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5 under-the-radar trends (+ our business ideas)

by Hubspot Media

My First Million

"If you pick the right market, you can have a bad team and a bad product, and you still... have success."
"Hearing aids are about to become as common as reading glasses."

In the episode, Steph Smith shares insights from a compilation of over 100 meaningful statistics that highlight burgeoning markets and trends. She emphasizes the importance of recognizing data points in relation to market potential, citing how Jeff Bezos’s awareness of internet growth led to the creation of Amazon. A significant trend discussed is the projection of nearly 2.5 billion people experiencing hearing loss by 2050, which may lead to hearing aids becoming commonplace like reading glasses. This mirrors the cultural acceptance shift seen with technology, such as AirPods, and highlights the pressing need for better-designed hearing aids, especially since they became over-the-counter in 2022.

Smith also talks about recent regulatory changes made by the FAA, allowing drones to operate beyond visual lines and the approval of electric vertical takeoff and landing aircraft, hinting at future urban mobility possibilities. She relates the impact of such legislation to potential business opportunities in drone delivery and relates these to overall changes in market dynamics.

Furthermore, the conversation shifts to the realm of work with an exploration of fast-growing job markets, particularly in nursing and tech. Smith notes the ongoing labor shortages and the opportunities for AI to innovate within those industries. Lastly, they discuss the evolving social acceptance and research around psychedelics for therapeutic use, proposing that if normalized, they could play a role in decision-making processes related to jobs or family. The episode concludes by intertwining themes of nature and technology, referencing ways that natural designs can inspire business solutions.

Key Takeaways

  • Hearing loss is projected to significantly increase, creating a vast market for hearing aids that need to become more culturally accepted.
  • Regulatory changes in drone technology could revolutionize delivery services and urban transportation.
  • Labor shortages in various fields present opportunities for AI-driven solutions.
  • Normalization of psychedelics could lead to their use in everyday decision-making processes.

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