The business world is ever-evolving, and with new technology emerging, there are a multitude of opportunities for entrepreneurs, environmentalists, technologists, and investors to seize. In 2023, certain businesses are poised to make a significant impact on the society and the economy. Here are the top businesses worth discussing in 2023:
1. Space Exploration Companies:
With NASA and SpaceX leading the way, space exploration has been a topic of interest for decades now. However, in 2023, the industry is set to explode, with space exploration investments skyrocketing quite literally as well as figuratively. With companies such as Blue Origin, Virgin Galactic, and Rocket Lab, joining in, the possibility of space tourism is starting to look like a real possibility. A case study on SpaceX's reusability strategy of rockets highlights how reusable rockets are disrupting the traditional space industry by reducing the cost of launching payloads into space significantly. Moreover, according to a report by Morgan Stanley, the space exploration industry is expected to be worth $2.7 trillion by 2045, which is higher than the 2023 GDPs of Canada and Russia!
2. Biotechnology:
By now, the COVID-19 pandemic has taught the world the importance of developing effective treatments and vaccines quickly, wherein biotechnology companies such as Moderna, BioNTech, and Novavax are leading the charge. Even before the pandemic, in 2019, the global bioeconomy accounted for about $5 trillion, or nearly 6% of global GDP. Based on 10-15% annual revenue growth trends, the world bioeconomy could exceed $20 trillion by 2030. With technologies that can enable precise gene editing, the hope of development of new treatments for genetic diseases and cancer are leading to a rapid and sustained growth of investments in this area.
3. Artificial Intelligence:
Artificial Intelligence (AI) has been a buzzword for a while now, however, the industry grew leaps and bounds in 2023 as the potential of AI is boundless with companies such as OpenAI, Cognitivescale, and Vicarious, already having visible effects on industries. With Meta introducing real-time speech-to-speech translation, Microsoft launching Copilot (Read more about Copilot in my previous blogpost here) which engages leads through personalized messages; and American scientists developing a method to identify Parkinson’s Diseases, it is not just the future of translator jobs, marketing jobs, and doctor jobs respectively, that are questionable; but it is disruption of human requirement in any job that is questionable due to the sheer potential of AI.
4. Renewable Energy:
As the fight against climate change intensifies, companies that provide solar, wind, and other forms of renewable energy are set to do well in 2023 and beyond. Companies such as Enphase Energy, SunPower, and First Solar are leading the way in enabling higher efficiency and reliability in solar power generation and usage.
While these emerging businesses have the potential to change the world, with the right funding and investment, they can make a significant positive impact on society as well.
Some interesting sources and reads:
1. Space: Investing in The Final Frontier, July 2020
2. The Future of Biotech, April 2021
3. ARTIFICIAL INTELLIGENCE IN THE REAL WORLD: The business case takes shape
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