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5 Tech Business Ideas for Entrepreneurs in 2024

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Throughout my time working for a software company that has helped entrepreneurs transform their product visions into reality since 2009, I know exactly how important fresh ideas are. That’s why I want to share some popular startup concepts and insights for turning them into successful projects, so you can use this information as a starting point for your next venture.

Idea #1 — Innovative POS Software

Some of the best startup ideas are ones that can survive market changes. The good news is that point-of-sale systems aren’t going anywhere. Businesses will need them for as long as they need to take payments from customers.

In addition, there’s room for innovation with POS systems. Every business has its own needs to be catered to. For example, retail and restaurant POS systems have different requirements to fit their niche.

Building a POS Software Product

When building a point-of-sale solution, here are some features and topics I recommend leaning into and exploring to make sure your product meets the needs of modern omnichannel businesses:

  1. Customization: give businesses the option to configure settings, parameters, tax rates, payment methods, user roles, and other features they need
  2. Integration: understanding and providing support for the most valuable integrations that your customers are using is a keystone of POS development  
  3. Security: with so much data at stake, securing customer data and payment information is extremely important and can also save you from regulatory headaches.
  4. Regulatory Compliance: make sure your POS software is compliant in all regions where it will operate.
  5. Technical Support: you’ll need to be prepared to provide remote maintenance and performance monitoring. This is a great way to keep business customer loyalty with your product.

Idea #2 — Personal Finance Management Solutions

One of the fastest-growing verticals in fintech is personal finance management. Apps in this field provide services like budgeting, expense tracking, bill payment reminders, subscription management, and financial goal advice. Integration of AI can help you accomplish all of these tasks at scale.

Building a Personal Finance Management Product

Based on my experience working on AI-driven budgeting apps, here’s what I suggest you pay attention to most when developing a personal finance product:

  • Compliance: keep in mind regulations that may apply to fintech and may depend on the region your product will operate within.
  • Experienced development team: you’ll need a capable team of AI engineers and data experts to see the project reach its greatest potential.
  • Privacy: you’ll need to take special care when handling user financial data to maintain their trust and your reputation.

Idea #3 — AI-Powered Fitness Applications

With the growing proliferation of wearable devices and the corresponding interest in personal health, the market has also grown more saturated in fitness applications. Since fitness apps collect data that can help inform user health and wellness, AI can comb through that data to find valuable insights.

Fitness apps with AI features can be empowered with personalized training programs, analytics, virtual coaching, and other tailored experiences. AI pose estimation is another notable category that can determine the pose of an athlete dynamically from a video. That pose can be compared across multiple sets or against a professional to help athletes improve their form. The AI can also provide posture correction notes to help guide users in the right direction.

Building an AI-Powered Fitness Application

Here are the most important things you should know when developing fitness apps with AI features:

  • Accuracy: data quality and accuracy are critical to achieving results that are valuable to users.
  • Privacy: ensure that user data is protected and that you comply with user consent policies.
  • Optimization: AI algorithms often involve complex calculations and data processing, so your app’s performance should be optimized to provide the fastest and highest quality responses.

Idea #4 — Language Learning Products

The more globalized our society becomes, the higher the demand for language learning will be.  Right now, the language learning market is competitive. There are a lot of apps available for this exact purpose, so adding unique features, ways to learn, and making the interface user-friendly are non-negotiables when going this route.

Building a Language Learning Product

Here are the important components of a language learning application:

  • Design: make the interface easy and enjoyable to use to motivate people to come back to your app every day.
  • Gamification: add rewards, challenges, badges, leaderboards, and progress tracking to help users have fun while working toward their goals.
  • Personalization: make tailored learning experiences using AI algorithms.
  • Offline: provide users with the chance to use your app even without an Internet connection, enabling them to advance in their language learning journey anytime and anywhere.

Idea #5 — Telemedicine Platforms

Thanks to smartphones, strong Internet connections, and improving videoconferencing and communication channels, telemedicine has exploded over the past few years. This has ushered in a new era of convenience for the healthcare industry, making telemedicine platforms a great business opportunity.

Building a Telemedicine Application

Here are the most important things to consider when building telemedicine applications:

  1. Regulations: consult with healthcare professionals and software engineers who are familiar with healthcare regulations like HIPAA so you can launch a compliant product.
  2. Integration: connecting your application to electronic health record (EHR) systems can help you better manage patient data and make processes more efficient.
  3. Video conferencing: when incorporating a video conferencing platform, you’ll need to decide whether the application will build a videoconferencing solution from scratch or integrate with existing ones like Zoom. Each has its unique challenges and costs, so it’s important to partner with experts who can help you decide on the path that’s best for you.

Realize Your Vision

No matter what idea you decide to pursue, talk to others in your network and beyond to get insights and feedback. Talk to professionals who have experience in the field to get their opinions and suggestions. Many modern applications require teams to be well-versed in AI and data science. Connecting with AI experts will give you a better idea of how to start your project and see it through to the market.

 

JavaScript Group Leader at MobiDev

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