Progressive Tech Business Ideas for Entrepreneurs in 2024

In 1984, a freshman on the University of Texas developed a brand new idea in his dorm room for how one can design and manufacture personal computers. His name was Michael Dell, and his company—now generally known as Dell Technologies—grew to change into one of the successful technology firms on the earth, generating greater than $100 billion of revenue in 2023 alone.

There are countless success stories within the tech space, inspiring recent generations of entrepreneurs to develop tech business ideas of their very own. Listed below are a few of the newest and most fun business ideas you possibly can leverage to start out your individual tech company.

What’s a tech business?

A tech business is an organization that researches, develops, and manufactures technology-based services and products. Tech businesses span multiple industries, including consumer electronics, software development, artificial intelligence, and cyber security. For instance, firms equivalent to Sony create and sell consumer electronics like video game consoles and cellphones, whereas firms including Adobe give attention to developing and selling useful software tools like Photoshop and After Effects.

Tech entrepreneurs generate recent ideas for technology-based services and products in markets that proceed to experience rapid growth. Global spending on information technology devices, software, and services is anticipated to succeed in $5 trillion in 2024.

Tech business idea categories

Listed below are a few of the hottest tech business ideas categories to think about for a technology startup:

Web of Things (IoT)

Web-of-Things (IoT) firms produce household objects equipped with sensors and computer chips that may exchange data with other devices over the web. IoT devices use technologies like motion sensors, activity trackers, and Bluetooth to attach and provides users an integrated system to manage multiple devices.

For instance, a sensible home technology startup could develop an app that lets users check their integrated home appliances, thermostats, and residential security systems all from their mobile devices. A few of the biggest IoT firms include GE Digital, Cisco, and IBM.

Immersive technology

Consider making a business that leverages augmented reality (AR), virtual reality (VR), or mixed reality (MR) technologies. VR firms depend on immersive products like headsets that allow users explore and interact with fully simulated 3D environments. AR is a variety of immersive technology that overlays computer-generated visuals and sounds on top of the true world, often through smartphones, as within the case of Pokémon Go.

MR goes one step further by letting users concurrently engage with each digital and physical elements around them. Apple Vision Pro is an example of a mixed-reality headset that enables users to interact with physical objects like laptops, in addition to virtual tools like screens, keyboards, and apps that appear overlayed on top of the true world.

With the marketplace for immersive technologies expected to grow in the approaching years, more entrepreneurs are looking for tech startup ideas on this space. For instance, you might construct an escape room business incorporating augmented reality for a more immersive experience.

Software development

A software development company offers services like mobile app development to clients who need more practical software tools for his or her personal and skilled lives.

There’s a wide selection of focuses that software development businesses concentrate on. For instance, entrepreneurs on this space could program shipping logistics software to enhance efficiency or develop a content management system (CMS) designed to assist digital marketing professionals manage social media posts across platforms from one easy dashboard.

Education technology

Education technology, also generally known as edtech, produces technology tools like learning apps, video conferencing tools, and academic content platforms to facilitate learning.

For instance, an edtech startup idea could possibly be to create interactive online courses designed to show complicated subjects like chemistry and calculus through gamified learning modules. Similarly, an edtech entrepreneur could launch a web-based coaching startup that connects students with online tutors from around the globe and provides real-time translation tools so there aren’t any barriers to communication.

Kahoot!, Edmodo, and Skillshare are all examples of apps within the edtech space designed to enhance the supply and efficiency of education.

Artificial intelligence (AI)

One area of the tech industry that has experienced rapid growth is artificial intelligence (AI).

Startups within the AI space like OpenAI are using machine learning tools like natural language processing to gather research and generate text in response to prompts from users. Adobe is one other technology company selling AI tools like generative AI for editing and enhancing images in Photoshop or AI-powered typography tools in Illustrator.

Robotics

Robotics uses engineering and computer science to create robotically operated machines that may perform tasks previously done by humans. Most of these autonomous machines are particularly useful for highly repetitive tasks like assembling the parts of an automobile, or dangerous tasks like industrial welding.

The robotics market is estimated to succeed in a brand new revenue peak of greater than $45 billion by 2028, making it one other good field for tech entrepreneurs looking for profitable business ideas. For instance, one robotics startup idea can be to create robots that assist retailers with tasks like stocking shelves, maintaining inventory, and shipping items.

3D printing

3D printing—or additive manufacturing—is the technique of creating three-dimensional objects based on digital models. Merchants who start 3D printing businesses print customizable items like cellphone cases, figurines, and jewellery quickly without having large, complex production infrastructure. This method also helps you to produce complex shapes which might be otherwise difficult to realize with conventional manufacturing techniques.

Entrepreneur Rick Pollack launched MakerGear in 2009 to sell 3D printer parts on to consumers before eventually developing his own 3D printers. After years of experimenting with 3D printing technologies in his garage, Rick launched a successful Shopify store and went on to rank because the top 3D printer manufacturer in 2017 based on an index published by 3D Hubs.

Cyber security

A cyber security startup makes a speciality of protecting its clients’ software, hardware, and data from cyber threats. With the worldwide cyber security market projected to succeed in greater than $200 billion by 2025, entrepreneurs are still entering this field. Cyber security tech startups offer revolutionary tech solutions for ecommerce brands, corporate clients, private individuals, and governments looking for a reliable tech partner to safeguard their information and technology infrastructure.

For instance, HackerOne is a cyber security company that helps clients prioritize their digital assets and preemptively discover essentially the most critical security flaws of their systems. With greater than eight million data records leaked within the fourth quarter of 2023 alone, the necessity for entrepreneurs to create recent and advanced cyber security services continues to grow.

Food technology

Food technology businesses give attention to producing, preserving, and distributing food products via uniquely tech-centric means. Food tech firms use revolutionary technologies like 3D printing and robotics to create more efficient and sustainable food items for his or her customers and clients.

For instance, a tech startup within the food tech space could use vegan ingredients to create synthetic products that mimic meat’s appearance and flavor.

Biotechnology

Biotechnology, or biotech, merges natural sciences and engineering to innovate technologies that use living materials like cells to create recent services and products. Biotech firms give attention to a wide range of fields, including agriculture, with products like genetically modified plants that provide higher crop yields, and medicine, with the event of recent cures and vaccines.

For instance, on an episode of the Shopify Masters podcast, biotech lawyer Afif Ghannoum talks about working together with his father—a microbiome researcher—to provide you with a biotech startup idea called BIOHM Health, which sells probiotics for gut health.