Startups Industry at a Glance

Startups are a big industry by themselves. It shows many students at a very early age get inspired by creating something on their own to beat the corporate race and working for themselves vs working for someone else or after spending a good amount of period in corporate, the corporate professionals start their firm as these allow them to attempt to solve a main problem in the market along with showing their passion for creating something new.

Based on the facts, as per Statista and StartupBlink, The United States is by far the best country for startups in 2023. With a total score of 198.08, the U.S. had almost more than four times as many points as the second-ranked United Kingdom, with a score of 51.22. Israel followed in third.

The Top Reasons Why Startups Fail

As per Statista, the most known fact why start-ups fail is because there is ‘No market need’ or in other words, they fail due to not being able to find the RIGHT Product Market Fit.

Starting a startup is tough, and being successful at it is even tougher. According to Forbes, 90% of the startups fail every year. Startups in the IT industry are highly prone to failure. The tech startup success rate is less than 50%. On average, 63% of tech startups don’t make it, 25% close down during the first year, and only 10% survive in the long run.  (Source: Upsilonit). Venture-backed fintech startups fail in 75% of cases. Overall, startups globally fail 75% to 95% in the first 5 years of their venture. As per CB Insights, the main reason for this is that they go out of cash to stay afloat. Check out the chart to know more:

Shorter Loop, one of the global leaders in product management helps solopreneurs, students and startups by providing ONE platform to do all product management work by cutting down all product management costs by 50% while reducing 53% the chances of product market failure and thus securing the funding chances. This is possible

• through design thinking in action, deep continuous discovery across all product lifecycle stages – from ideate, listen, collab, define/design (MVP), plan (roadmap, story, prioritizing which product features have the market need and hence need to develop next), build (backlog), launch and continuous learn and measure through product metrics, usage analytics and what measures to take to continue to achieve product success.

Suggested Read: Whitepaper – Why Shorter Loop and What is Shorter Loop?

The Top 10 Massive Ideas to Make Your Startup a Clear Success

However, there are still many innovative ideas that can help your startup sail through the tough times and become a massive hit. Here are ten such ideas:

1. Smart Home Security: With the rise of smart homes, there is a growing need for smart home security systems. You can create a startup that offers smart home security solutions that are affordable and easy to use. You can also offer installation services to make it easier for customers to get started.
2. Virtual Interior Design: With more people working from home, there is a growing demand for virtual interior design services. You can create a startup that offers virtual interior design services that are affordable and easy to use. You can also offer a range of design options to cater to different tastes and preferences.
3. Eco-Friendly Cleaning Products: With the growing concern for the environment, there is a growing demand for eco-friendly cleaning products. You can create a startup that offers eco-friendly cleaning products that are affordable and effective. You can also offer a subscription service to make it easier for customers to get their cleaning products delivered to their doorstep.
4. Personalized Nutrition Plans: With the growing awareness of the importance of nutrition, there is a growing demand for personalized nutrition plans. You can create a startup that offers personalized nutrition plans that are tailored to each individual’s needs and preferences. You can also offer a range of meal options to cater to different dietary requirements.
5. Online Tutoring: With the rise of e-learning, there is a growing demand for online tutoring services. You can create a startup that offers online tutoring services that are affordable and effective. You can also offer a range of subjects to cater to different age groups and academic levels.
6. Smart Parking: With the increasing number of vehicles on the road, finding a parking spot has become a major challenge. You can create a startup that offers smart parking solutions that help drivers find parking spots easily. You can also offer a range of parking options to cater to different needs and budgets.
7. Smart Waste Management: With the growing concern for the environment, there is a growing need for smart waste management solutions. You can create a startup that offers smart waste management solutions that are affordable and easy to use. You can also offer a range of waste management options to cater to different needs and preferences.
8. Smart Home Automation: With the rise of smart homes, there is a growing need for smart home automation solutions. You can create a startup that offers smart home automation solutions that are affordable and easy to use. You can also offer a range of automation options to cater to different needs and preferences.
9. Smart Healthcare: With the growing demand for healthcare services, there is a need for smart healthcare solutions that are affordable and effective. You can create a startup that offers smart healthcare solutions that help patients manage their health better. You can also offer a range of healthcare options to cater to different needs and preferences. Check JioVio Healthcare for more details.
10. Smart Transportation: With the increasing number of vehicles on the road, there is a growing need for smart transportation solutions. You can create a startup that offers smart transportation solutions that help people commute easily. You can also offer a range of transportation options to cater to different needs and preferences.

These are just a few of the many innovative ideas that can help your startup succeed. By offering affordable and effective solutions that cater to different needs and preferences, you can attract more customers and improve engagement.

