Startup

5 Promising Sectors for Entrepreneurs and Startups in 2021

What can entrepreneurs and startups expect when the global economic machinery comes to a grinding halt? Back home in India, we’ve been witnessing the business ecosystem along with the government working relentlessly to get entrepreneurs and startups back on their feet.

At Budget 2020, our Finance Minister stated that Startups were the engines of our economy’s growth and Entrepreneurship, our strength. Not too much has changed in this sentiment since then. In fact, the Covid 19 crisis has given rise to a large number of local enterprising businessmen who’ve managed to adapt to the times and emerge stronger than ever.

Against this promising backdrop, we’ve identified 5 high potential sectors that are predicted to dominate the entrepreneurial landscape in the near future.

You may read: Top 5 Growth Hacks For Start-Up Success

1) E-commerce

GlobalData, a London based data collection company has predicted that the Indian e-commerce sector is poised to reach the ₹ 7 trillion mark by the year 2023. This is after taking into consideration the current COVID 19 pandemic and its effects.

Top e-commerce players such as Flipkart and Amazon will continue to lead the industry and pave the way for numerous third party suppliers to tie up with them. As an increasing number of consumers opt for online buying over physical shopping and payment activities, even the smallest grocery or kirana shops hold the potential to grow exponentially in the next few years.

This is, of course, being supported by online payment solution providers holds immense potential for these businesses as well.

Another ancillary industry that’s already ahead of the lot is the essential items and food Delivery Services sector fueled by all the online ordering apps. It has been forecast that by 2022, the Indian online food delivery market will amount to USD 8 billion!

2) Alternative Energy

Generation of power in the home seems like a futuristic idea that is fast becoming a prevalent reality. To support this, companies manufacturing home solar equipment or community generators can look forward to bright futures. The need is for eco-friendly energy generation that is consistent, reliable and sustainable.

When we combine IoT expertise to the alternative energy sector, the need to develop a solar electrical smart grid arises. This initiative combines numerous players that can set up networks, sensors and electrical grids to provide solar powered electricity to the local populace.

Sounds expensive but the government has your back if you wish to participate in this beneficial initiative.

3) Online Conversion Specialists

These are professionals who are in the business of turning every activity into a digital one. Online conversion specialists can transform a brick and mortar business into a smooth online one.

This will be the need of every business over the next few years.

Creating websites, robust digital marketing campaigns, payment gateways, modern business models and much more. Mobile app creators, online metric analysts and advertisers .. all together make the booming online conversion market in India.

4) Eco-friendly/Handmade Items

For smaller, low budget entrepreneurs, the market for handmade soaps, eco-friendly spoons and plates, environmentally friendly bags, and recyclable apparel is growing day by day.

Along the same lines, are home grown vegetables, home-made pickles, jams, meals and baked items. Consumers need to be assured of fresh and sanitized growing, cooking, storing and packaging techniques. There are numerous passion-led chefs, bakers and artists sprouting all over the country to launch their home-grown businesses.

Start by catering to your local community’s needs and spreading wide from that point. Your passion could become a source of sound financial gains for you.

5) OTT Entertainment

Over the top entertainment refers to the online entertainment industry which has gained impetus during these lockdown phases. With people locked indoors, there was limited scope for entertainment. This is when players such as Netflix and Amazon Prime gained viewers.

On the Indian front, internet access in rural areas and higher data consumption has created a market for regional content. Most Indian content is music, Bollywood and cricket related. There is also a large NRI community that watches desi content online.

Though its developing, a lot more can be achieved in the Indian OTT Entertainment sector and therein lies the business opportunity. This market is set to reach $5 billion by 2023.

Conclusion

Added to these, there are multiple business in the Edutech, Biotech, Smart Construction and Agritech sectors that holds potential for growth.

The trend is a self sufficient, sustainable, technology-led business scenario that is going to take India to the next level in the coming years. And its the local Entrepreneurial community that we believe has the ability, passion and innovation to achieve this.