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Startup culture today is an essential part of the global economy. Countries all around the world are trying to create a good environment for startup companies to pop up. Many people have lots of misconceptions about startups, particularly about their size. Some believe that they are small and remain the same way for their entire lifespan. However, the truth is that startups begin small and then fastly evolve into major companies with millions in revenues.
In fact, fast growth is one of the main features of startups. They usually are formed as small enterprises with a high pace of development. As a result, the size of the company grows quickly with more employees and a bigger profit. Startup enterprises are usually devoted to their original idea from the very beginning till the end. They revolve around one concept, the main core of the company and try to make it as well-optimized and developed as possible. Despite this, a process called ‘pivoting’ is also widespread among them. In this context, making a pivot means that a startup gets off the track of the original concept and creates something new. Many companies have witnessed big success after pivoting.
Despite misconceptions, setting up a startup is still a long and tiring process. Being a fast-growing company does not essentially mean that the entire process will end overnight. It usually is the contrary since the majority of startups are created as very small companies in parents’ garages with some very limited resources. Thus, although the growth rate might be fast at a glance, turning an early-stage startup into a profitable company is still quite difficult. The general first stage of the process usually takes 1-2 years of enormous work and effort. Many give up shortly after getting started.
Startup culture technically started existence along with the development of the market economy. However, tech companies were the ones that added crucial significance to it. They became so successful that some of them exceeded the value of $1 billion. For such companies, the community came up with a special name – unicorn startups. They are now spreading in Asia as well as the latter is slowly becoming the leading market for innovation. Some of the most significant unicorns that are globally acknowledged include Airbnb and Uber. However, the industries in which startups easily flourish change every year. Thus, in this article, we have gathered the best startup industries in 2020.
The gambling industry has always been one of the most profitable ones. Casinos all around the world are making millions in profits while some cities are solely dependant on their income. Places like Las Vegas and Monaco have established themselves as ultimate meccas for players globally. Everyone wants to try themselves in front of slot machines in Las Vegas at least once in life.
However, the gambling industry is being transformed by technology. More and more online gambling platforms are popping up in different corners of the world, attracting an increasing number of people. Unlike physical venues, they often offer real money casino bonuses which makes them even more popular among players. Moreover, unarguably, they are much more efficient to run, as well as convenient for players. For these reasons, online gambling platforms are now highly competitive. They are gradually replacing physical casinos for many players while gaining new ones. Thus, this year, the online gambling industry, combining technology and entertainment is certainly the place to start a startup.
Sustainable Consumer Goods
The surge in environmental activism and increased awareness has boosted the sustainable products’ industry. A growing number of people refuse to purchase single-use items, such as plastic straws. However, it does not stop there. The global climate crisis comes at a cost of limiting plastic and fossil fuel use, but over 7 billion people on earth need a replacement for them.
Many people believe that sustainable consumer products are easy and simple to make. After all, they are usually associated with organic goods. However, the truth is that coming up with a sustainable, eco-friendly product that can be commercially successful is related to months and years of scientific research. High-tech companies are involved in the process, making important contributions to the development of this niche. As the demand for sustainable goods is ever-increasing, it is now the right time to establish a startup in this field.