Innovative Tech Business Ideas for Entrepreneurs in 2024 – shopify.com

In 1984, a freshman at the University of Texas developed a new idea in his dorm room for how to design and manufacture personal computers. His name was Michael Dell, and his company—now known as Dell Technologies—grew to become one of the most successful technology companies in the world, generating more than $100 billion of revenue in 2023 alone.

There are countless success stories in the tech space, inspiring new generations of entrepreneurs to develop tech business ideas of their own. Here are some of the newest and most exciting business ideas you can leverage to start your own tech company.

What is a tech business?

A tech business is a company that researches, develops, and manufactures technology-based products and services. Tech businesses span multiple industries, including consumer electronics, software development, artificial intelligence, and cyber security. For example, companies such as Sony create and sell consumer electronics like video game consoles and cellphones, whereas companies including Adobe focus on developing and selling useful software tools like Photoshop and After Effects.

Tech entrepreneurs generate new ideas for technology-based products and services in markets that continue to experience rapid growth. Global spending on information technology devices, software, and services is expected to reach $5 trillion in 2024.

Tech business idea categories

Here are some of the most popular tech business ideas categories to consider for a technology startup:

Internet of Things (IoT)

Internet-of-Things (IoT) companies produce household objects equipped with sensors and computer chips that can exchange data with other devices over the internet. IoT devices use technologies like motion sensors, activity trackers, and Bluetooth to connect and give users an integrated system to control multiple devices.

For example, a smart home technology startup could develop an app that lets users check their integrated home appliances, thermostats, and home security systems all from their mobile devices. Some of the biggest IoT companies include GE Digital, Cisco, and IBM.

Immersive technology

Consider creating a business that leverages augmented reality (AR), virtual reality (VR), or mixed reality (MR) technologies. VR companies rely on immersive products like headsets that let users explore and interact with fully simulated 3D environments. AR is a type of immersive technology that overlays computer-generated visuals and sounds on top of the real world, often through smartphones, as in the case of Pokémon Go.

MR goes one step further by letting users simultaneously engage with both digital and physical elements around them. Apple Vision Pro is an example of a mixed-reality headset that allows users to interact with physical objects like laptops, as well as virtual tools like screens, keyboards, and apps that appear overlayed on top of the real world.

With the market for immersive technologies expected to grow in the coming years, more entrepreneurs are searching for tech startup ideas in this space. For example, you could build an escape room business incorporating augmented reality for a more immersive experience.

Software development

A software development company offers services like mobile app development to clients who need more effective software tools for their personal and professional lives.

There is a wide range of focuses that software development businesses specialize in. For example, entrepreneurs in this space could program shipping logistics software to improve efficiency or develop a content management system (CMS) designed to help digital marketing professionals manage social media posts across platforms from one simple dashboard.

Education technology

Education technology, also known as edtech, produces technology tools like learning apps, video conferencing tools, and educational content platforms to facilitate learning.

For example, an edtech startup idea could be to create interactive online courses designed to teach complicated subjects like chemistry and calculus through gamified learning modules. Similarly, an edtech entrepreneur could launch an online coaching startup that connects students with online tutors from around the world and provides real-time translation tools so there are no barriers to communication.

Kahoot!, Edmodo, and Skillshare are all examples of apps in the edtech space designed to improve the availability and efficiency of education.

Artificial intelligence (AI)

One area of the tech industry that has experienced rapid growth is artificial intelligence (AI).

Startups in the AI space like OpenAI are using machine learning tools like natural language processing to collect research and generate text in response to prompts from users. Adobe is another technology company selling AI tools like generative AI for editing and enhancing images in Photoshop or AI-powered typography tools in Illustrator.

Robotics

Robotics uses engineering and computer science to create automatically operated machines that can perform tasks previously done by humans. These types of autonomous machines are particularly useful for highly repetitive tasks like assembling the parts of an automobile, or dangerous tasks like industrial welding.

The robotics market is estimated to reach a new revenue peak of more than $45 billion by 2028, making it another good field for tech entrepreneurs searching for profitable business ideas. For example, one robotics startup idea would be to create robots that assist retailers with tasks like stocking shelves, maintaining inventory, and shipping items.

3D printing

3D printing—or additive manufacturing—is the process of creating three-dimensional objects based on digital models. Merchants who start 3D printing businesses print customizable items like cellphone cases, figurines, and jewelry quickly without needing large, complex production infrastructure. This method also lets you produce complex shapes that are otherwise difficult to achieve with conventional manufacturing techniques.

Entrepreneur Rick Pollack launched MakerGear in 2009 to sell 3D printer parts directly to consumers before eventually developing his own 3D printers. After years of experimenting with 3D printing technologies in his garage, Rick launched a successful Shopify store and went on to rank as the top 3D printer manufacturer in 2017 based on an index published by 3D Hubs.

Cyber security

A cyber security startup specializes in protecting its clients’ software, hardware, and data from cyber threats. With the worldwide cyber security market projected to reach more than $200 billion by 2025, entrepreneurs are still entering this field. Cyber security tech startups offer innovative tech solutions for ecommerce brands, corporate clients, private individuals, and governments seeking a reliable tech partner to safeguard their information and technology infrastructure.

For example, HackerOne is a cyber security company that helps clients prioritize their digital assets and preemptively identify the most critical security flaws in their systems. With more than eight million data records leaked in the fourth quarter of 2023 alone, the need for entrepreneurs to create new and advanced cyber security services continues to grow.

Food technology

Food technology businesses focus on producing, preserving, and distributing food products via uniquely tech-centric means. Food tech companies use innovative technologies like 3D printing and robotics to create more efficient and sustainable food items for their customers and clients.

For example, a tech startup in the food tech space could use vegan ingredients to create synthetic products that mimic meat’s appearance and flavor.

Biotechnology

Biotechnology, or biotech, merges natural sciences and engineering to innovate technologies that use living materials like cells to create new products and services. Biotech companies focus on a variety of fields, including agriculture, with products like genetically modified plants that offer higher crop yields, and medicine, with the development of new cures and vaccines.

For example, on an episode of the Shopify Masters podcast, biotech lawyer Afif Ghannoum talks about working with his father—a microbiome researcher—to come up with a biotech startup idea called BIOHM Health, which sells probiotics for gut health.