Business First Family Business, Accounting, Finance, Investing, Marketing And Management
Millennials are exploring new markets – from healthy eating to space travel. New wave entrepreneurs are turning traditional industries upside down. They want to change the world and can make serious money in a wide variety of industries – from satellite communications to the renewable energy sector. Here are the most promising markets for young entrepreneurs.
Ethical Money
Only 30% of the US population trusts financial institutions, and their share has remained almost unchanged since the 2008 financial crisis, according to a study by the Gallup Institute. And the sector of fintech application development, including startups that use technology to create or manage new funds, continues to attract venture capitalists. According to the KPMG report, in 2020, global investment in the financial technology sector reached $105.3 billion – this is the third highest indicator in the entire history of the industry.
Young entrepreneurs try to give their clients (usually as young as themselves) more investment opportunities. A bottom-up brokerage company from San Francisco with the self-explanatory name Robinhood makes it possible to trade stocks through a smartphone application. This startup doesn’t charge customers any commissions and plans to generate income through paid subscriptions for additional features
Eco Food
In 2020, despite the collapse of the global economy and a decrease in consumer spending due to quarantine, the demand for organic food has grown. There has never been a better time to achieve your food business goals. Although organic food is more expensive than non-organic food, sales of packaged organic food in the world increased by 11% in 2020.
Young entrepreneurs offer customers natural, organic, and relatively inexpensive alternatives to existing food products.
Dream Of Space
Elon Musk and Jeff Bezos come closer to commercial flights to the moon (and maybe more), but this is not all. According to the Aerospace Industries Association, US manufacturers in this industry have more than $600 billion in revenue and continue to grow at about 2% per year. Of course, there are several other aerospace startups to look out for in the future.
Many startups are successfully pursuing satellite technology, drones, and renewable energy sources.
New Marketing
According to a Microsoft study, the average ad consumer is usually able to maintain focus for only eight seconds – too much information is pounded on them from all sides.
Therefore, young entrepreneurs are turning to a strategy known as Influencer Marketing: promoting a product with popular business social media users, whose accounts are viewed by millions of subscribers every day.
A Technique That Makes Life Easier
The total volume of the Internet of Things (IoT) market globally in 2020 was about $389 billion and is projected to grow to over $1 trillion by 2030, more than doubling its revenue in ten years.
Tech giants including Amazon and Google continue to invest in digital assistants, and a new breed of entrepreneurs are following suit.
Cryptocurrency
Moreover, cryptocurrency investing banking, and trading is another promising industry for millennial startups. With forms of decentralized, digital currency becoming increasingly recognized by businesses and governments, there has never been a better time to start a business in this financial industry. In fact, many entrepreneurs have already tried to start their own crypto finance businesses. Launching your own industry, you can start mobile app, software products, and other online platforms that support digital currency investing. Here, users can purchase some of the top coins, like Bitcoin, Ethereum, Litecoin, and Dogecoin.
Millennials, also known as Generation Y, are one of the most active and purposeful age groups. Today, millennials are setting trends in many areas of life. They include a new generation of investors, as well as creators of successful fintech startups, the number of which is growing rapidly every year. In the coming years, millennials will account for a significant part of the global talent market, and many are already inclined to consider them the main driving force in the global economy.
