Innovation has become increasingly important in today’s business landscape. In fact, many startups are leveraging this key business aspect to differentiate themselves from their competitors, attract consumers, and generate revenues.
Even incumbents, such as IBM with its Watson AI platform, are jumping on the innovation bandwagon.Vivek Bapat, Global Vice President for Portfolio & Strategic Marketing at SAP calls it the biggest buzzword of the last two decades. With that in mind, here are five innovative business ideas for 2017:
In spite of teething problems such as association with unsavory characters operating in the dark web, Bitcoin has emerged as the most viable cryptocurrency in the world. In fact, this currency is today widely accepted by some large companies such as PayPal, eBay, Virgin Galactic, Microsoft, Tesla, Dell, and even online dating site OkCupid.
If you would like to mint money from people who use this cryptocurrency, you could start by opening a company that processes Bitcoins. In general, companies such as Microsoft do not accept Bitcoins in the real sense. They partner with Bitcoin processors like Coinbase to turn Bitcoins used by consumers to buy their goods/services into dollars.
Virtual and Augmented Reality
Another innovative idea that you can turn into a thriving business, particularly if you have the relevant knowledge, is giving consumers immersive experiences via virtual and augmented reality. This niche is potentially so lucrative that companies such as Google, Facebook, Samsung, and Microsoft are doing everything they can, including mergers and acquisitions, to revolutionize the way consumers interact with ads, consume video content, interact with surrounding environment, and play video games.
Consumer tracking typically involves keeping track of the digital footprints of consumers as they move around the Internet. Although this may sound easy, it is tricky because many web users own multiple mobile devices. Moreover, they can use desktop PCs and laptops to access the internet. If you can figure out how to do this, you can make a lot of money selling this information to advertisers and marketers.
The on-demand niche involves consumers who want to order a product/service and receive or have it delivered immediately. This has spawned the rise of successful companies like Uber. You too can target this market niche and offer services such as instant shopping delivery. In fact, Amazon has been trying for years to solve this problem and ran into headwinds when American aviation authorities nicked its idea of using drones to deliver goods to consumers.
Data breaches have become so rampant today that they only become newsworthy when they involve large corporations or the release of salacious tidbits. A good example of this is the recent Sony hacking saga. With this in mind, this industry is ready for a company that can offer robust data security solutions. This includes identifying and neutralizing hacking attempts before they turn into PR disasters as well as unmasking the identity of cybercriminals.
To remain relevant and profitable in today’s highly competitive business landscape, companies must make innovation a top priority. Some of the innovative business ideas that are likely to gain traction in 2017 include virtual and augmented reality, data security, consumer tracking, products/services targeting the on-demand economy niche, and cryptocurrency services.