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Only 10% of new businesses achieve start-up success. But that doesn’t stop aspiring entrepreneurs from going after their goals. In fact, the global start-up landscape is as vibrant as ever, with Silicon Valley and San Francisco accounting for 13.5% of the world’s start-up deals.
The United Kingdom’s start-up industry, however, is currently plagued with issues, with Brexit leaving a rippling effect across numerous industries. But despite the challenges, more than 60% of the UK workforce still wants to launch a new venture, while 83% of 18 to 24-year-olds are thinking of pursuing self-employment.
Although the SVB Outlook Report states that Brexit may have an affect on international capital and trade, the fact remains that the UK still has one of the most technologically advanced and diverse start-up ecosystems in the world. Here are a few startup concepts that are making waves in the UK entrepreneurial landscape:
Vibrancy and Innovation in the Food Industry
A 2019 Statista data report states that the UK food and beverage industry accounts for 16% of the total manufacturing share by turnover. However, due to the chaos brought on by Brexit, investors are becoming increasingly cautious. Although the industry is plagued with issues such as the price increase of key food ingredients and the loss of value of British pounds, these have not stopped the food and drink entrepreneurs in the UK from overcoming challenges. As they continually strive towards innovation, many start-ups are emerging and making it big in the industry.
Speciality Food’s Future Food Awards, for instance, provides support to the UK’s food and drink industry by bringing together industry elites and founders as judges and offering a chance for forward-thinking entrepreneurs to showcase their products.
The Fintech Revolution
There has been a significant global rise in bitcoin technology over the years. Bitcoin is found to be a secure, convenient, and efficient solution to the modern finance and banking world. The peer-to-peer technology has long made its way to the UK start-up community because of the increasing demand and trust in secure digital transactions. More start-ups are providing safe online and mobile payment options, as well as banking and transfers for people who are tired of time-consuming traditional processes. Enhanced Cybersecurity Through Digital Forensics
One of the hottest industries in the UK start-up landscape today is digital forensics. With almost everything going digital, the increasing demand for cyber security is inevitable. Hacking, fraud, and other security breaches and threats have prompted many corporations and businesses to take cyber security more seriously. Thus, start-ups that provide quality security solutions are increasing in popularity and success. These types of ventures are becoming more and more prominent in the United Kingdom.
Personalization in the eCommerce and Retail Industries
Start-ups venturing into the eCommerce and retail industries are on the rise. And most of them are incorporating personalization to target issues such as low customer loyalty and poor brand reputation. Founders and entrepreneurs use technology to enhance customer experience by specifically targeting their concrete wants and needs. Some great examples are Grabble’s shopping cart and bodi.me’s custom-fit sizes.
A data report shows that funding for healthcare start-ups in the UK has doubled from $12.2 billion in 2017 to $22.8 billion in 2018. Many investors and start-ups are emphasizing the importance of people’s health and well-being, thus increasing the need for advanced and efficient medical technology. Some examples of leading healthcare-technology start-ups are CliniCloud, Birdie, and Feel.
Technological advancement is a common factor in every leading start-up in the UK entrepreneurial landscape. Regardless of the industry, integrating the latest technology into your new venture is a great way to tap into the modern, digitally-driven market. But as with any business strategy, this requires careful planning, testing, and execution.