Five hot industries for Singaporean entrepreneurs to jump into
Want to come up with the next big startup? Aksvini Kamaran, S’pore Country Manager, imoney.sg lists verticals that will shine in the next yrBy Aksvini Kamaran 11 Feb, 2014
Entrepreneurs come a dime a dozen, but a successful entrepreneur is revered by all. The simple reason for conventional society’s skepticism against entrepreneurs is their lack of conviction in their own abilities and an overwhelming fear of the sizeable odds they will inevitably have to overcome to make a decent living. Job security and a steady stream of income is what most people will gladly settle for as they view the idea of starting from scratch and investing their life for an independent business concept as a rather foolhardy one.
Singapore is one of the fortunate few nations that avoided the short end of the stick when it came to global economic meltdown, and managed to reap the fruits of the fair financial weather that it has experienced of late. Hence, a young generation of highly educated and financially comfortable Singaporeans is on the verge of making a transition to the corporate life. Luckily, they are also empowered enough to become a part of the revitalised startup culture that’s blooming throughout Singapore and the rest of the world.
To be honest, as long as you are motivated, clear-headed, have identified the perfect niche and comfortably acquired the capital, it’s never a bad time to kick -off your business. Entrepreneurs can operate free of the enslaving chains of financial stagnancy as long as their products and services hit their target audience on the mark. Let us take a look at five of the hottest entrepreneurial endeavours that are bound to boom over the next year…
Cloud computing services
With physical information being given the tag of caveman communication and digital storage services becoming the norm, we will remember this decade as the ‘Age of Big Data’. It is estimated that the virtual data industry has enjoyed a remarkable 20 per cent yearly growth rate since 2008.
Cloud computing solutions are helping nearly every major corporation offload significant infrastructure costs for an incredibly cost-effective alternative. The annual projected growth rate of this industry is estimated to be around 15 per cent, which means the field is wide open for tech-savvy entrepreneurs to step in and fill the demand.
Professional translation services
With a massive and diverse globalised financial sector, Singapore is a multi-cultural wonderland of sorts. The influx of expats representing major corporations has triggered a significant demand for fluent and verbally-skilled translators to bridge the communication gap between them and local Singaporean professionals.
No computer software in the world is proficient enough to comprehend the nuances and context of language, which is why entrepreneurs, who operate agencies with professional translators for hire, are still able to sustain healthy annual growth rate of four per cent in this industry.
As healthcare prices skyrocket and insurance policies fail to live up to their bold claims, a parallel industry of home health care services has popped up to fulfill the needs of senior citizens, and those who cannot afford costly hospital care.
Setting up a home health care service will provide a cost-effective alternative to senior citizens who can avail professional nursing services and get better individual attention in their own home. The annual growth of this industry is projected to be five per cent or more over the coming years.
IT security solutions
Espionage and malicious malware has terrorized everyone from Sony, New York Times, and Microsoft, to the FBI, CIA and the US Army websites.
This growth in ominous cyber crime and urge for privacy has been a massive shot in the arm for the IT security industry, which has allowed techie entrepreneurs to consolidate the information security protocols of a host of major companies. The growth of e-commerce has been another key contributing factor. The IT security consulting industry has enjoyed a handsome 10 per cent annual growth rate over the past couple of years.
Online education portals
Traditional schooling methods are crumbling to pave the way for a reinvented educational system that integrates the ways of the new world to make learning a relevant and highly empowering experience for the upcoming generation.
Online education portals such as Coursera, Khan Academy and Udemy offer a myriad of interesting courses that give access to high-quality video lectures, tutorials and tests. These online courses are Godsend for those who do not have the time or money to enroll in college, which is why thousands of curious students are signing up for them every month. The projected annual growth rate for this industry looks promising as it ranges between eight and 10 per cent.
The author is Country Manager (Singapore) of imoney.sg
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