Biggest Start-Up Trends To Watch Out For In 2021
The year 2020 was nothing but a roller-coaster for all businesses. This can be said especially for start-ups. COVID-19 and the subsequent lockdown due to the pandemic changed a lot for businesses. Some sectors took a major hit not just in business but also in start-up fundraising, with angel investors etc. Some, however, rose from the ashes and thrived during the lockdown. Well, now we are in a new year, with new beginnings and aspirations. That being said, the trends we will see this year are bound to change and evolve. The pandemic forced most services and businesses into an online platform. As such we are bound to see some major online trends especially in relation to what types of start-ups will be formed as well as the types of start-ups angel investors are looking to invest in. Being a Small Business Start-up Advisor in Mumbai myself, here are some of the start-up trends I think will play a very important role in the start-up world in the coming year!
1. Virtual healthcare
With the onset of COVID-19, all healthcare institutions are looking for innovative ways to make sure their patients remain safe. To help lower the exposure to the virus, many healthcare providers have shifted to consulting on an online medium. This helps patients as well as doctors, nurses etc. to evade the virus for as long as they can and remain safe. For start-ups within the healthcare space, this provides them with a good business strategy to make sure that their business model is built around this.
The biotech industry is a huge one and as such, shows great promise in 2021. This coupled with the fact that DNA analysis has become more accurate and widespread means that this is a sector that is sure to see a boom in the coming year.
5G for a long time during 2020 was shrouded with conspiracy theories and by some was linked to being the cause for COVID-19. However, that is not the case. With a larger per cent of the population now staying at home, people are looking for faster and higher internet speeds. This has increased the advancement of the 5G network to the forefront. Any start-up that is looking to create a business in the world of 5G will do very well. Projections show that countries like China, USA and Australia are already fast-tracking the advancement of 5G. There are many ways that start-ups can use 5G to improve their business models. 5G can be used in the implementation of smart cities, to navigate drones, to help power ships, etc. The applications are endless and start-ups investing in 5G will be good for business.
4. Online education
Online education has seen rapid growth over this past year. The pandemic and lockdown shut down schools and colleges and as a result, everyone had to go onto and online mode. Statistics show that most schools and colleges will continue to complete a part of their portion online even when everything gets back to normal. As such this sector can be hugely profitable for entrepreneurs.
To Sum Up
These are some of the trends that you must watch out for in the coming year. There are various other trends as well including remote working, robotic delivery, sustainable finance etc. If you are starting a business, any start-up mentor will tell you that then these trends will help guide you in choosing the sector of business you want to work in. Be sure to keep informed about the changing technologies, because at a time like this, its ever-changing.
Further for any newly formed start-up, the best way to decide if it requires an angel investor or start-up funding is by having a complete business plan. Your business plan should also include a One-Page Business Plan. I have developed a one-page business plan for all start-up founders and entrepreneurs. This business plan helps you ideate what you would like to achieve the following year as well as the activities you are willing to give up. It helps you to understand the shortcomings of the previous year as well.
About Devansh Lakhani
Director of Lakhani Financial Services, and a Chartered Accountant, he helps start-ups raise funds from his network of investors. He guides and advises start-ups to scale up by providing efficient sales, marketing, team building, and business management strategies. He has executed fundraising by block deals on the stock exchange and conducted IPOs and right issues on the SME platform to the tune of over Rs. 50 Crore. He is currently working with start-ups from various sectors to help them channelize their business models and investments.