#6 Impeccable Startup Trends for 2019
Some technologies and businesses have been showing strengths in the Indian market and have shaped up to be the trends of 2019
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2018 ended with a lot of speculations about the trends that startups in 2019 will be witnessing, especially after the year witnessed unprecedented growth in India's startup ecosystem. Every sector experienced the waves of new business ideas and technologies that shifted them from one point to a higher point in their businesses, and the sectors are thankful about the heave that boosted their businesses.
The spike in the startup ecosystem has been strong enough to gain the government's attention. Even Finance Minister Piyush Goyal while presenting the Budget 2019-2020, said on 1st February, "We are proud of the hard work and innovative ideas of our youth."
Rolling on to 2019 and with the Budget out, business leaders are sharing the trends they are essentially looking forward to. Here are the technologies and businesses that startups believe are and will be trending for 2019.
Artificial Intelligence (AI) – AI that has the potential to effectively accompany human decision-making capacities is the most discussed technology at the moment. While some call it a "Buzzword', others see it a lot more than a mere buzzword. After the Budget 2019-2020 sided with the technology, it is needless to say that the technology has come more in focus.
The talk of technology has been going on in rounds in every sector. Among the long list of sectors that are benefitting from the technology are companies working in robotics, ride sharing, healthcare, construction, semi-conductor, banking, finance, etc. The list goes on and on. Startups have been availing the technology and benefit from it. Quite obvious to say that more startups and AI innovations will be seen in the near future.
Health & Wellness - Kanwaljit Singh, who is the Managing Partner of Fireside Ventures, an investment firm specializing in early stage and seed investments points where the promising consumer market is heading. He says, "One of the skyrocketing trends that consumers are following is health and wellness. Staying healthy and fit has become a mandatory regime of everyone's lifestyle. Any opportunities for positively contributing to our well-being are sought after."
Organic Businesses – The word "Organic' is now a favourite of the nation. The rise in health consciousness has also led to a rise in demand for organic foods. Even the organic food sector for kids is starting to look promising and a number of businesses is growing in the field. Priyanka Shetty Sridhar, the Founder of Mimmo Organics highlights the organic baby food market and says, "The size of the baby food market in India is currently around INR 47 billion and it is expected to reach INR 69 billion by 2022. The organic food market in India is growing rapidly and is expected to grow threefold by 2020."
Social Entrepreneurship: The depletion of the environment has been making everyone worry about what lies next for mankind. Indian startups in this sphere have been trying everything in their hands to build products around a particular issue.
While some are making eco-friendly pencils and pencils that are saving around one lakh trees every year, reducing plastic wastes, some are trying to solve the problem of commute with eco-friendly bikes and electric vehicles, some are trying to be the answer to world hunger, and many more. Social sustainability that supports startups in the sphere has given rise to awareness among the consumers as they are also rethinking their consumption.
Data Analytics – Data Analytics is being implemented by companies to reduce expenses, enhance sustainable development, increase fuel efficiency and minimize downtime. Seeing it as a potential trend for 2019, Pankaj Agarwal, the founder & CEO of fashion accessories brand YouBella says, "Data Analytics will play a critical role as more and more companies are investing in a data-driven approach to study consumer and market behaviour." With that being said, it can be expected that startups considering to venture Data Analytics, might be entering the field more in number.
IoT – IoT has opened new doorways to the worlds of smart homes, healthcare, automation, elder care, agriculture, manufacturing, and several others. Along with AI, IoT also has the potential to be called the fourth industrial revolution.
Amit Gupta, the co-founder of Yulu Bikes talks about how valuable IoT is for the business, he says, "It is the most critical piece of tech in our business. Without this tech, making it big in this business is impossible. It is the backbone. Helps to work without fuss."