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9 of the fastest-growing industries to start a business, according to the founders of Ritual, Feed, and Kaiyo
9 of the fastest-growing industries to start a business, according to the founders of Ritual, Feed, and Kaiyo
Jennifer Ortakales DawkinsJan 10, 2023, 21:52 IST
Alpay Koralturk of Kaiyo, Katerina Schneider of Ritual, and Lauren Bush Lauren of Feed.Kaiyo/Ritual/FEED
If you're starting a business in 2023, it helps to enter a lucrative market.
Insider asked 68 founders for their predictions of 2023's best industries for business.
If you're starting a business in 2023, it helps to enter a market that's poised to grow in value and demand — especially as experts warn of a recession on the horizon.
The industries with the most potential will be the ones that can withstand a recession and won't be deterred by dwindling venture-capital funding, entrepreneurs told Insider.
Insider surveyed 68 founders for their predictions on the types of businesses with the most potential to succeed this year.
Of course, it's impossible to foresee the future, but these founders described how technology could transform new endeavors, how customers will want more sustainable products, and why they expected a big year for cannabis and psychedelics. Entrepreneurs might see big returns if they can tap into these demands.
Here are the best industries to start a business in, according to the founders' predictions.
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1. Artificial intelligence and blockchain
A man uses facial recognition for payment.Weiquan Lin/Getty
2. Supply-chain management, manufacturing, and logistics
A warehouse worker checking a computer system.Thomas Barwick/Getty Images
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3. Health food and wellness products
Drinks at a Whole Foods in Miami Beach, Florida.Jeffrey Greenberg / Universal Images Group via Getty Images
4. Sustainably made consumer products
A woman holds up a lab-grown diamond.AP Images
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5. E-commerce
A woman shops online.FG Trade/Getty
6. Healthcare and mental wellness
A doctor with patients.Getty Images
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7. Cannabis and psychedelics
Marijuana.REUTERS/Hannah Beier
8. Resale
Clothing in an Oxfam store.Grace Dean/Insider
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9. Personal branding and professional services
Small-business owners should create social-media content to attract customers.Carlina Teteris/Getty Images