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Only a few states in the United States could compete with Michigan when it comes to providing an enabling environment for startups. The state boasts a properly developed labor market, a vast consumer market for businesses to tap into, and a friendly government. When you add its entrepreneur-friendly environment, you will understand why it is an excellent choice for a tech startup.
However, in a world with hundreds of business ideas that could fetch entrepreneurs huge returns and potentially ruin them, deciding which startup idea to invest in Michigan could prove an arduous task. Regardless, this article will explore some of the best tech ideas you should consider funding as a resident of the Great Lake State.
Virtual Gaming Business
There is no doubt whatsoever that online gaming businesses have become some of the most sought after and profitable entities in recent years in the United States and globally. There has been a steady decline in the number of players visiting traditional gaming houses as gamers now opt for Bingo Sites UK, non-GamStop casinos, and other relevant sites for their gaming needs.
This has created an opportunity for tech startups to invest in online gaming platforms, providing a wide variety of games and a robust and secure technological infrastructure to ensure swift transactions and protect user data. The fact that online gaming is legal in the territory also makes this a sound venture to consider.
The US online gambling market is expected to reach a market volume of US$40 billion by 2027, with an expected annual growth rate of 12.07%. Only a few industries today can boast of this great potential, so investing in online gaming platforms can prove profitable now and in the long term.
Autonomous Vehicle Technology
Autonomous vehicle technology is completely revolutionizing the automotive industry, and Michigan is the forerunner of this revolution which is hardly any surprise. For one, the state has a rich automotive culture deep-rooted in almost all of its industries.
The presence of major automakers like Ford, General Motors, and Waymo, along with their extensive supply chains, creates an almost perfect ecosystem for startups exploring the autonomous vehicle landscape. Also, Michigan boasts several research institutions dedicated to pushing the boundaries of autonomous vehicle technology. One of these institutions is Mcity (formerly Mobility Transformation Center), that’s located at the University of Michigan.
Mcity was established in 2013 as a public-private partnership between the industry and government in a bid to foster research on self-driving car software and components. Mcity, along with other major facilities, also provides a wide network of testing and validation facilities.
The continuous push to expand the autonomous vehicle market in Michigan makes it a captivating tech startup idea worth funding.
Telemedicine, Remote Monitoring, and Healthtech
In recent years, we’ve seen an immense rise in interest in health tech. Several factors, like rising expenses and administrative obstacles, have left the health industry in search of innovative solutions to help optimize its operations. The Covid-19 pandemic also accelerated interest in adopting telehealth and remote patient monitoring systems, creating an opportunity for tech startups to develop next-gen platforms that provide solutions.
Thanks to several renowned medical institutions like the Michigan State University College of Human Medicine and the Henry Ford Medical Center, startups can have access to decades of medical expertise, high-grade tools, and real-life testing environments and also foster research partnerships with medical experts. Michigan also boasts a collaborative health ecosystem that makes investing in health tech a great idea.
Agritech
Michigan leads the country in the production of several crops like cucumbers, black and cranberry beans, and Niagara grapes. The agricultural sector also contributes a whopping $104.7 billion to the state’s economy. Investing in tech startups exploring food safety, farm management software, distribution, sustainable agriculture, and precision farming is a great idea.
The world population is expected to hit the 10 billion mark by 2050, and there’s a growing need to not only increase food production but to do so sustainably. There’s a high demand for sustainable solutions, especially in big Agric states like Michigan, so there’s no better time to fund startups using tech to drive improvements in agricultural productivity, efficiency, and sustainability.
The Bottom Line
Michigan has been hailed as the home of innovation and economic growth due to its favorable ecosystem, highly skilled workforce, and technological culture. However, for a startup to be successful, there are several other factors involved, and you’ll need far more than just the right location.
The startup business idea is, in fact, the most important of them all. Here, we explored some of the best tech startup ideas to fund in Michigan. They include online gaming platforms, health tech, agritech, and autonomous vehicle technology startups.
This article was provided by Boris Dzhingarov
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