Promising business ideas: Ways to succeed in the modern world

Every successful startup starts with a unique business idea, an energetic entrepreneur and an accessible market. These three components are really important for success.

Identifying an innovative idea for your business is the first step to getting your company up and running, but with so many options out there, it can be hard to know where to look for inspiration. Don’t worry: I’ve compiled a list of the best startup ideas to help you make money in 2024.

If you’re struggling with what kind of business to start, find inspiration below in the list of innovative business ideas.

Business ideas: top 5

1.AI startup: become the artificial brain of the future!

Artificial intelligence is increasingly intertwined with our reality. Starting an AI company can put you at the forefront of this rapidly growing industry. With many startups creating AI technologies to meet this growing demand, your idea needs to be unique and effective. For example, OpenAI develops advanced AI models that can solve a wide range of tasks.

To create a marketable AI product, consider the problems that companies and individuals need solutions for, and you can build an AI company to solve them.

2.Cybersecurity: protect the world from criminal hackers!

Today, we live online. Bank accounts, photos from bachelorette parties, secret plans to take over the world – all of it is stored online. We use technology for almost everything. From online banking to streaming services, wherever our personal information is stored, cybersecurity is essential to ensure protection. Starting a company in this area offers customers the protection they need and can lead to a profitable start-up business. For example, Cloudflare, which offers cybersecurity and website protection services, has a market capitalisation of over $20 billion.

Set yourself apart from the competition by offering exceptional services and features, such as a cybersecurity assistant that keeps customers informed about their online safety.

3.Clean energy: save the planet, make money from it

Climate change is serious. It’s no secret that clean energy is becoming increasingly popular and necessary. And you can be part of the solution. Create your own startup to help make the world a cleaner place. For example, Tesla is actively developing clean energy technologies such as solar panels and energy storage batteries. It has a market capitalisation of over $1 trillion.

Conceptualising and implementing your business idea will require either knowledge of clean energy or the support of someone who does. A clean energy startup can be a product or service that uses an environmentally friendly approach to energy production, such as bicycles that generate electricity or solar panels.

4.Water treatment: give people access to clean water

Clean water is life. Unfortunately, not everyone has access to it. Your startup can be a lifesaver for millions of people. Whether you are developing an innovative portable water purification tool or an entire system for homes and businesses, this startup idea has the potential to generate high profits as well as a strong social impact.

WaterHealth International is worth mentioning here. The company has developed a portable water purifier that helps millions of people in developing countries to access clean drinking water.

5.Crypto startup: dive into the world of cryptocurrencies!

Bitcoin, Ethereum, Dodgecoin… These words no longer scare anyone. It’s easier than ever to get into the cryptocurrency space. Whether you’re creating a new coin or a cryptocurrency solution platform, there are many opportunities for you.

• Develop a new cryptocurrency that is more stable and secure than Bitcoin.
• Create a cryptocurrency trading platform that is more convenient than Binance.
• Create a mobile application that will help people invest in cryptocurrencies.

However, it’s important not to jump in headlong. Do your research and make sure you have a deep understanding of how this space currently operates to give your crypto startup the best chance. I would like to point out that the world-famous crypto exchange Coinbase has a market capitalisation of over $80 billion today.

6.VR startup: dive into the world of virtual reality

A virtual reality (VR) company usually falls into one of three categories: selling VR products, creating VR experiences, and VR consulting or other community-focused startup models. To get started, it’s best to research the interests of your community and the VR companies already operating in your area.

For example, if there is no virtual reality entertainment in your area, it could be a great opportunity to create a virtual reality escape room or gaming room. Take a cue from Oculus VR, which was acquired by Facebook for $2 billion and developed the Oculus Rift virtual reality headset.

7.Startup in the field of educational technology

As more and more schools adapt to online learning, an education technology startup can provide students with an easier path to education. For example, the Coursera, platform, which offers online courses from leading universities and companies around the world.

Make this startup unique and socially responsible by conducting research on the challenges schools face today with e-learning software or hardware and work to develop a product that addresses the shortcomings of online learning.

What can it be?

• a platform for online courses;
• interactive learning application;
• a tool for creating online tests;
• online tutoring system;
• a platform for gamification of education.

8.Fintech: riding the wave of success

Financial technology is redefining traditional financing methods, making investing and financial decisions easier than ever before. For example, Robinhood has developed an app that makes it easy to invest in stocks without commission.

Such a startup offers great potential for entrepreneurs who have a creative idea to make finance and investment more accessible. For example, popular examples of fintech start-ups include apps that hold users accountable for reaching their savings goals or successfully investing in stocks.

9.Solutions for food waste

Many of the fastest growing areas are now related to sustainability, and food waste is a huge problem in most countries around the world. Thus, developing an innovative idea in this area can be a game changer. Startups like Misfit Market, have proven how much the world wants and needs sustainable food solutions.

10.Smart appliances

We all need a kettle that talks to us, right? Okay, maybe it’s not the biggest need in the smart device space at the moment, but it’s definitely one of the fastest growing industries in its niche. How can we not mention Apple HomePod. This smart speaker with Siri virtual assistant can play music from Apple Music, set alarms, control smart devices, and much more.

Creating a startup in this industry does not necessarily involve manufacturing either. Software, sales platforms, and apps are all great ways to complement smart devices and launch your startup.

These are just some of the business ideas in Ukraine that can be implemented in 2024. Before you start, research the market to make sure your business will be in demand. Then create a clear plan and define your goals, strategy and budget. Be prepared to adapt your idea on the fly. And don’t be afraid to ask for help.

Reach out to mentors, investors, and other entrepreneurs. With hard work, dedication, and a little creativity, you can create a successful business that will change the world!

Additional resources:

• Matvieiev —customised mentoring programmes to help solve the challenges of your business

•  Hubspot — is a platform that offers free tools and resources for marketing, sales and customer service.

• Ycombinator — is a collection of resources for startups from Y Combinator, one of the world’s most famous investment firms.