Starting a Business? Developing Fields to Consider for Your Business Plan

Last Updated: 

June 12, 2024

When you read about the history of business, it’s obvious how revolutionary ideas may create long-lasting impacts not only on current developments but also on the future. For instance, Sony's portable Walkman back in 1979 was a groundbreaking event. While many customers initially didn’t have a positive opinion about transistor radios, this pioneering technological advancement into personal audio technology ended up revolutionising how we consume entertainment content entirely. It established a ground for everything from MP3 players to streaming services like Spotify, which redefined our relationships with music.

Today's entrepreneurs face comparable inflection points when it comes to identifying the industries primed for similar transformation. Emerging fields like smart home integration, generative artificial intelligence, and advanced cosmetic formulations are already hinting at even more seismic paradigm shifts on the horizon. Aspiring business founders would be wise to explore these spaces as fertile soil for cultivating their own pioneering ideas and ventures in the field of smart home must-haves, fostering the idea to revolutionise people’s lives.

Key Takeaways on Fields to Consider When Starting a Business

  1. Historical Innovations: Revolutionary ideas, like Sony's Walkman, can have long-lasting impacts on current and future developments in various industries.
  2. Emerging Fields: Entrepreneurs today have the opportunity to explore and innovate in fields like smart home integration, generative AI, and advanced cosmetics, which are primed for significant transformation.
  3. Smart Home Technology: The rapid evolution from simple remote controls to sophisticated AI ecosystems offers numerous opportunities for business innovation, enhancing daily life.
  4. Market Growth: The smart home market is expanding exponentially, with 42 million households in the U.S. already using smart home devices and influencing future home purchasing decisions.
  5. Generative AI Potential: Generative AI holds immense potential to revolutionise creative workflows and information processing, attracting significant investment from major tech companies and startups alike, prompting a surge in demand for generative AI consulting services.
  6. AI Industry Investment: In 2022, over 3000 AI companies attracted billions of dollars in funding, with generative AI gaining more than $21 billion, indicating a strong future for AI-driven entrepreneurial opportunities.
  7. Beauty and Cosmetics Innovation: Despite the mature market, there are still opportunities in niche segments like clean and organic cosmetics, driven by consumer demand for health-conscious, environmentally friendly, and ethically sourced products
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Smart Home Assistance

Smart home technology offers a wide range of opportunities and innovation to business owners interested in changing people’s lives positively. What began as straightforward remote lighting or thermostat control has rapidly transformed into sophisticated AI ecosystems making our daily routines smarter and more intuitive.

Already, early trailblazers have achieved remarkable success in developing intuitive smart home solutions. Just look at, the voice control startup that raised $22 million since its launch for its premium artificial intelligence assistant tailored specifically for luxury households. By designing a conversation-savvy system uniquely optimised for estate management, they've created an incredible solution far beyond what Alexa or Google Home could offer.

The potential for such hyper-personalised smart home concierges seems to have no ceiling as adoption accelerates. Last year, more than 42 million households in the U.S. reported using smart home devices - which equates to a population of over 84 million broadband-enabled occupants. And with 81% of consumers confirming smart tech actively influences their future home purchasing criteria, this market's exponential growth curve is only getting started.

As someone who's integrated Alexa, Nest, and various sensors throughout my home, the quality-of-life enhancements are blatantly apparent too. Bedtime routines sync TVs, climate systems, and lighting with a single vocal cue or tap. Exterior cameras permit digital "peeking" at who's outside or when packages are delivered, all accessible remotely. 

Generative AI

Few technological sectors have generated more buzz recently than generative artificial intelligence and its mind-blowing potential to upend everything from creative workflows to information processing as we know it. Whether leveraging large language models for natural conversation or machine learning synthesis for multimedia content creation, "generative AI" encompasses a suite of revolutionary computational advancements.

Major industry heavyweights clearly recognise AI's profound implications too. Google, Microsoft, Anthropic, and OpenAI have all doubled down on developing proprietary AI platforms and language models while racing to monetise generative capabilities. Meta/Facebook is similarly prioritising a "meta-verse AI" to power their Virtual Reality vision. Not only are these players working to integrate generative underpinnings throughout their ecosystems, but they're actively exploring avenues for spinning off stand-alone commercial AI products too.

The startup floodgates are already wide open as well. According to recent analyses, more than 3000 AI companies attracted billions of dollars in funding across 2022 alone - an astounding hike over the previous year. Among the most attractive sub-sectors, generative AI gained more than $21 billion in fresh capital as entrepreneurs rush to stake positions for the coming transformation.  

Undoubtedly, generative AI will fuel some of the most disruptive entrepreneurial opportunities of our lifetime. Founders with the vision to identify ideal use cases and package solutions for streamlining or augmenting existing processes position themselves on the ground floor of an imminent socioeconomic revolution.

Beauty and Cosmetics    

When it comes to more mature, saturated industries like the beauty and cosmetics sector, savvy entrepreneurs may feel their runway for building innovative new businesses is extremely limited. After all, well-entrenched incumbents with vast resources and distribution channels enjoy an inherent home-field advantage in retaining market share. Just take a stroll through any Sephora or department store makeup counter, and you'll face an endless variety of globally recognisable brands, fighting in tough competition.

However, written off as "too crowded" is precisely the type of all-or-nothing thinking that stifles creative thinking and obscures untapped opportunities within this space. Without a doubt, the beauty realm's immense scale means niche or specialty sub-segments are ripe for the right startup product-market permutations to find traction.  

Take clean and organic cosmetics, for instance. The subset has already grown into a projected $9-10 billion industry according to the data by 2021, fuelled by rising consumer consciousness around personal health, environmental impact, and ethical ingredient sourcing. Savvy new players have rapidly disrupted tired legacy brands by adopting more thoughtful, sustainably produced formulations emphasising transparency, high-quality naturals, and cruelty-free processes.

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