Every startup founder seeks to address a tangible issue by identifying potential customers or risks that may give rise to business opportunities and significant consequences. They execute business strategies in order to assess their feasibility from the client’s standpoint. In addition, they require effective implementation and customized business applications in order to maintain control and effectively execute their business vision. Below are the various types of startups:
- Technology startups
A firm that focuses on bringing new goods or services related to technology to the market is known as a tech startup. These firms provide new technological products or services, as well as novel applications of previously available technological goods and services. A company that attempts to bring technology services to market in order to solve an issue for which the solution is not obvious and success is not guaranteed is referred to as a technology startup. The goals of different technology firms and the business models they choose to use might lead to diverse outcomes.
The most significant distinction between non-tech enterprises and startups in the technology sector is that tech entrepreneurs create technological advancements that their competitors still need. Tech firms often strive towards the goal of creating a seamless technological experience with the intention of increasing their consumers’ data security.
- Fintech (financial technology) startups
New technology that aims to enhance and automate the supply and usage of financial services is referred to as “fintech.” At its most fundamental level, the use of fintech is geared towards assisting individuals, businesses, and company owners in better managing their financial activities, procedures, and lifestyles. It is made up of specialized software as well as algorithms that may be found on computers and mobile devices, such as smartphones. The fintech business aims at the incorporation of technology into the products and services offered by providers of financial services in order to enhance both their usability and the manner in which they are delivered to customers. Unbundling the services that these companies provide and opening up new markets for them are the primary mechanisms that make them effective.
Companies operating in the financial sector that make use of fintech have increased the number of people who have access to financial services and have reduced the amount of money spent on operational expenses. The investment of fintech companies is growing, but there are still issues with regulation. Razorpay, Zerodha, Wazirx and Groww are some big examples of Indian Fintech startups.
- E-Commerce startups
The next category of new businesses to be discussed is e-commerce start-ups. A company that engages in e-commerce with clients provides goods or services to those customers over the internet. One of the many fields that has seen fast expansion in recent years is online shopping. As a direct consequence of this, a significant number of businesses now provide their customers with access to their products or services over the internet. Businesses have the potential to connect with customers all over the globe while also reducing the amount of money spent on administrative tasks by implementing effective strategies for doing business online. Therefore, a broad variety of firms, even small ones, need to concentrate on data security best practices in order to avoid data and security breaches.
The size of an e-commerce firm may vary anywhere from a one-person operation run out of their house to a multinational corporation with annual revenue in the millions. If executed properly, an e-commerce strategy may help business owners connect with customers all over the world while keeping their overhead expenses to a minimum.
Flipkart, Myntra, Paytm Mall, BigBasket, ShopClues, Nykaa, and Lenskart are some fine examples of Indian e-commerce startups.
- Lifestyle Startups
A lifestyle business is a company established and managed by its founders to achieve or sustain a specific lifestyle. It adapts to the entrepreneur’s lifestyle, allowing them to live their life as they want without worrying about work impacting their ability to do so.
These are the kinds of businesses that rely largely on the abilities, personalities, enthusiasm, and connections of their founders. Frequently, their creators develop companies so that they may make use of a personal ability or skill, get a flexible schedule, work with other family members, stay in a particular geographic place, or just so that they can express themselves. However, firms of this kind are very prone to fail in the absence of significant personal participation from the company’s founder. Consequently, professional investors seldom engage in lifestyle firms.
Bewakoof, Voonik, and Myntra are the examples of lifestyle startups in India. So, a lifestyle startup may be suitable for you if you have an interest that you might engage in incessantly, day after day; you possess the intrinsic drive and ability to maintain self-discipline, making you well-suited to assume the role of your own supervisor; and you possess a passionate and imaginative nature.
- Healthtech startups
Healthtech is the most rapidly growing sector within the healthcare business. It includes any healthcare product or service that uses technology and may be used or given outside of a hospital or doctor’s office. However, hospital and practice management software are not included in this category. Their objective is to develop innovative technologies that improve and extend individuals’ health and well-being. Typically, they have more compact timetables compared to traditional technology companies, which might result in an increased willingness to take risks. Furthermore, due to the presence of confidential patient information, it is essential for healthcare providers to give utmost importance to data security and ensure the protection of their customers’ data. NetMeds and PharmEasy are some examples of healthcare startups in India.
- Education Startup
Education startups are producing innovative, cost-effective, and user-friendly instructional solutions that tutors may utilise to enhance student learning outcomes. Tutors may use these solutions to teach students. They will be responsible for bridging the gap between traditional learning in a classroom setting and learning done online in order to make education more interesting and accessible. If you want to launch a business in the education sector, you should look into hiring app developers that specialise in developing software for startups to create a product for your company.
Additionally, since this entails a significant amount of data management, these start-ups need to place a primary emphasis on investments in data security in order to forestall any instances of data loss or malpractice.
upGrad, PhysicsWallah, and Unacademy are examples of education startups in India.
- SaaS startups
Software as a Service is a cloud-based service that allows users to have access to a fully supported software programme by means of an Internet connection. The support for the application extends to all elements, with the exception of the user’s data, which is the responsibility of the cloud service provider. Those who want to diversify their investment portfolio while also supporting creative businesses may find that making an investment in a software-as-a-service (SaaS) firm is a profitable possibility. Instead of making typical one-time software purchases or licencing agreements, SaaS companies provide customers access to software over the internet via a subscription model.
Zoho, Canva, and Zoom are examples of SaaS startups.
- Social startups
A social startup’s mission is to create positive change globally. To start a social startup, companies should consider corporate social responsibility (CSR), also known as ecopreneurship, as a starting point for making a difference in the world. Ecopreneurship is the application of entrepreneurship principles to establish businesses that address environmental issues or operate sustainably.
Conclusion
As stipulated above, these are some famous types of startups that are prevalent these days. The entrepreneur can make a suitable selection according to his or her interest, the resources available, and other material factors and achieve greater success in the business world.
