3 Start-ups With A Ground-Breaking Business Concept
November 24, 2015
To obtain funding, start-ups and other growing businesses need a unique business concept to stand out from the competition. In most cases, it’s even better when the business idea is so novel that there is no competition, at least not yet. To illustrate the point, below are a few companies that are revolutionizing their respective industries:
Car Vending Machines: Tech start-up Carvana is hoping to completely change the way Americans buy cars and make the process less painless for consumers. The vehicle search, trade-in, purchase and financing process takes place exclusively online. Once the transaction is completed, buyers can have their vehicles shipped directly to their driveways or pick them up. Carvana also recently launched the world’s first fully automated, coin-operated Car Vending Machine in Nashville and will fly buyers there for free.
Drone Racing: The sale of drones has exploded in recent years, with consumer drone sales expected to reach 700,000 by the end of the year, which is an increase of more than 60 percent over 2014 figures. As more hobbyists are learning to fly the small-unmanned planes, they are also gathering to engage in some friendly competition. While the sport of drone racing is still in its early stages, organizers are hopeful that it will soon lead to financial gain. According to Charles Zablan, the chief operating officer of the California-based International Drone Racing Association, drone racing could be the next X Games, motocross racing and Red Bull air racing. As reported by the New York Times, the Drone Racing League recently announced a $1 million investment from Stephen M. Ross, who owns the Miami Dolphins.
Robotic Mind Control: Robots are also poised to revolutionize the medical field, with several high-tech tools nearly ready for commercialization. One of the most innovative is the development of prosthetics that can be controlled with a person’s mind just like a normal limb. At a Johns Hopkins University laboratory, researchers are fine tuning robotic arms with more than 26 joints, known as Modular Prosthetic Limbs, that exclusively use brain signals to control movements, including the ability to lift, grip, and otherwise manipulate objects. Other researchers, including those working with the federal government, are working on similar devices that could eventually help millions who are amputees.
Of course, a successful business requires more than an innovative or cutting edge idea. Most importantly, entrepreneurs must be able to demonstrate to investors that the business idea will be profitable and that capable management is in place.
For tips on creating a business plan and shape a business concept that will impress investors, please check out our prior post, “Trying to Get Your New York or New Jersey Business Off the Ground? Your Business Plan Could Be Holding You Back.”