There are certain types of business ideas out there that are designed to turn into multi-million or even billion-dollar corporations. In contrast, some business ideas will only have the potential to be small to medium-sized businesses.
They solve HUGE problems, and the business ideas below will show you just that, so you can get an understanding of the potential. For a business idea to be considered large-scale, I took into account the amount of money that would be needed to fund a venture of that nature. Obviously, a lot of assumptions were made in the valuations that make these ideas “large-scale”, so please take it with a grain of salt.
Lastly, if you want to start a large-scale business idea without investment right away, the key is to start small. A great example of this is Tesla. Elon Musk started small with Tesla in the beginning by making only one model of the Tesla and making that a hit product. Musk then pre-sold the most popular car that brought him to the success that he is today.
If you have a lot of start-up capital or access to investors that will invest in your company, you may want to consider these. If you don’t have access to investors or have the will to seek investment, then these ideas may not be for you. Instead, you can check out these low-cost business ideas.
Now let’s jump into the ideas.
Quantum computing is a new type of computer that can take the abilities of computers now, and surpass that by 100 times (a very simple definition). This brings possibilities to process data at a much greater speed. For example, building financial models that incorporate significantly larger amounts of data would create possibilities for people to make better investment choices. As of right now, we are limited to the amount of data a person can input, and computers can only process a limited amount. You can check out more information about Quantum Computing here. The technology is not 100% at the market, but it should be arriving very soon, and having your business idea ready can give you a head start.
This is a large scale business idea because it takes very sophisticated people to build the models and tools to process the data in a certain way. This is because quantum computing programming is a lot harder than the programming that goes on today. Many people who have PhD’s in quantum mechanic theories would be useful, as well as regular programmers.
Quantum computing application builder is inspired by the capabilities of quantum computing. This would involve targeting large companies that have the ability to pay for high-end applications, to solve their large data processing needs. A different example than the one mentioned previously would be to build better supply chain systems for companies, using Quantum computing. For example, a company like Walmart could integrate internet of things technologies to have live tracking of everything that goes on operationally. A quantum computer would be able to process this data in real-time and give insights on what to do to increase efficiencies immediately. Check out IBM’s website about the commercial applications for quantum computing technology here. If you want to think of more examples, ask yourself, how can you generate positive insights from processing extremely large amounts of data?
The vertical garden development company came to me when I was thinking of the problem of farmland being bought up for land development purposes. This is becoming a serious problem, as farmers have a financial incentive to sell for their own livelihood, but it puts pressure to have food constantly imported. You can check out a great example of these with what China is doing.
This business would be a land development company, specializing in Vertical Gardens. Instead of building a luxurious tower for people to live in, plants would be grown in tall structures for harvesting. The great thing about this each floor can become a controlled indoor environment regarding humidity, temperature, UV exposure, and water. All different types of fruits and vegetables can be grown year-round, with only taking up a fraction of the space of a farm. One thing to consider is that with the pros of farming different vegetables, and using up less space, comes the cost to either hire people to maintain the building and plants, or create robots to do this. You can see now how this would be a very large scale business that involves a lot of investments. However, think of how many small businesses and communities would benefit from a 20 story garden building.
The capabilities of 3D printing have come along way in the past five years, and it is going to get even crazier. People have already been developing prototypes of machines that will be able to build houses! Additionally, these machines can process various types of materials to build complex structures.
Designing files for industrial 3D printers to build houses. This is a large and complex business because a lot of software and human capital is needed to design such intricate files. Engineers and 3D printing experts would need to be involved to make sure the building has structural integrity, and is built to the proper specifications. Graphic and interior designers would also be a huge asset to making the finished product have immense appeal. A business idea like this would allow communities to be built in days, without having the “cookie-cutter” feel like many suburbs do. The cool thing about this business is that you could have 20 different custom design houses, and just load the file into the 3D printer with the materials.
AI technologies and machine learning are huge right now in how they are helping businesses. If you are not too familiar with AI and machine learning, it is the ability of software and programs to adapt to certain inputs that happen in the environment it monitors. With the ability to recognize patterns, and “conceptual learning theories”, machine learning can create adaptive software for the better.
A machine learning portfolio investment manager. This company would be comprised of investment experts, and computer software programmers, to build investment portfolios for middle-class individuals that are managed by AI. One benefit would be much lower costs than buying traditional mutual funds, where active fund managers are paid quite significantly. With machine learning too, it can be built to adapt to changes in the market (changes in the data that it gets fed), along with other inputs a fund manager would monitor.
Condo developments in big cities around the world are a major business opportunity. Over the years in many big cities, there is a shortage of housing so people are paying ridiculous prices. This idea would involve choosing a city where you want to build, then assembling a team so you can start your development company and submit your plans for the building.
To differentiate this business idea you could be a “smart condo” developer. That would involve using the latest technologies and the internet of things to make people’s houses integrated into their lives, and the maintenance of the building optimized for performance and tunings with live notifications. All this can be done when the right sensors and wires are run through the building prior to finishing it.
Electric cars are becoming more and more popular and will eventually become the standard when it comes to what is driven on the road. Some places in Europe and even including the U.K. want to place a ban on all gas and diesel driven vehicles by a certain date. Leaving only electric cars and other more innovative and renewable solutions to be driven on the road.
If you wanted to enter a business around renewable energy, start a big business, and take advantage of this growing change in what people drive, you should really consider starting an electric car manufacturing company. When thinking about this business idea, you’ll want to consider how you will position your car in the market. Will it be a luxury vehicle? Will it be a low-cost car? Maybe you’ll position it for the middle class as there aren’t that many nice options. This company could easily start in one country like the United States and move internationally to Europe and even China.
