If you’re looking to start a high-earning business, you’ve probably looked into some tech startup ideas. Why wouldn’t you do it? According to CompTIA, the technology industry generated $1.8 trillion in economic output in 2019, accounting for more than 10% of the national economy. In addition, the average successful startup exit (through acquisition or IPO) has been $242.9 million since 2007.
However, there are hundreds, if not thousands, of failed startups for every successful startup exit. So, if you’re an entrepreneur looking to break into the technology industry, you’ll need to start with a solid tech startup idea.
What is a Tech Startup Business?
Tech companies provide products and services that can be used in a variety of industries, but their main focus is on technological research, development, and distribution. It includes businesses that make electronics (like Apple), develop software (like Salesforce), and provide information technology services (such as Google).
The best part about our technology business ideas is that they don’t require a lot of capital—you can start small and scale up over time. However, you will need some technical knowledge to successfully start a business in the industry. Consider enrolling in a coding bootcamp if you have no prior technical experience.
25 Best Tech Startup Ideas
Here are some of the best tech startup ideas, including some suggestions from tech entrepreneurs.
Our first suggestion is Phil Strazzulla, the founder of HR software company SelectSoftware. According to Strazzulla, food technology will be a major growth industry in the coming years:
“Beyond Meat is just the beginning of a long line of companies developing environmentally friendly and healthy food that tastes as good as our current diet. The science is now in place, and the next-generation food market is worth trillions of dollars and growing at the same rate as the global population.”
One tech business idea that will never go out of style is website design. That’s because almost every business needs a professional-looking website to appear reputable and build their brand.
Web design encompasses graphic design, interface design, copywriting, user experience design, and search engine optimization. The web design industry has grown at a 6.6 percent annual rate over the last five years, generating $38 billion in revenue in 2019, according to IBIS World, indicating that there will be a market for this tech business idea for many years.
Extended reality technology encompasses both augmented reality (AR) and virtual reality (VR) technologies. According to Kenny Trinh, editor of the tech review publication Net Books News, extended reality technology will proliferate in the coming years.
“We’ll see an increase in the number of businesses using extended reality to differentiate their brands and provide a better customer experience by 2020,” Trinh predicts. “Some businesses have already begun to do so.”According to Trinh, W-in-a-Box, an environmentally friendly water packaging project, uses augmented reality to further explain the benefits of its product.
Robotics encompasses mechanical engineering, electronic engineering, information engineering, computer science, and other related fields. Robotics is the study of how machines can move and react to sensory input. According to Statista, this industry is expected to grow from $80 billion in annual revenue in 2019 to over $200 billion by 2025.