Business Ideas for 2023

Artificial intelligence (AI) and sustainability: these two concepts are the core of the most potential business ideas for both 2023 and the coming decades.

Learn their potential and how they can be applied to create a profitable business.

PART 1

1# Why business ideas based on sustainability

Portugal and the European Union have committed to achieving carbon neutrality by 2050. For this to be possible, there will be a huge contribution of the new sustainable businesses that will emerge in the coming years and which already benefit from more favorable investment and financing conditions so that they can grow rapidly.

In addition, “traditional” markets are increasingly saturated and pressured by the environmental and social awareness of their customers. According to this article from Universidade Nova, 65% of consumers already prefer products with sustainable standards.

2# Sustainability in 4 business ideas for 2023

2.1. Slow Fashion

Slow fashion is directly opposed to fast fashion, which instead of “disposable” trends and products, privileges comfort, durability, and timelessness.

Slow fashion also respects the entire production chain of a piece of clothing so that it is truly sustainable from start to finish, being one of the business ideas with greater growth potential.

 

2.2. A deadstock-based business

Deadstock is the term that defines the stock of products that a company has stored that will no longer be useful.

In the textile industry, the reuse of deadstock fabrics by small brands and designers allows them to obtain this material at a much lower price. In addition, as the fabric is in small quantity, it creates the challenge and opportunity for the brand to develop unique pieces of clothing that will have a higher selling value.

Another example within the fashion area is the reuse of the deadstock of clothing stores. Clothes from old collections that have remained unsold and forgotten in the warehouse can earn a second life with much more value. Especially if there is an online platform that can promote this outfit.

 

Learn more

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2.3. Business that links tradition to the digital world

The organic honey of Trás-os-Montes can be sold in Scandinavia. The poveiras sweaters of the fishermen of Póvoa do Varzim can be sold in the United States. What is needed is to connect these traditions to the digital world. In this way, the environmental and social sustainability of these unique products continues to be promoted in a platform that reaches as many customers as possible.

 

2.4. Organic supplementation with a focus on well-being

There is a market growing alongside the sports supplementation market and it has a different audience. An audience that focuses on physical and mental well-being holistically. This public is looking for supplements made from natural and organic products that help improve their focus and sense of well-being.

 

Learn more

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PART 2

1# Why business ideas based on artificial intelligence

According to this study by consultancy PwC, the impact of artificial intelligence on the economy of southern Europe will result in GDP growth of 11.5% by 2030.  Globally, the same study shows GDP growth of around 14%.

This positive economic impact of artificial intelligence is based on the following advantages of AI:

– increased productivity thanks to process automation, whether through software robots or hardware or autonomous vehicles.

– increased productivity thanks to the introduction of AI as a workforce, cooperating with humans in improving decision-making, planning, etc.

– increased consumption or conversion of sales thanks to the hyper customization of products, services, and advertisements.

Thus, in the search for business ideas, it is possible to look for a product or service that evidences one of these clear advantages. The ideas below will help you understand more concretely what types of industries and businesses will benefit most from artificial intelligence.

2# Artificial intelligence and its application in business ideas

2.1. Artificial Intelligence in Health

AI will help a healthcare professional diagnose a patient much faster, thanks to the huge database he works with.

The development of applications that allow the introduction of AI in the health sector will have a huge financial and social return, whether in the diagnosis or in the treatment of the patient.

 

2.2. Transportation and logistics

Planning in these sectors is essential. This is where AI solutions come in that can assist in decision making through the large amount of data and reports that it is able to analyze instantly.

A specialized AI service for transport and logistics companies is a service with a guaranteed future.

 

2.3. Retail

A custom-made product or service has a much higher return potential. This is where AI comes in, with its ability to customize a product or customer service.

This AI application is especially important in e-commerce and digital marketing.

 

Learn more

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2.4. Cybersecurity

The pandemic has accelerated the digital transformation of companies. But with this also emerged a fragility: the weak levels of cybersecurity.

This is where another service to be developed for the national market comes in: a service that provides an active cybersecurity solution for micro and small businesses.

 

2.5. Intelligent process automation

If a task that took a week to do starts to be done in less than an hour, there is a huge productivity gain. Currently, there is a lot of demand in the market for intelligent automation solutions that allow us to achieve these productivity gains.

 

Thinking about launching an artificial intelligence startup?

Learn here how to make a business plan for startups in Portugal.