7 INDUSTRIES DESTINED FOR START-UP GROWTH

by Rob Shapiro

The world has really changed in the last few years. The pandemic has been the biggest driving force, but the economy and environmental concerns have also acted as catalysts. These factors have produced a change in consumers, many of whom are no longer eager to wait in line at a store, aren’t comfortable in packed event spaces, and are concerned with online security for the fi rst time ever.

The industrial leaderboard has also changed, thanks to the immense growth of start-ups within some industries. Healthcare and artifi cial intelligence (AI), for instance, are viewed as more prosperous than ever, and even retail is having something of a resurgence.

But which industries are poised for the biggest start-up growth in the near future? Here are seven that are making a convincing argument, not only about their start-up growth, but also about how start-ups are setting them up for an age of prosperity.

Artificial Intelligence

AI as an industry is growing and changing society in incalculable ways. That said, it’s also contributing to the growth of other start-ups, especially in the retail and customer service space.

AI brings together many different technologies to enable a machine to understand, sense, and act on its own. Essentially, it imbues a machine with a human level of intelligence. While movies like The Terminator have made this idea terrifying, AI is considered by some to be a technological necessity, revolutionizing some future-thinking industries and catapulting start-ups along the way.

Some AI companies making waves include Observe.AI, which applies AI to call centres to help them provide real-time feedback and improved customer service, and Viz.AI, a platform that employs AI to coordinate and reduce inefficiencies for healthcare workers.

Fintech

Fintech start-ups are forcing banks to change their ways or risk becoming obsolete. fintech stands for financial tech, and its goal is to compete with traditional financial institutions. They use AI, blockchain, cloud computing, and big data to keep banks on their toes.

Some examples of fintech companies on the precipice of exceptional growth include Shopify, Quandl, Mogo, and Payfirma — all of whom provide digital and modern financial solutions to their customers.

Telemedicine

Telemedicine was one industry that used the pandemic to grow in prominence. The bedrock of this industry is the remote diagnosis and treatment of patients.

AlayaCare is a strong example of a telemedicine start-up in Canada. It delivers both software and hardware solutions for homecare agencies. Their method is to enhance both telehealth and in-home healthcare while lowering costs across the board.

Elder Care

The state of elder care in Canada has come under a lot of fire since 2020. Start- ups have stepped up to the challenge of providing necessary and efficient elder care in big ways, while attempting to remove the archaic systems currently in place.

PointClickCare has developed a suite of web-based products and services to manage resident care for long-term care providers. There’s also CareGuide, a digital hub that aims to connect families and caregivers with vital care services.

These start-ups should continue to provide access to programs and services for seniors and create a higher level of accountability — something that is desperately needed.

Retail

Many thought the combination of a pandemic and online shopping would be the end of in-store shopping. However, recent events have allowed new brands to thrive and forced established ones to evolve. Many former start-ups like mattress seller Endy, clothing store Frank And Oak, and jewelry brand Mejuri have paved the way. Not far behind is furniture retail start-up Article, and non-permanent tattoo retailer Inkbox. Start-ups have breathed new life into the old retail industry by using technology and app-based software to sell products and services.

Online retail start-ups have garnered a positive reputation, thanks to their ease of shopping and excellent customer service — all with only a few swipes of a thumb.

Customer Service

Customer service as an industry has experienced a recent spike in importance. Now, entire start-ups are devoted to helping businesses up their customer service game.

Staflo, Wysdom.AI, and Green Story are three companies that provide software solutions that can improve consumer engagement and help businesses create better experiences for their customers. Staflo is particularly interesting as it provides text messaging functionality for front-line workers to engage with customers. The messages can even be personalized, allowing a business to create deeper, more meaningful relationships.

Cyber Security

Millions of people are working from home, and just about every household uses apps to fill their fridge shelves, book tickets to an event, or make sure they never run out of shampoo. Most users put their personal data (including credit card information) online without thinking twice.

This is where cyber security comes into play. It safeguards personal data and ensures that hackers and spammers are kept at bay. It is also what prevents Zoom meetings from being invaded by strangers.

1Password is a password manager for credit card info, documents, and more. It’s safe, secure, and growing in popularity. Some of the other notable start-ups in the cyber security space are eSentire, a company that protects against advanced cyber threats, and Feroot Security, a platform that safeguards client-side JavaScript code against attacks and violations. There’s also Purilock, Cmd, and several others.

This is one industry that’s about to experience another boom, and the sky’s the limit.

Forward-Thinking Industries Will Continue to Bloom

Industries with start-up growth seem to be unfazed by ongoing social and global issues. What start-ups are adept at doing is using technology to fill gaps in the market, many of which have made the lives of consumers more challenging. These young companies see opportunity where more traditional companies only view challenges. Many industries have put themselves in a position for continued growth by focusing on lingering pain points and making process and solutions that are intuitive and useful.

Most importantly, they’ve created an ecosystem where start-ups can thrive and reap the benefits in both the short and long term //