miami beach tax preparersTop trends in startups – Entrepreneurship is very well respected in America, as the hustle and grind of it is celebrated and even revered. Today’s celebrities, right alongside movie stars and rock legends, include a long list of startup founders and CEOs such as Elon Musk and the late Steve Jobs. There are even reality shows about the beloved topic such as Shark Tank and The Profit. And remember The Apprentice?

40% of small businessare profitable, 30% break even.

The Miami Beach tax preparers learned that 73% of small biz founders are male, while 25% are female. Most of them, in fact 35% of them, are between the ages of 50 to 59 years old. So why do people take their careers into their own hands, instead of working for someone else? According to Small Biz Trends, there’s a list of reasons from the wanting to be their own boss to an opportunity presenting itself or simply just not wanting to retire.

Top trends in startups

Over 645 million professionals determine top 50 startups.

These days, small biz is also called startups. The term comes with its baggage of innovation, inclusion and technology-driven strategies. Startups are highly digital, sometimes completely born and operated online. They typically grow fast, and hire plenty. This year’s LinkedIn top startups include DoorDash, Good American, Peloton Interactive and Compass. A recent article explored some of the top trends in startups. Continue reading this accounting blog as the Miami Beach tax preparers share some of the highlights.

The AI market is set to grow to $190 billion by 2025.

Artificial intelligenceArtificial intelligence or AI is making its way into startups in marketing tools, analytics, digital advertising, smartphones and so on. According to ZoomInfo, 23% of businesses have incorporated AI into their product/service offerings. AI reduces cost, makes processes faster and more efficient, with human-like intelligence that takes on decision-making and even creativity.

Artificial intelligence is one of the top trends in startups because it can also improve customer experience, which is crucial to growing any business. Make the customer happy, right? The AI market is set to grow to $190 billion by 2025, with global spending on systems to be at $57.6 billion.

Fastest growing or best statistics?

Most startups in 2018 offered either business services or food. The next fastest growing industry among startups were in the health/beauty and fitness area with home services representing only 6%. The industries with the best startup success, according to Small Biz Trends, include lessors of real estate with 17.9% net profit margin, legal service with 17.4%, dentists with 14.8% and medical/diagnostic laboratories with 12.1%. Some of the worst include software publishers, forging/stamping and alcohol beverage merchants with only 2.1% net profit margin.

Zero traffic, plenty of productivity.

Remote work, or telecommuting is another top trend in startups. Just a year ago, close to 4 million Americans worked from home for at least half the week. 55% worked remotely fulltime. Remote work allows employers to hire from a huge talent pool while allowing them to save on yesteryear’s traditional office space: rent, equipment, and so on.

Voice recognition technology.

Voice recognition joins the top trends in startups list, which is no surprise what with Siri opening apps and browsing online. Today, about 39 million Americans have a smart speaker like Google Home with virtual assistants being commonplace. The Miami Beach tax preparers learned there’s place for voice technology in plenty of industries from manufacturing to education and healthcare.

Top trends in startups – The Internet of things.

the next industrial revolution Top trends in startups

Dubbed the next industrial revolution and industry 4.0, IoT technology is a system of computers, machines and even people that can transfer data over a network. This means practically every object can be a potential computer, making this the most profitable trend in startups with $581 billion in the next few months.

There you have it, the top trends in startups and small biz stats.