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Tuesday, November 29, 2022

Know why to have a startup even though idea has already been invented

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You may ask why should you build a startup when there aren’t many brilliant ideas and and there’s no use in creating a second Twitter or Snapchat. This article answers that question with several top reasons to create a startup even though everything has already been invented.

Is it true that there will be no more tremendously successful startups? Obviously not. The world is evolving. What could have failed ten years ago may now have a possibility to be quite successful. Future titans will try things that were previously deemed to be unneeded or unattainable.

For example, the biggest technological shift of the last 30 years — the drop in the cost of communication — has made regular engagement across cities and continents economically feasible. As a result, companies like Facebook, Amazon, Booking.com, and Alibaba have emerged. Everyone has had a smartphone in their pocket for the past ten years, which is where Uber, Instagram, and neobanks came in.

Several people may have attempted to build a business similar to Uber, but they were unsuccessful. On June 29, 2007, the first iPhone was released, and the world was forever changed. Uber was launched in March 2009, as one of the first of its sort, taking advantage of a brief window of opportunity. We simply need to be among the first to strike.

What is currently available or will be available in the near future that was not available ten years ago? There are numerous items. This is where there is a lot of money and the barrier to entry is still low.

Would you like to see a new Google or Facebook? Consider the cryptocurrency exchange FTX. However, in the IT world as a whole, the leader appears to be evident.

Artificial intelligence has finally become a reality in recent years. This is a significant shift. This suggests that artificial intelligence has the potential to replace practically everyone.

Machine learning systems will take over much of the labour currently done by humans in a matter of decades.And these game-changing applications would have to be created by very particular companies, some of which may be startups.

According to labour market statistics in the United States, there are 3.5 million cashiers and 4.5 million drivers. If we assume that their average annual pay is $30 thousand, this means that there are marketplaces worth $100-$135 billion in the United States alone. In comparison, Facebook’s global revenue in 2020 is expected to be $84 billion.

Of all, we aren’t the only ones who can Google “the most popular occupation.” Only the most sluggish large firm is not participating in the race to self-driving automobiles right now.Shops without vendors are also a hot topic; Amazon Go is a fantastic example of how the behemoths are approaching it. The boundary of the “interesting” market in this case is simple to calculate.

A profit of at least $50 million is required to establish a unicorn. To pay you $100 million, your clients would have to save at least $500 million through layoffs. That equates to around 17,000 persons earning a small American salary.

Each industry necessitates a distinct startup, if not several. There is plenty of room for hundreds more unicorn startups here. We’ve grown accustomed to the rise of massive markets during the previous 15 years.

Giant automation, AI, and robotics will begin to feature in the news more frequently in the near future. The moment has come to make a shift. Every dull profession must be destroyed by new entrepreneurs.

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