How can you identify emerging trends and opportunities for startups?

The other signals to look for are press releases of new startups, the best accelerator cohorts, latest funding rounds from tier 1 investors.

The start ups that I pursue must address a big underserved market and either have a protected proprietary advantage (i.e. patents) or have a first mover advantage. I do not like products in search of applications. So my investments include a drug for autism, producing a rare nuclear medicine through a proprietary process, a massive clean hydrogen facility sourced from flared natural gas and a patented app to get a vision exam from a smart phone. All these problems we are trying to solve are well known, but not the solutions

Actually, I respectfully disagree with Arjun Pillai on some additional signals he looks for (press releases of new startups, the cohorts of top-notch accelerators and funding rounds from tier 1 investors.) Press releases are paid for. It is self-submitted and largely unverifiable. Small indicators of supporting evidence are small, such as financial resources to put out press release or the desire to attach a trending technological buzzword to a startups brand. Press releases may provide small indicators of the attractiveness of emerging tech, but in private markets where startups operate, press-releases touting a product pivots or milestone provide little measurable value to verify an emerging trend or opportunity.

Established companies are aware of the same trends that you are. They can move faster and can enlist greater resources. Yet they will often dismiss disruptive technologies they see as inferior. Or they may ignore a trend they see as destructive to profitability. These strategic decisions present an opportunity to the hungry startup who can better-service customers who are being overlooked or neglected.

If I could only pick one resource to understand industry + market + ecosystem trends , it would be CB Insights. As a founder, you should try to minimize the noise and not get consumed by it. Lead + build based on your customers needs, not what's trending (this is a moving target). Crunchbase makes it easy to follow "signals" in your space + Reddit is a goldmine.

Becoming the content expert on the problem you are trying to solve is the work necessary. So experimentation and validation is critical - but you must include an "What is it worth component" in the validation phase. With so much of the software & services being free today due to data collection - you must understand the context of what you are providing.

Participate in startup communities locally and globally: - Give first: Participate at local events and collaborate with founders in your surroundings; - Expand your Network: Join global communities to accelerate your learning curve (see programs from Startup Grind, On Deck, TechStars and others); - Be Bold: Use Linkedin each out to founders you admire asking a one-sentence question. They're often busy, but want to help. Data shows that highly connected founders enjoy a higher rate of success (see Global Startup Ecosystem Report 2018). That explains the success of startup ecosystems like Silicon Valley or Stockholm, where a sense of community was innate to their culture (see The Regional Advantage, by AnnaLee Saxenian).

Startups can learn from successful businesses, experts, mentors, and peers. Participating in entrepreneur communities and using platforms like LinkedIn and Medium can offer insights. Monitoring market research, industry reports, and leveraging data analytics to observe digital behaviors can be beneficial. Engaging with customers for direct feedback and maintaining flexibility in the business model are also key to identifying emerging trends and opportunities.

When ideating a startup 2 way conversations are much more valuable than just reading/listening. It is important to start with a problem - talking with potential customers that you're acquainted with is key. It is also important to identify with them the trends that will amplify this problem in the short term (1-2 years). A problem that is acute now most likely has companies already working on it, a problem that will be acute only in 10 years will make initial sales difficult for a current start up. In addition, talk with a few select experts (industry, funding, technology, business, marketing). It is most important to consider, rather than dismiss, concerns or opposing opinions experts have on the problem/trend and especially its timing.

Early recognition of trends can lead to groundbreaking innovations! Here are some effective strategies to spot such opportunities: Regular Market Research: Stay updated with industry news, competitor activities, and consumer behavior. Social Listening: Monitor social media and online forums for customer conversations and pain points. Collaboration: Partner with experts to gain valuable industry knowledge. OpenAI serves as an excellent example of identifying and capitalising on an emerging trend. OpenAI capitalised on AI's potential with GPT-3, revolutionising language processing. Another great example is Amazon’s adoption from an online bookstore to a global e-commerce giant, embracing emerging trends.

A few tips that can help you think ahead: 1. Identify shifts in consumer preferences and understand new consumer pain points. 2. Attend industry conferences, networking events, and workshops to get valuable insights. 3. Engage with innovation hubs, startup incubators, and accelerators to stay updated on new ideas. 4. Look beyond local markets and observe international trends that may have the potential to influence your market.

Thinking Ahead : - For sure, continue to gaze ahead and see what are possible scenario playout's, some could be easier to guess/extrapolate with higher certainty. Catching Signals : - Some could simply be intuition or taking a bet on a certain behaviour pattern that you see changing over the course of months/ years - It simply put, is the ability to catch early signals of changing trendz, behaviour pattern, change of habits, technlogy changes/ disruption etc. Jump Ahead / Jump Fast : - the other critical thing, is to be able to take quick pot-shots at those hunches & acting on signals to prove your thesis quickly. The above should be able to help you try your intuition quick-&-dirty, validate and then ability to take the plunge.

Take the time to step back and look at the big picture scenarios that impact the market. These may pose threats or constraints, but they can also provide opportunities that others may not have seen yet. Competitor limitations, regulations and reforms, new legislation, political change, macroeconomics, and impactful events are only a few examples that allow opportunistic start ups to create innovative products and niche services.

“History doesn’t always repeat itself but tends to rhyme” is especially true when identifying opportunities. Look for technology shifts that open up new better ways of solving existing problems (a successful example is how mobile reinvented multiple categories like transportation, eCommerce and even web conferencing)

Getting out and engaging in conversations with real people is one of the most effective ways to uncover emerging trends and opportunities for startups. Relying solely on online discussions or media outlets may lead to discovering trends after they've already formed. In today's age of readily available AI systems, new opportunities arise from the convergence of emerging technologies and unaddressed common problems that people may not even be aware of. Identifying pain points and providing solutions can be the key to seizing these opportunities.

What is it that you value? This, from an axiological / moral perspective, has the potential to contribute to trend making, rather than trend sensing / responding. As a Socitoechnology Ethicist I believe there is real value in expressing your purpose, values and principles, then designing your organisation around those ideas / tenets / expressions. This does not need to replace any of the other considerations highlighted through the above content. Rather it can augment your capacity to contribute in ways that make you a Happy CAMPER (see positive computing lab for reference), and help you bring ideas, products and systems into the world that enhance our capacity to flourish.

Successful innovation comes from identifying the possible, not wishing for the power to unmake the impossible. I cannot change our past but I can learn from it. A wild imagination occasionally writes great entertainment, but creating real things usually repurposes knowledge or material. For example, the Eugenics movement wasted many billions of dollars and did great harm in trying to create "perfect" people to fill existing jobs. And what actually happened was that jobs evolved to fit human limitations, and machines evolved to do what humans could not. Open-minded observation and honest communication will achieve what pretense cannot, while recruiting new stakeholders to collaborate with you as suppliers, customers, and investors.

It is not just spotting trends or doing google research. A lot of great startups originate from people with knowledge in their field of work and identifying a real solution to a real problem, or seeing a great opportunity in their field of work for innovation.