TOP Startup Ideas to Make Money in 2024

Global e-learning market growThe emergence of the Internet and the development of technology have created a vast space for the best startup ideas to make money in 2024. In addition to entrepreneurs themselves, startups are helpful for the market as a whole and for venture capitalists.

In this article, you will learn about the benefits of startups, find the best startup ideas in 2024, and get some tips on launching your first startup. Keep reading to build a solid foundation for future brainstorming.

Benefits of Launching Startups

Launching startup benefits pushes enthusiasts worldwide to create new solutions in IT, blockchain, AI, medicine, and more. Favorable ground for development in the form of low taxes, investors, and community allow entrepreneurs to bring their startup ideas for making money in 2024 to life.

Creating your startup can give budding business people many advantages and opportunities, viz:

• High growth and profit potential. The most successful startups are new solutions that offer a different perspective on traditional things. By launching a blue ocean campaign, you take away the competition and get a huge capital gain.
• Contribution to innovation. Startups realize groundbreaking ideas, disrupt traditional industries, and introduce disruptive technologies and solutions. Successful startups set the trend in development, similar to Apple's in 2007.
• Learning and personal growth. Running a startup challenges entrepreneurs to learn. This allows them to learn valuable leadership, decision-making, and resource management skills. Before creating Tesla and SpaceX, Elon Musk founded several successful startups, including PayPal.

A great example of how persistence, an idea, and a desire to get all the benefits of running a startup led to success is the story of Airbnb.

It started in 2008 as a small startup, offering individuals a platform to rent their spare rooms or properties. Today, the company has changed the hospitality industry and is valued at over $100 billion.

Proper implementation and the support of experienced development partners like Merehead allow aspiring entrepreneurs to turn their startup ideas in 2024 into successful and profitable ventures.

Criteria of a Successful Startup Idea in 2024

Startups are undoubtedly one of the best ways to make money and revolutionize a field. However, not all projects succeed. Within 15 years, only 10% of companies continue to operate; the rest disappear from the market.

There are many reasons startups fail to succeed, such as a bad team, flaws in the business plan, financial difficulties, and crises. However, only some people realize that an unpromising idea is at the heart of it.

To take a leading position in the market, you must learn how to choose only the best startup ideas to make money in 2024. Therefore, the Merehead team has prepared for you the criteria for a successful startup idea, such as:

• Market Demand. A successful startup solves a clear market need or problem. It is essential to identify the target audience, understand their pain points and develop an idea to solve them.
• Unique value proposition. The startup should implement an idea that will differentiate it from its competitors. Innovative features, cost-effectiveness, convenience, or other factors make you select your product over alternatives.
• Adaptability and flexibility. Since startups operate in a dynamic environment, your idea must quickly adapt to changes in the market and new opportunities.

One example of a successful startup that meets these criteria is Netflix. Realizing the growing demand for new entertainment options in the late 20th century, Netflix capitalized on this trend and disrupted the traditional video rental market. It began providing an extensive library of movies on a subscription basis and developed personal recommendation algorithms.

The company was originally a mail-order DVD rental service. However, as technology evolved, Netflix shifted its focus to online streaming. Today, Netflix has a market capitalization of $196 billion.

The Best Startups to Make Money in 2024

The desire to become richer motivates thousands of entrepreneurs around the world. However, to succeed in business, you must create a valuable product that users will demand. In this section, you will find the best startups for making money in 2024, whose ideas are based on growing consumer demand.

Developing AI-based chatbots

A chatbot is a computer program that communicates with a user via text or voice, mimicking a natural person. With the development of AI in 2023, chatbot capabilities have reached a new level, providing a broad landscape for entrepreneurs across the globe.

As businesses increasingly focus on adequate customer support and personalized customer interactions, AI-powered chatbots have become one of the most effective solutions.

That's why developing AI-powered chatbots is a great idea for startups in 2024:

• Growing demand. According to Grand View Research, the global chatbot market will reach $1.25 billion by 2025, driven by the growing adoption of artificial intelligence and natural language processing technologies.
• Scalability and efficiency. Chatbots can be easily integrated into various platforms, including websites, messaging apps, and social media.
• Cost savings. By automating routine customer interactions, companies can divert human resources to more complex tasks while chatbots handle repetitive requests.

Creating and implementing such a project requires investment, planning, and a competent team of artificial intelligence developers. The working principle of a chatbot can be built on a predefined database, interact with the Internet, or respond to specific user requests.

Artificial intelligence is a promising technology that offers excellent opportunities for enthusiasts worldwide. With startup trends in 2024, users will be introduced to hundreds of new solutions in this field. Create one of these solutions together with Merehead right now!

Blockchain-based identity verification

Over the past 15 years, blockchain has become one of the most promising areas for entrepreneurs. Thousands of projects are created and funded annually in DeFi, NFT, GameFi, and digital identity.

