While the pandemic has had its impacts on the startup scenario in the last two years, 2023 has a lot in store in terms of what a new venture can accomplish. With evolving market trends and growing demands for automation and smart applications, especially in these two years, AI-based startup ideas seem to be promising to bank on in 2023.
Artificial Intelligence has created a new market in a variety of commercial and personal use cases. With Artificial Intelligence companies streamlining manufacturing work or making home automation seamless, there is a multitude of avenues where AI-based startups can make their mark.
Top 10 AI Startup Ideas That Will Make You A Millionaire In 2023
Here are some promising AI startup ideas that you can explore to start your own venture in the same. While many of these premises offer a border context of developments in that particular industry, you can explore these industries, the implications of AI, and the opportunities for business in the same:
1. AI-based Healthcare
Healthcare startups are increasingly going the Artificial Intelligence route with more AI-based features being integrated for both management and core healthcare features. Remote patient monitoring, customized access to patients’ records and updates on the same, smart prescriptions for general medication, and several other promising features have been explored in the healthcare sector. IoT solutions to manage healthcare, automated temperature scanning, and fever analysis, and a wide range of diagnostic solutions are greatly streamlined with AI-based interventions within your healthcare app.
HealthifyMe, PharmEasy, SigTuple Technologies, Narmai, Tricog, and Qure.ai are some leading Indian AI-based healthcare startups that are taking the lead with smart diagnostics, patient management, and predictive recommendations for patients. With more people looking for quick access for booking appointments and tracking their health issues conveniently, healthcare is one sector where AI-based startups can make their mark in the expanding market.
2. Intelligent Supply Management
If yours is a supply chain startup, integrating intelligent features with your application can help explore new productivity and organizational benefits, which in turn yield greater profits for your business. The core activities involved in a supply chain business include planning for supplies, production, inventory management, capacity analysis, and finally, structured distribution. Many businesses still miss out on high-profit margins owing to the gap in smooth communications and data redundancies that prevail across these departments.
Investing in intelligent supply management can help ensure appropriate planning through smart predictions from existing data. The production numbers and capacity required assessed based on existing business numbers with market trends in consideration can help get a more accurate picture. Further, prompt inventory management updated in real-time along with streamlined distribution that is managed through a smart system as well can boost profits for your startup.
3. Smart Accounting System
Even the most structured accounting systems fail to be efficient when a bulk of documents that are still physically managed are involved. For businesses dealing with numerous consumers, vendors, suppliers, and stakeholders, a robust accounting system becomes a necessity. These are factors that make smart accounting systems a great startup idea today.
AI streamlines accounting primarily by making the mundane and repetitive tasks involved automated. Human errors or those owing to slow updates and redundancies can be avoided, thus, improving the overall quality of output and ensuring accurate numbers are reflected at all times. Whether you are looking to source accounting services as a part of your startup or integrate one within your application for your own business, the monetary benefits are multifold. Smart accounting startups are leveraging RPA (Robotic Process Automation) and intelligent automation to boost productivity and performance on a large scale.
4. AI-aided Marketing and Sales
Many marketing and sales ventures that are AI-aided are scaling up their businesses by rendering personalized experiences for their customers. Using artificial intelligence elements with your digital sales and marketing interface drives sales and creates room for the structured scalable growth of your venture. How exactly does AI play out when it comes to sales and marketing?
A pressing problem that hinders effective sales is the lack of actionable insights that can be collected from existing data. AI can help streamline insights and make analytics actionable. The same can be leveraged to make customer strategies that are more profitable for sales. For marketers and sales reps, AI-based features can make the world’s difference. Personalized targeting, obtaining quality leads, and effective consumer management are a few fundamentals that make the use of AI with your marketing startup worth the while.
5. Smart Retail and Shopping
Retail startups are using AI to leverage insights from data and intelligently predict demand in the market to set up their business better. An AI-based retail or shopping interface is, thus, one of the most promising ideas for a startup that can be scaled and highly profitable in the years to come.
