreneurs: Development of drugs, prediction of patients’ needs, big data analytics, Artificial Intelligence (AI), research improvement, reduction in fraud through the assessment of risk factors that are not easy for humans to assess, record sharing, drug testing, and so on.
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2. Media
Blog consulting, computer training, data entry, internet research, social media consulting, video production and media tech, web design, IT support, computer repair and maintenance, and so on.
3. Hospitality
Hotels and lodging, restaurant, bars, catering, night clubs, health and sports, spa, travels, tourism, arts and culture, event management, transportation, and so on.
4. Fintech
Payment infrastructure, processing and issuance, stock trading apps, cryptocurrencies, blockchain technology, Insurtech, money transfer and remittances, mortgage lending, Robo investment advisors, credit reporting, financial cybersecurity, infrastructure and software to power financial applications, neobanks, alternative lending markets, and so on.
5. Technology
Digital advertising, mobile app services, retail business (tech shop), app development services, cloud-based services, IT equipment services and sales, online school, e-library, technical writing services, computer training services, music and video content streaming services, tech consulting, 3D printing manufacturing, web analytics services, influencer market platform, and so on.
Competitive Advantages of the Above Industries
Competitive advantages are characteristics that help a company to outperform another in the same industry. They make a company to deliver a product or service at a lower cost or improved level. A competitive advantage must be impossible or difficult to copy to be seen as a competitive advantage.
- Healthcare: products and services can be offered at low costs and differentiated from those of the competitors using quality, but easily recognizable labels. The industry has become value-based and has reshaped the approaches to hospital strategic planning.
- Fintech is improving its ability to match investors, lenders and borrowers, and also gives an advantage to retail investors to participate in the market. It also mitigates risk and promotes a more efficient allocation of scarce resources. One of the most competitive advantages it enjoys is the positive customer experience. This is why more than half of the consumers of their products are likely to recommend Fintech over banks.
- The internet has created a broad-playing field for business competition among media personnel and companies. This has made them use cost leadership, differentiation and focus to gain an advantage in the evolving world.
- Technology has an effect on both cost and differentiation as a result of the values packed in each of its activities and linkages among different activities.
- By implementing the right tech, hotels can streamline operations and impress guests which would help them to generate more finance and open doors to further business.
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.
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1. Healthcare
Rapid growing subsectors 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.
2. Technology
The best sub-sectors in technology include cloud-computing, Artificial Intelligence (AI), also known as machine learning, and big data.
Technology is the bigshot 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.
3. 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.
4. 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.
5. Media
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.
6. Energy
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.
7. Fintech
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.
8. Hospitality
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, digitalized 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.
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9. 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 driverless 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.
10. 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.
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