The best startups of 2024 have something in common, they bring a fresh perspective to a market that many believe is in saturation.
Startup companies have redefined the business world in terms of creativity and innovation. While they are often compared to small businesses, there are some differences between them.
Small businesses seek to provide value in the long run, while startups are more disruptive forces and agents of change.
Startups are part of a business culture that is truly unique. It is a brutal, high-stakes, high-reward game where winners take all. While most do fail, those that make it often become iconic. Names like AirBnB, Uber, and WhatsApp immediately come to mind.
Startups are appearing left and right, and it is not always easy to follow all of them. However, focusing on certain trends can definitely simplify the process.
Top Startup Trends 2024
Experts say there is a lot going on around companies that can offer cybersecurity services with artificial intelligence input. App development remains a dynamic sector because the world is always looking for new solutions.
Starting a Business – The Evolution and Categorical Advancements
The COVID-19 pandemic has started a lot of new trends for startups, and this movement is showing no sign of stopping in 2024. In the United States, in July 2020 the number of applications for starting a business reached its all-time high of 551,657 00, an increase of 95% compared to the same period in 2019, according to the Census Bureau. In 2023, about 5.5 million companies were started in the United States, making it the highest year on record for new startups, according to the U.S. Census Bureau’s Business Formation Statistics.
This means companies focusing on health, wellness, and beauty will keep benefiting. In the same fashion, there is probably more growth on the horizon for startups that bet on sports and nutrition. The crisis reasserted the need to prioritize healthy living.
The biotech industry is in full effervescence with a valuation nearing $300 billion.
There is always some volatility here and there. However, blockchain and cryptocurrencies remain part of the trends to watch.
Some of the top startups in 2024 have investors and business enthusiasts from around the globe jumping for joy because they do have so much potential. Moreover, the fastest-growing startups have the ability to adapt to a changing market and even landscape.
While following the different trends is always useful. Being able to zero in on a few successful businesses is even better. Here are the 10 best startups to watch in 2024.
1. SoundHound
Artificial intelligence is gaining more ground. Some startups are trying to capitalize on this development. There is a demand for cybersecurity and data management services that match this moment.
SoundHound wants business owners and developers to be able to control their brand image using AI technologies, especially for audio and speech. It is already making a splash with Houndify, speech recognition, and Hound, an assistant app.
The company, which was founded in 2005, is always trying to do things differently. Through a partnership with Hyundai, it is bringing more of SoundHound’s voice AI system to European cars. It has raised $326 million in funding.
2. Heetch
Heetch is a ride-sharing startup with a platform that is mostly available in French-speaking countries. From the get-go, observers saw it as the French answer to Uber.
It tries to lower prices for consumers by embracing low commission fees. In short, Heetch wants to become a dominant force in the late-night market. The popular app is hitting new territories like Senegal in Africa.
Moreover, Heetch is present in France, Netherlands, Belgium, Morocco, Algeria, and Angola. It has raised $38 million in funding.
3. Tonal
The at-home strength training machine has been getting a lot of attention with NBA legend LeBron James as an investor. It has an AI component that sets it apart from some of the competition.
It is installed on the wall, and users can even have access to fitness classes that were recorded live. Tonal has raised at least $450 million in funding. Many believe that there is a real market for smart home gyms.
Of course, there is always a level of uncertainty when it comes to the economy, but Tonal remains a top startup to follow.
4. OpenTrade
A startup based in the UK, OpenTrade was established in 2023. It offers Web3 (the next evolution of the World Wide Web that includes ideas like decentralization, blockchain technologies, and token-based economics) treasurers and institutional investors the ability to engage in on-chain transactions (those happening on a blockchain and recorded on a public, distributed ledger) with structured financial products supported by investment-grade assets, aiming to deliver predictable returns that are not tied to crypto.
5. Aether Biomedical
Poland-based medical robotics startup Aether Biomedical is dedicated to creating bionic limbs, especially for upper limb amputees, with the help of AI-based biomedical signal processing. Their flagship product, the Zeus hand, is a powerful and customizable multi-action bionic limb. Aether Biomedical recently secured $5.8M in a Series A funding round led by J2 Ventures, Story Ventures, Chiratae Ventures, and Sunfish Partners. This investment will aid in the development and expansion of their rehabilitation robotics, such as the Zeus hand, which is gaining popularity in Europe and Asia and is now entering the U.S. market.
6. Inuru
A startup from Poland with operations in Germany, Inuru is transforming the packaging sector using OLED (Organic Light-Emitting Diode) technology. Concentrating on high-end branding and pharmaceuticals, their illuminated packaging boosts user safety and interaction. Addressing significant health concerns, Inuru’s smart labels are poised to revolutionize medication safety and compliance. The company’s recent $10M funding, on top of over €12M previously raised, shows investor trust in its cutting-edge packaging solutions.
7. Vibrant Planet
A dynamic environmental initiative, Vibrant Planet utilizes data analytics and cloud infrastructure to bolster environmental rehabilitation endeavors. Situated in Incline Village, NV, this burgeoning venture has garnered significant attention in 2023 owing to its innovative data-driven methodology and distinctive software-as-a-service (SaaS) subscription model tailored for ecological domains.
Securing substantial funding, Vibrant Planet received $15 million in October last year from prominent supporters such as Microsoft and Citi Ventures. This injection not only elevates its visibility but also enables expanded investment in its scientific personnel and Land Tender, its cloud-based planning and monitoring platform.
8. Anthropic
The tech company presents “Claude,” an innovative AI model crafted for diverse tasks, regardless of their magnitude, with Constitutional AI for safety and minimized brand exposure. It excels in managing intricate, multi-step directives and tailoring them to distinct applications and tones. The platform provides two editions: the robust “Claude” for intricate reasoning and ingenuity, and “Claude Instant” for economical performance. Claude demonstrates adaptability, catering to uses in customer support, legal affairs, coaching, search operations, administrative tasks, and sales.
9. Kaido Group
Kaido unveils a fresh strategy for boosting workplace wellness with their Wellbeing Challenges, aimed at improving both physical and mental health while promoting team unity and inclusiveness.
These challenges encompass tasks such as mindfulness exercises and preparing nutritious meals, accommodating individuals of all ages and health conditions, rendering them accessible, inclusive, and pleasurable, thus suitable for diverse teams, whether working remotely or in hybrid setups.
The outcomes of Kaido’s efforts have demonstrated significant positive effects on both wellness and team cohesion.
10. Fractory
This Estonian startup connects engineering firms to on-demand manufacturing through a cloud-based platform, emphasizing sustainability. Its recent funding round, led by Finnish VC firm Kvanted, raised €4.8M to fuel expansion across the US, UK, and Nordic Europe. Since its establishment in 2017, Fractory has attracted major clients and support from investors like Superhero Capital and Taavi Kotka, signaling its promising trajectory in the manufacturing industry.
Bottom line
The best startups in 2024 are an eclectic bunch. They reflect a business sector that is constantly changing and adapting. While new ones will flourish soon, these top startups will continue to make a real difference in the foreseeable future. Follow these entities and you might not regret it.