Inventory management, the gap between a digital and physical inventory, streamlined flow of transportation, integrated payment systems and many other factors can be standardized with AI-backed features. Brands also use AI to understand the best strategies for product placement, make profitable pricing decisions and carry out effective demand forecasting to minimize their losses. If you already own a retail business, converting it into an AI-handled automated interface can reap benefits both at operational and monetary levels. If you don’t and are planning to invest in an AI startup, this can be a promising one!
6. Intelligent Productivity Apps
Productivity apps in the current market are as good as phenomena. More high-value businesses are starting to invest in them with the medium and smaller scale business right behind them leveraging some form of organization and structure through productivity apps. If you want to enter the market with your AI startup in a domain that is likely to peak in demand in the years to come, intelligent productivity apps can be a great start.
What’s more, is that you already have a ready market with different kinds of brands and businesses looking to invest in productivity and management. If you have a brand new idea or a vision for productivity/ your app’s interface that is different from the existing ones, you’d have a real good chance at scaling your startup!
7. Smart Educational Platforms
Edtech in general is a booming industry, the benefits of which have been greatly highlighted in the pandemic with no other options to bank on. The coming together of edtech and AI offer much more than just seamless education and personalized learning. For those looking to scale an ed-tech startup and build on a business model that is mutually beneficial for learners and educators alike, smart educational platforms bring a lot to the table.
What does an AI-based learning platform offer that a traditional learning platform doesn’t? Other than the convenience of learning wherever and whenever you want, the element of personalization in learning is a prominent one. Smart content, intelligent tutoring and interaction elements, virtual assistants for seamless learning, and a smart tailor-made curriculum for differential learning are a few things that are sure to make smart educational platforms the next big thing in the edtech sector.
8. AI and IoT-aided Home Automation
While many of us as individuals have already started exploring AI elements in our homes for added levels of convenience, the same can be elevated to a smart home automation startup that offers a functional and convenient home personalized to the owner’s preferences. IoT or the Internet of Things is used in the form of sensors, smart lighting, and other security and privacy features for homes.
The combination of predictive home automation based on user behavior and optimal IoT usage to tie different household utilities together can help structure a system that makes daily living fun, easy, and much more efficient. We already don’t want to get up to switch on the fan when an app on our phone can do the same. The potential of an AI and IoT-aided home automation startup is, thus, massive with the right infrastructure and features.
9. AI-based Apps for Civic Management
This startup idea is one that is not theoretically explored well in the current scenario. While personal convenience and eliminating the mundane can be one way of looking at the benefits of AI, what it can do in terms of civic management can be huge. AI and ML-based startup ideas that can be integrated with the current civic management system can actually be pretty good businesses with different segments of governing authorities investing in them for sheer efficiency.
Some ideas around this concept such as smart pothole detection through image detection or intelligent traffic light tracking through sensors have been explored in this domain. AI solutions to create smarter cities, render actionable and intelligent data, and create other smart apps for the civic sector also fall in this category.
10. Smart Recruitment Apps
Hiring and recruitment processes are in general limited by the number of CVs an organization can process or the intricacies in them that can be explored. Thus, there is a large hole in the market for smart recruitment apps that can streamline the entire screening and recruitment process with intelligent solutions that not only process data but also verify the credentials of the candidates considered.
SmartRecruiters, Zoho Recruit, Skillate, Talenture, TurboHire, and Mya are some AI-aided recruitment apps that are transforming the hiring sector with convenient and automated elements that make recruiting more efficient. Yours could be the next smart recruitment app, custom-made for a certain sector or tailored for recruiting professionals to filter candidates and systemize their hiring process. If you’re looking for a startup idea that ties up with multiple industries, this can be one!
Thus, AI has already become a part of our lives in ways more than we acknowledge. While smart technology, the use of artificial intelligence, and machine learning have become crucial parts of adding levels of automation and convenience to many sectors, the list above takes you through some industries where AI is soon to be omnipresent. Anviam leads software development and curation to explore AI-based and many other facets of robust applications that can help kickstart your vision for a promising start-up!