The old adage that timing is everything in business is incomplete. When it comes to launching a successful startup, the other crucial ingredient is identifying a new, untapped market opportunity. Breaking into any industry is hard, but certain sectors are particularly ripe for new entrants.
Inc.’s annual look at the best industries for starting a business is based on interviews with entrepreneurs, venture capitalists, and industry experts, plus reams of the latest research on hot niche sectors. While it’s still early days for most of these fields, the first-movers are already well on their way to proving long-term viability. Read on to see where entrepreneurs are laying the groundwork for the fast-growing companies of the future.
Legal marijuana has become big business in the U.S. since Colorado licensed vendors to sell recreational cannabis at the beginning of 2014. While the industry hasn’t been around long, the first companies growing and distributing marijuana and related products are seeing very strong demand. Revenue for medical marijuana growers has risen 16 percent per year since 2009, reaching roughly $2 billion in 2014, according to IBISWorld.