The need for decentralized identity drives developers to create technologies such as Soulbound and DID. And the development of Web3 social networks provides an expansive landscape for their realization.

As you search for startup ideas for 2024, turn your attention to blockchain-based identity verification. Here are a few reasons why you should do it:

• Increased security and privacy. Thanks to its decentralized structure and use of cryptographic algorithms, blockchain allows for secure and non-disclosed solutions.
• Trust and transparency. In traditional identity verification systems, trust is guaranteed by a third party. This approach creates the risk of corruption, data leakage, and concealment of information. Blockchain, on the other hand, is open source, immutable and decentralized.
• Cross-platform compatibility. Blockchain-based verification creates a unified identity verification system across segments such as financial transactions, e-commerce, healthcare, and others.

MarketsandMarkets predicts that the global market for identity verification solutions will reach $15.8 billion by 2026. Those startups that begin developing now have a great chance of ripping off their piece of the pie in this niche.

Cybersecurity for IoT devices

With the proliferation of IoT, cybersecurity for Internet of Things devices has become a significant concern. This technology involves networking a system of interconnected computing devices such as:

• mechanical and digital machines
• objects
• animals or people

IoT cybersecurity is the segment of technology dedicated to protecting these devices. In pursuit of security, companies utilize various tools such as blockchain, cloud storage, and cryptography.

Creating a startup focused on IoT cybersecurity represents a promising opportunity for entrepreneurs for the following reasons:

• Growing need for security. The interconnectivity of IoT devices creates an expanded attack surface, making them attractive targets for cybercriminals.
• Market potential and industry growth. Allied Market Research forecasts the IoT cybersecurity market to reach $48.2 billion by 2027. USD. This is driven by the growing adoption of IoT devices and the need for security measures.
• IoT architecture is based on interactions with various devices. A startup in this niche will be in demand for IoT solutions and devices connected to the network.

Armis is a well-known startup specializing in cybersecurity for the Internet of Things. It offers a platform that enables organizations to discover, monitor and protect IoT devices across the entire network.

The success of Armis shows that ideas for startups in 2024 in this niche have a right to exist. Moreover, if successfully implemented, funders can increase a company's capital growth hundreds of times.

Blockchain-based supply chain management

Supply chain management is a critical business component across manufacturing and retail industries. However, managing it can be difficult due to challenges such as:

• transparency
• traceability
• efficiency

The best current solution to these difficulties is blockchain. Due to its architecture, the technology provides a more secure and confidential way to organize supplies for most traditional businesses.

We have identified three main benefits of using blockchain in this area:

• Traceability. Blockchain allows you to track and view every step of the supply chain. This is possible due to its architecture, where every element is open to network participants.
• Immutability. The principle of interconnecting blocks using hashing is an excellent solution for ensuring that the data entered is immutable. You will need to change the data of all subsequent blocks to change the information of one block.
• Decentralization. Using any supply management service, business owners entrust their data to that company. In the case of blockchain, the data is distributed among network participants.

Blockchain is setting new startup trends in 2024. Its broad potential opens up new horizons for entrepreneurs, and the loyalty of traditional investors only accelerates this process.

NFT Marketplace Development

The NFT Trading Platform is a digital platform that allows you to buy and sell NFTs. Users connect their wallets to the platform, transfer funds, browse available NFTs, and buy or bid on desired assets.

NFT marketplaces create a supportive environment for creators, allowing them to grow and contribute to the ecosystem of digital assets. This process allows creators to monetize their work and collectors to acquire and own one-of-a-kind digital assets.

To create your own NFT marketplace, you need to decide on the blockchain your product will run on, for example:

• Solana
• Polygon
• Cardano

After that, think about the main functions of your project, develop a prototype and design the site, and ensure its security.

This startup idea for making money in 2024 may be the most relevant in the crypto industry. NFT development trends incentivize users to buy and sell non-interchangeable tokens, creating a need for NFT marketplaces.

Wearable devices and healthcare apps

Wearable devices and healthcare apps have revolutionized the way patients monitor their wellness. These innovative devices have become indispensable tools in preventing, remote monitoring, and managing chronic diseases, from fitness trackers to smartwatches and breathing belts.

They provide real-time health monitoring, allowing you to track parameters such as:

• heart rate
• sleep patterns
• steps traveled
• calorie intake

Startups in this field are creating similar devices and apps that allow users to monitor their health and collect analytics for further treatment.

Wearable devices encourage people to lead an active lifestyle by providing personalized metrics and promoting healthy habits. They promote self-awareness and enable better decisions about one's well-being.

AI-based personalized learning platforms

An AI-powered learning management system (LMS) is a digital platform that implements AI technologies to maximize the management and delivery of educational content.

