How To Choose a Startup Idea in Tech

The unique challenges of the COVID-19 pandemic saw a record high in venture capital investment into tech last year, with UK investors putting $15bn into these businesses. As one of the hottest industries in the world right now, it’s also one of the fastest growing, making it the perfect space for new startup ideas. 

So if you’re looking to step out into the tech world, you might be wondering what opportunities are out there. To help, we’ve put together some of the best startup ideas for new tech businesses in the UK. Many of these ideas don’t require heavy startup costs and can be started from your virtual office

New tech business startup ideas in UK 

The technology industry covers a huge range of businesses, so there’s no shortage of startup ideas out there. In fact, trying to narrow down the potential options is going to be the main challenge. However, here are some suggestions of the biggest trends that are in the market right now. 

Tech startup ideas 

In the last year, the eCommerce sector has seen record growth. With people forced to stay at home, the high street has been left behind by the online marketplace, with over a third of all retail sales between November 2020 and January 2021 being completed through eCommerce sites. This continued growth, even after the pandemic, makes it one of the best tech areas to start up in. 

Similarly, creating engaging content and experiences has been the main focus for the majority of virtual reality (VR) businesses in the last year. Over half of the 463 VR businesses that were registered last year were either at the micro or startup stage, with 65% being in content production.

Similarly, podcasting is a growing tech area too. Both software and hardware is involved in recording podcasts and, with 14.6 million listeners in the UK, it will be a great opportunity for tech businesses looking to provide kit that can record high-quality audio.

Software business startup ideas 

With the shares of Microsoft Teams, Slack and Zoom rocketing in the last two years, the demand for collaborative business softwares continues to grow. Quality software that teams can use to hold virtual meetings, brainstorm and collaborate on wherever they are in the world will continue to be a positive investment while remote working continues to be a trend. 

However, for those who are returning to offices and high street stores, customers want to enjoy an immersive experience. Augmented reality (AR) software is a key part of this. From reserving changing rooms to trying on products virtually and  seeing furniture in your own living space; developing apps that can streamline the customer journey are highly in demand. 

Healthcare has become top of the list of priorities in many people’s minds, as has improving the efficiency and experience of hospitals and care practices. As such, medical software is expected to reach $4.3bn in worth by 2025. Whether you’re helping surgeons keep on top of their training, or improving post-op care, this tech sector is exciting and worthwhile. 

Cybersecurity startup ideas

Anyone who works at Meta will tell you that DoS (denial of service) cyber-attack is a real threat. As such, developing cybersecurity products that can prevent this type of attack will be increasingly sought after. 

Similarly, as biometric security is being used more often to verify individuals identities for apps containing financial or personal information, keeping this data safe within a business is a priority. Cybersecurity will play an essential part of  cryptocurrency finance as this trend continues to grow. 

Ransomware incidents and cyber criminals are a constant threat to people’s cryptocurrency funds, so developing cybersecurity solutions to this risk will present  another startup opportunity. 

Web-based startup ideas 

As more people start to work from home, virtual assistants are essential to organising people’s lives and helping them perform better at work. So whether its a site for hiring trusted virtual assistants or a blog providing virtual assistants with advice, this is a growing area of expertise that’s ideal for startups. 

Similarly, if you have individual expertise that you believe you can turn into a service, then online consulting might be an area for you. Developing content, charging for video calls and presenting to groups are just a few ways that you can sell your knowledge. 

Have a love for stationery, beauty products or cheese? Then you might want to consider starting a subscription box service. Getting a regular gift directly to their door is an exciting treat for thousands of people and one which they  are prepared to invest in. 

AI startup ideas

With the growth of eCommerce sites, providing responsive and effective customer service online has never been more important, and Chatbots are predicted to play a central part in this. By using deep learning and artificial intelligence (AI) to answer basic customer questions, they can help streamline the customer journey and improve the overall experience.

Helping businesses to implement this type of AI technology as part of their long-term strategies is also a  real opportunity for growth. From improving productivity to saving time and money on their operations, providing a consultancy on AI implementation will be a great startup idea as demand starts to grow. 

Similarly, the recent COP26 conference has shown the potential for AI solutions to solve environmental challenges. Tech giants like Google have been leading the way in showing how AI can improve energy efficiency, reduce carbon impact and boost sustainability. 

What is the best startup idea for you? 

The ideas above are just a small selection of the potential opportunities out there. So to find the startup idea that’s going to turn you into a successful tech entrepreneur, it’s key that you think about where your expertise, interest and skill set  resides . 

Already have a background in AI? Work in a content marketing agency? Or spend hours reading up on cryptocurrency security? Sit down and think about where your experience lies and this will help you to find the spark you need to set up your tech startup.

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Rovva puts everything you need for your business in one place. From an accountancy helpline to a drop-in business lounge - we've got everything covered.

Your complete business toolkit

Rovva puts everything you need for your business in one place. From an accountancy helpline to a drop-in business lounge - we've got everything covered.