We hear the term start up a lot when it comes to new businesses. And all businesses need to start somewhere.
Whether you’re looking for a cab or need somewhere to play your poker game, all the best business ideas come from a gap in the market.
What is a start up?
When we talk about startups, the definition is actually incredibly simple. It refers to a company that is in its first stages of development. It’s often the person who came up with the idea, alongside others that they can’t build the company without.
A startup can be any kind of company, in any sector so there isn’t one size fits all model. It could be a pottery shop that is growing or a full-blown tech company. There is no limit to what a startup could be. Check out this https://goodr.com/ to see how dynamics startups can be.
Startups typically have high costs and not a lot, if any, profit in their first stages. That’s because there are lots of costs when it comes to setting up a business which tend to outweigh any money that could be coming in.
It’s typical for the founder of the start up to have to fund the first steps of setting up the business. Once this has been sorted, they tend to try and get investments from elsewhere. However, a lot of the time, the first investments come from family, friends or contacts that the founder already has.
Who are the most successful start ups right now?
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Air BnB
It seems like none of us were able to go on holiday without Air BnB being an option. But everyone has to start somewhere! And Air BnB are certainly one of the most successful startup stories to date.
Air BnB were founded by Brian Chesky and Joe Gebbia who founded it out of necessity. They moved to San Francisco but couldn’t afford the staggering rent they found themselves with. So, they decided to rent out their living space and offered to cook their guests’ breakfast.
All of the hotels in the city were full so this idea worked out in the short term. But long term, it was a lot more difficult.
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Instagram
Another app we couldn’t imagine life without is Instagram. The social media app is now one of the top most used apps and you’d be loathe to find someone who isn’t signed up.
Incredibly, the app was made in only 8 weeks – although it’s been through a lot of updates and tweaks since then.
Instagram was an immediate success story as it gained 100,000 users in its first week. This quickly turned into 1 million users in the next two months, and it’s been on an upward trend since then.
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Uber
When desperate for a cab in Paris back in 2008, Travis Kalanick and Garrett Camp thought up the idea of being able to order a cab from your phone.
Uber was invented and quickly established onto the scene back in 2009 and is now available all over the world. The companies that started due to a gap in the market always end up being the most successful.
Which start ups to look out for in 2023
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Impact Foods
With people becoming increasingly aware of where their food comes from as well as what they’re eating, it’s no surprise that Impact Foods are on the rise.
They combine biotechnology with all the tasty goodness of plants to create a sustainable plant-based seafood alternative. All of the creations are rooted in science and have come from the love of our underwater world.
This startup is female owned, led and operated as well as being set on making sustainable food choices for our future.
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NCLE
Created by Walid Hosni in 2022, NCLE is already one to watch this year. Their London headquarters already have 10 employees so they’re looking to grow quickly.
Their game is education technology, and their goal is to make it easier for people to upgrade their management skillsets in order to progress in their careers. This is an easier and certainly more affordable option to having to work and study a new degree simultaneously.
The courses they have on offer are also more niche and specifically designed for certain people looking to expand their portfolio.
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Atoa
Atoa is another start up that is already successful with up to 50 employees. They also started back in 2022 and are one of the top FinTech startups in the country. Their goal is to reduce payment fees for merchants and they are already 70% cheaper than card machines.
They’ve been backed by just a single investor, but they managed to arrange $2.2 million in pre seed funding. This should tell you all you need to know about the prospective success of this startup.
So, if you’re looking to start your own business, these success stories should give you the push you need to make it happen.