Examples of Global Successful Startups using these amazing ideas:

1. JioVio Healthcare: Revolutionizing Maternal Healthcare

• Startup Idea: IoT-based Maternal Healthcare Services (Smart Healthcare)
• Success Story: JioVio Healthcare
• Founder: Senthil Kumar
• Mission: Bridging the healthcare gap for pregnant women in rural India.
• Innovation: JioVio provides early risk monitoring services at home using IoT technology.
• Impact: Over 30 lakh mothers from 14,328 villages in Tamil Nadu, Karnataka, Maharashtra, and Kerala have benefited. More than 7,000 high-risk pregnancies have been managed through their 1,000-day program.

2. Aura Air (Israel)

• Startup Idea: Combining indoor air-quality detection with air purification. (Smart Home)
• Success Story: Aura Air offers a device that detects smoke, dangerous gases, and volatile organic compounds in indoor spaces. It then purifies the air, filtering out tiny particles. In an independent clinical trial, Aura Air successfully filtered and removed 99.9% of airborne coronavirus. The startup has gained traction globally, with installations in homes, schools, offices, and public transportation.

3. Dharaksha Ecosolutions: Biodegradable Packaging from Crop Stubble

• Startup Idea: Biodegradable Packaging Material
• Success Story: Dharaksha Ecosolutions
• Founder: Arpit Dhupar
• Mission: Tackling the harmful effects of thermocol on the environment.
• Innovation: Developed biodegradable packaging material from crop stubble waste.
• Impact: Each piece of material prevents 250 tonnes of thermocol from going into landfills. Farmers are paid Rs 2,500 per acre for procuring paddy stubble.

Source: The Better India.

4. Biobeat (Israel)

• Startup Idea: AI-powered wearable patches for real-time vital sign monitoring.
• Success Story: Biobeat’s disposable skin patches track 14 vital signs, including blood pressure, pulse, and skin temperature. The data is transmitted via Bluetooth and Wi-Fi to electronic medical records and an app on the patient’s smartphone. Tel Aviv Sourasky Medical Center uses BioBeat’s wireless stickers for monitoring.

5. Bzigo (Israel)

• Startup Idea: Detecting and locating mosquitos in indoor spaces.
• Success Story: Bzigo’s device sends a message to your smartphone with the exact location of mosquitos. While it doesn’t zap them, it provides valuable data. CEO Nadav Benedek’s childhood experiences led to the creation of this innovative solution.

6. Enso Security (USA)

• Startup Idea: Automating application security.
• Success Story: Enso Security helps organizations identify and remediate security vulnerabilities in their applications. Their platform streamlines security processes, enhancing efficiency and reducing risk. The company has gained recognition for its impact on cybersecurity.

7. Helios (USA)

• Startup Idea: Solar-powered drones for internet connectivity.
• Success Story: Helios builds high-altitude, solar-powered drones that can stay aloft for months, providing internet access to remote areas. Their innovative approach to connectivity has garnered attention from investors and tech enthusiasts.

8. Jolt (UK)

• Startup Idea: Flexible, on-demand business education.
• Success Story: Jolt offers short, practical courses taught by industry experts. Their unique model allows professionals to learn relevant skills without committing to long-term programs. Jolt’s success lies in its agility and responsiveness to market needs.

9. NeuraLight (USA)

• Startup Idea: Wearable light therapy for mental health.
• Success Story: NeuraLight’s wearable device delivers targeted light therapy to alleviate symptoms of depression and anxiety. The startup’s evidence-based approach and user-friendly design have positioned it as a leader in mental health technology.

10. Banyan Nation: Transforming Plastic Waste into Premium-Quality Recycled Plastics

• Startup Idea: Recycled Polyolefin Plastics (PE and PP)
• Success Story: Banyan Nation
• Founders: Mani Vajipey and Raj Madangopal
• Mission: Addressing the plastic waste problem.
• Innovation: Converts plastic waste into premium-quality recycled polyolefin plastics.
• Impact: Used in quality packaging applications (shampoo, detergent, lotion bottles).

Summing Up

In conclusion, starting a startup is tough, but with the right idea and execution, you can make it a massive hit.  Shorter Loop helps startups, and solo founders like you by providing a rock-solid end-to-end product management software that enables you to identify RIGHT Product Market Fit with a 53% reduction in product market risk, with 70% more ability to do experiments to gather real-time data-driven insights what customers love and would likely to pay for, and improving product teams’ efficiency by 80% with superior collaboration and communication all in the ONE platform – from ideation to outcome through continuous feedback, coaching and guidance and real-time insights! Would like to try Shorter Loop, click here to start your FREE trial today!

Frequently Asked Questions (FAQs)

1. What are the top reasons for startup failure according to research?

According to research, the top reasons for startup failure include a lack of product-market fit, insufficient funding, and having the wrong team.