Now that blockchain technology is out there, it has the ability to revolutionize industries by allowing for greater transparency. The food and restaurant industry is the perfect industry to disrupt with blockchain because people are always concerned about what they are putting in their bodies.
By assembling a team of blockchain developers, you could develop a blockchain technology that works with suppliers, grocers, and restaurants to show the supplier of these places. That way it would be easily accessible for consumers to know exactly where things came from and it is verified by a third-party source, instead of simply trusting what the restaurant says. The blockchain would verify where each product came from by setting up software on the suppliers’ side. This would be beneficial for the supplier too because they could have their products demanded around the world if they are credible and quality sellers.
Apple, Samsung, Huawei, LG, and many other phone manufacturing phone companies are extremely guilty of releasing new phones every six to twelve months and expecting consumers to buy them. In most cases, updates and upgrades to the phone’s hardware and software are minimal, with slight changes to the camera and phone’s edges, it’s not as innovative as it used to be. And yet, these companies are still demanding you buy a new phone every year for $1,200. Even if your phone has a slight problem, they will charge extreme prices for you to fix it or they will demand you purchase new equipment.
As a competitive advantage, you could start a phone company that makes a beautiful phone but allows you to replace each piece so if it breaks or you want to upgrade to the latest and greatest camera or processor, this company would make that easy. Another segment of the company could be affordable repairs. Unlike how Apple has been caught in some instances telling people to replace their devices when it could be an easy $100 fix, this company could actually do quality work to fix it and charge a fair fee. The unique differentiation here may allow you to onto customers for many more years than other cell phone manufacturers, simply due to cost and convenience reasons.
Technology has already been developed that will filter carbon dioxide and other impurities out of polluted air and convert it into breathable oxygen. The technology of this use would have major implications since coal and other minerals and chemicals from the ground are burnt every day. All contributing to a polluted breathing environment.
What if you were to license the technology used that can filter the carbon dioxide and build it into systems that cities around the world could buy and utilize? Similarly, this technology could potentially be downsized to be converted into a consumer product. This is a large-scale business idea because that would take a lot of research and development to do since it hasn’t been done yet.
Another business idea that has the potential to be a billion-dollar company related to renewable energy is the electric car charging station provider. As you drive down the roads in your city now, you can see some common names among all the gas station providers. In five to ten years, many of them could change to electric car charging stations as the growing demand and supply of electric cars grow.
To capitalize on this change, you could start a company that would charge people a per-watt or kilowatt fee for charging their car at the station. Another route for this business idea would be to provide electric car charging stations in condo units and parkades on a fee per kilowatt or watt of electricity basis, instead of relying on technology to improve so people can charge their electric cars faster, within a few minutes.
There is still massive growth for the internet to come, and many experts are saying it will come from the emerging economies around the globe. As more and more countries develop their infrastructures and improve the standards of living, access to a computer and the internet become necessary and almost inevitable. Once these areas start getting online, it will create a lot more growth online. There are billions of people “in the dark” when it comes to having an internet connection.
But before this massive internet user growth happens, there needs to be infrastructure in place for people to be able to connect to the internet. This is where you could create a business that works with the local and federal governments of emerging markets to develop their internet infrastructure. Deals around infrastructure setup and a fee charged for a certain set number of years could be attractive deals for a company like this. As well, this company would have the potential to grow all around the world, as there are new emerging markets everywhere.
One of the largest struggles the Industrial sector is facing in technological growth and efficiency moving forward is the implementation of the Internet of Things (IoT). This type of technology would allow massive growth and cost savings because all the equipment, parts, and labor could be tracked and optimized using computers. Instead of having a job-site shut down because equipment broke, signals from sensors would get sent using the IoT to tell a company that this machine needs to be fixed quickly or it will break.
However, there are not many companies out there doing this which leaves a perfect time for this idea to grow into a multi-million dollar company. By assembling a team of people who are familiar with sensors, you could create custom codes and sensors that would tell industrial manufacturers when their equipment needs to be maintained and other useful information provided at the right times.
Artificial intelligence (A.I) is an industry that is going to have a major impact on several industries. However, one of the biggest hurdles facing companies is the ability to implement the A.I technology in a way that is useful and valuable. This is where you could come in. By starting in a specific industry such as retail or industrials, you’ll be able to specialize. Once you’ve gained experience in a certain sector, this business idea could be easily applied to many others.
Fashion is another industry where transparency is a major concern for the consumer. Tragic new stories appear all the time regrading factories collapsing due to poor maintenance or bad safety standards. When this happens, the consumers of those brands are sometimes angry that they support a company that doesn’t care about the workers involved.
Blockchain technology can help solve this by adding transparency to retail-based businesses by transparently and accurately showing where they source their supplies of clothes. Blockchain technology would allow a certain supplier’s verification tag to be associated with a certain piece of clothing so the consumer could know. This way, consumers can track where their clothes came from and they can know for sure if they are supporting a company that uses sketchy business practices to get their clothes made.
Now companies are releasing new phones that have foldable and bendable screens. However, there is a massive shortage in the market for these screens because only Samsung can manufacture them at this time. What if you put together a team of researchers to develop a foldable screen technology yourself?
If you’re successful, you have a very stable place in a market that is growing significantly. This idea would take a lot of up-front start-up costs, but if you’re successful, this business idea could make billions.
Like one of these ideas and are wondering how to move forward and what your next steps should be? Well, it’s time to validate the idea so you can use this comprehensive guide where you’ll learn all about business idea validation.
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