Many learning management systems have yet to master artificial intelligence. Therefore, by choosing to build an AI-powered LMS as a startup idea to make money in 2024, your organization will provide the following benefits to the market:

• Personalized learning. An AI-based system automatically builds a personalized learning experience and provides the most appropriate content for the user.
• Increased engagement. AI capabilities make learning more engaging by creating a personalized and interactive education ecosystem.
• Improved content discovery. AI automatically gathers content from various sources and creates a personalized learning plan. It takes into account the knowledge and characteristics of each learner.

One of the most prominent companies, EduAI, has created an AI-powered platform that collects data on students' academic performance, preferences, and difficulties. It uses machine learning algorithms to increase the efficiency of education.

Creating these solutions requires your technical expertise in artificial intelligence, machine learning, and cybersecurity. Learn from other projects to realize your ideas for startups in 2024.

Applications for foreign language learners

Considering the growing demand for language education and the popularity of mobile apps, launching a language learning app in 2024 could be a great idea. You can develop your learning concept, fixing all the problems and inconveniences of current products in this niche.

To develop a language learning app, you will need an experienced development team, a business plan, and other aspects below:

• Market research
• Monetization strategy
• Testing
• Marketing

The success of your language learning app largely depends on the quality of content, user engagement, and the effectiveness of marketing strategies. Stay agile, watch the best IT events 2024, and innovate to stand out among your competitors.

Data Analytics for E-commerce

E-commerce is a rapidly growing field that encompasses a large portion of B2C transactions worldwide. Along with the benefits of selling online, there is also a wealth of information to process.

Data analytics solutions for e-commerce are necessary for any entrepreneur wanting to increase online store traffic and product sales.

A data analytics startup can be beneficial to e-commerce companies for several reasons:

• Growing demand. The integration of businesses online continues to grow. Users are likelier to choose online shopping instead of going to a store. Therefore, e-commerce companies simply need data analytics solutions.
• Personalization. Companies can understand customer preferences, buying habits, and product recommendations by providing analytics data.
• Fraud detection. A data analytics startup can develop algorithms and models to detect fraudulent transactions, identify suspicious patterns, and mitigate risks.

The rise of e-commerce is setting startup trends in 2024. Data analytics is just a tiny part of what you can provide to businesses in this field. You also have the option to create chatbots, improve security, or integrate crypto payments.

Launching a crowdfunding website

Over the past few years, crowdfunding has become an alternative funding source for startups and individuals. This approach to obtaining investments is widespread in IT, but over the last five years, it has also been applied in other areas, such as blockchain.

Crowdfunding is a term that stands for "participatory funding" or literally "crowdfunding."

It is mainly carried out online and has three forms, viz:

• Donation. It can be carried out with or without a reward. As a rule, the reward is more of a symbolic nature.
• Investment. It is equity ownership in a company through equity, bonds, or royalties.
• Equity loan. It allows financing expenses not accounted for by banks or intangible investment projects. However, to be eligible to hold a loan, especially an interest-bearing loan, the company must have existed for at least two years.

The principle of the crowdfunding platform is to provide a place for investors and entrepreneurs to connect. Creators open a project and indicate the method of financing, the desired amount, and the campaign duration. Sponsors familiarize themselves with the terms and conditions of the project and decide on funding.

Before implementing this startup idea, find out how much it costs to run a crowdfunding site, analyze competitors like Kickstarter or IndieGoGo Inc. and choose a niche. It can be IT, artificial intelligence, blockchain, and other areas.

Conclusions: TOP 5 Tips on How to Launch a Startup

Whether you are an aspiring entrepreneur or a seasoned businessman, you need to be ready for change, have a clear idea, and have a team of professionals to launch a startup.

To increase your chances of success, we have prepared top tips on how to launch a startup in 2024, namely:

• Define a clear value proposition. Creating a clear and differentiating value proposition will attract customers and make communicating your startup's purpose easier for potential investors and partners.
• Develop a solid business plan. Outline your company's vision, mission, goals, target market, and competitive analysis. Define marketing and sales strategies, operational processes, and financial projections.
• Test your idea. Conduct market research, gather feedback from potential customers, and pilot test or prototype to assess product-market fit.
• Stay abreast of industry trends. Constantly monitor market dynamics, conduct competitive analysis, and keep up with the Merehead blog and innovations in your industry.
• Create a strong networking network. Attend the best IT events of 2024, join communities, and actively participate in conferences. Networking will help you gain new knowledge, learn from entrepreneurs, and open doors for collaboration.

Attending such events is also helpful for attracting investments during pitch sessions, as Uber did during Web Summit 2014. The startup raised $26.5 million back then, significantly impacting its future success.

The Merehead team realizes turnkey startup development in IT development, blockchain, and artificial intelligence. If you want to realize your idea and create your "blue ocean," contact us! We are the company that will become your indispensable partner.