What Business Are You Starting Next Year?
In the past few years, technological solutions have been in demand in various fields. Products that could not enter the market due to imperfect technology or too expensive production have significantly improved their performance. Also, companies today place a strong emphasis on product customization, individual customer experience, environmental friendliness, and ethical production. Here are some of the most promising businesses that you can start next year already.
- Beauty Tech
This direction is developing through the integration of high technology and the beauty industry. The market for beauty products is a promising direction: according to IBISWorld, in 2019, it is globally estimated at $330 billion, which is 2.3% more than in 2018. Just like fold up beds, which are becoming increasingly popular with a wide audience from all over the world, beauty tech products are also gaining more and more popularity among the international community.
Most companies in the industry focus on customized products that take into account the individual wishes of the client. For example, in South Korea and China, the Sketchon startup is popular – it offers temporary tattoos. Users can upload their designs to the application and print the tattoo on their body.
Another product with an emphasis on an individual approach at the intersection of the cosmetics industry and IT is the Canadian startup ModiFace. The solution uses facial recognition technology and augmented reality, which allows customers to experiment with makeup techniques.
Using machine learning, Function of Beauty from New York produces products for every customer. Since 2015, a startup founded by graduates of the Massachusetts University of Technology has raised $12.2 million from venture capital funds, including Y Combinator and GGV Capital. The popularity of the new player prepared a questionnaire about the hair, which customers have already completed 1.5 million times. After answering 15 questions, you can determine the ratio of components needed for a particular client in one bottle of shampoo and conditioner.
Meanwhile, similar companies are developing in the USA – HairRx, Cloud 10, and Prose. The market for goods and services in the cosmeceuticals category is growing fast. For example, Singaporean biotech startup Austrianova, which is researching tumor treatment and cell repair, plans to change the beauty industry with its Gel8 product. The new technology protects cells from exposure to harsh chemicals and other irritants and maintains normal pH levels. Let’s track what will happen to their invention in the future.
- Alternative Food
The food industry is undergoing revolutionary changes in all areas – from catering to the segment of consumer goods. Thus, the fashion for low-carb nutrition and paleo-diet increases the demand for vegetable protein-based products. In 2016, the alternative protein market was estimated at $4.2 billion. By 2022, it should grow by 6.8% according to a study by Research and Markets.
Thanks to more technologically advanced production, vegetable protein-based foods are becoming more and more similar to animal protein in both taste and nutritional properties. As a result, more and more startups are trying their hand in this area.
Beyond meat, Clara Foods produces a vegetarian alternative to soy and pea, i.e. protein meat, makes mayonnaise without the use of eggs, and develops an artificial egg protein that is genetically identical to the present. Since 2015, the latter have attracted $3.5 million in investments. At some point of time, the jonsguide service was a revolutionary platform (it is still so); today this niche is becoming wide though.
- Agents for Influencers
Special agencies act as a bridge between brands and media influencers – they help transaction participants find each other, choose the most favorable conditions for cooperation, and launch a joint advertising campaign. Agencies study the statistics of likes and views on blogs, the degree of engagement of the audience, the time of viewing publications. They track how many people follow the link and share this information with brands.
The most famous company in this area is the Toronto-based social media branding agency Viral Nation, which has been working with Apple, Microsoft, Baidu, and over 10,000 popular bloggers for four years. By the end of 2014, Viral Nation had signed contracts with more than one hundred influencers. In 2016, it began to promote advertising campaigns for brands and achieved 300% growth per year. In 2018, the company’s revenue reached $20 million.