Business trends for 2023 include AI, blockchain, secondhand shopping, and health
Stix, Field Trip, Real
- Insider asked 68 founders for their predictions of popular business trends and topics in 2023.
- Some bet on AI and blockchain tech, while others will look to the health and wellness spaces.
- Here's what these founders predict will be the biggest trends in business this year.
This year, startups are poised to make major strides in healthcare, artificial intelligence, and cannabis.
That's according to 68 founders Insider surveyed for their predictions of what's to come in 2023. Of course, the future is uncertain, but these entrepreneurs discussed themes like how companies can adopt AI and blockchain technology, consumer health, and brand transparency.
Several founders are betting on healthcare and wellness, as they believe more people will take charge of their health and demand higher standards in the products and services they buy.
"Over the last few years, we've seen a shift to consumers caring more than ever about their health, the transparency around the sourcing of ingredients, and the alignment around mission-driven brands," Katerina Schneider, the founder and CEO of the multivitamin-and-supplement startup Ritual, said.
Meanwhile, other founders predict this will be the year for AI and blockchain to take off. Here are some of their predictions for 2023.
Some responses have been edited and condensed for clarity.
Constellation
Matt Woodruff, the cofounder and chief product officer of the SaaS company Constellation
"The industry that'll be poised to gain market value in 2023 will be the tech companies that are innovative in transformative technologies such as artificial intelligence. We already are seeing consumers dabble in the AI craze now, flooding Instagram with photos of them using AI-art applications. The businesses who embed the right technology like AI throughout their processes and in every area of operations are the ones who will stand out in 2023."
Venly
Tim Dierckxsens, the cofounder of the Web3 company Venly
"Blockchain and NFTs are the first to see the value of using the technology for their specific use cases. Whether it is a business case around fan engagement, loyalty program, in-game asset ownership, or royalty distribution, the technology is maturing and businesses are starting to see the benefits."
Ritual
Katerina Schneider, the founder and CEO of the multivitamin-and-supplement startup Ritual
"I believe 'cleaner' and 'better-for-you' brands are here to stay in 2023, whether it's in the food industry, the supplement industry, or home goods and even cookware. Additionally, it's no longer enough to be just clean, brands have to be clear with their standards around what is in their products."
BelliWelli
Katie Wilson, a cofounder and the CEO of the vegan-snack brand BelliWelli
"Consumer trends have shifted to health and wellness; many consumers tend to care more and more about what foods they put in their bodies. I think the demand for better-for-you food and healthier versions of comfort food is going to uptick in 2023."
Smartrr
Gabriella Tegen, a cofounder and the CEO of the e-commerce-subscription platform Smartrr
"As a result of the pandemic, the wellness industry, more specifically within the e-commerce sector, has been exploding. The demand for wellness supplements, which aid diet and improve a person's health function, has skyrocketed post-Covid. Gen Z and millennials are especially embracing this trend. As a result, this group is fueling a new wave of lifestyle-product brands that are seeing a lot of success as online brands."
Kaiyo
Alpay Koralturk, the founder and CEO of the furniture-resale platform Kaiyo
"Climate and greentech companies will gain market value in the coming year and beyond. There's a large amount of federal money that will be deployed. VC's are also getting more interested in the space."
Montserrat
Carolina Cordón-Bouzan, a cofounder and creative director of the jewelry brand Montserrat New York
"I believe 2023 will be a great year for the lab-grown diamond-jewelry industry, as consumers become more cost-conscious and begin to recognize the value in the fact that lab-grown diamonds are exactly the same as mined diamonds at a fraction of the cost.
The diamond-jewelry industry has been stagnant for years and is ripe for change, and is thus coming at a time that converges with the consumer behaviors and expectations of millennials and Gen Z who are looking for more environmentally-friendly alternatives while upholding quality in their jewelry purchases that will last for years and become heritage pieces."
Radd
Sivan Baram, a cofounder and the CEO of the social-shopping platform Radd
"E-commerce is one of the fastest growing industries and I am sure it will continue to boom. I personally feel that shopping online is making my life easier, enabling me to dedicate time to my family, friends, and outdoor activities I like."
GR0
Jonathan Zacharias, a cofounder and the president of the marketing agency GR0
"Subscription businesses. The cost per acquisition for marketing is skyrocketing. The only businesses that make sense now in e-commerce are ones where you can afford to pay a lot for a new customer because they continue to buy the products. One example is Tony Robbin's new subscription company LifeForce. This is an anti-aging company where they give you a blood test and do hormone balancing."
Stix
Cynthia Plotch, a cofounder and the CEO of the women's-health brand Stix
"In 2023, I predict that consumer health will gain market value. With the looming recession, people are going to take more things into their own hands to avoid expensive doctor visits and save costs."
Real
Ariela Safira, the founder and CEO of the mental-wellness membership Real
"In 2023, products and services that promote children's mental health are poised to gain value. While mental health for the adult population needs changing urgently, kids' mental health is plummeting at a rate we've never seen before. From the pandemic to social media, this generation of kids is facing anxiety, depression, and self-harm at rates we've never seen before."
TBD Health
Daphne Chen, a cofounder and co-CEO of the at-home STD/STI-screening-kit company TBD Health
"2023 is going to be a big year for setting new expectations for what it means to be sexually healthy and happy, and we will see continued consumer investment in healthcare experiences that are sex-positive, accessible, and affordable.
For example, the COVID-19 pandemic has taught us all that preventative measures and routine testing are important for keeping ourselves and others healthy from infection — a lesson we're seeing reiterated with the massive increase in sexually transmitted infections. As a result, there's been accelerated adoption of healthcare services like at-home testing that make it more convenient to get tested and treated."
FarmboxRx
Ashley Tyrner, the founder and CEO of the produce subscription service FarmboxRx
"Healthcare, I believe, will gain a large momentum as we are really beginning to look at a whole-person model of care within a value-based care model. I also think rural-healthcare solutions will see a boom as we are beginning to wake up to the realities that rural America faces when trying to access healthcare."
Ouragins
Shaun Veran, the founder and CEO of the medical-apparel brand Ouragins
"The biotech industry saw massive levels of investment during the pandemic. These funds have been utilized to develop, test, and scale new innovations in the space to help mitigate, treat, and cure diseases. Expect to see many of these products coming to market in the coming year leading to gains in valuation."
Lexington Public Relations
Suki Mulberg Altamirano, founder of Lexington Public Relations
"Products targeted at supporting menopausal health have gained a lot of attention toward the end of the year and the first CEO Menopause Summit took place in NYC in October. Women are seeking targeted health-and-wellness products at all stages of life and this is poised to be a fast growth sector in the new year."
Field Trip
Ronan Levy, a cofounder and the CEO of the psychedelic-therapy company Field Trip Health
"Psychedelics will become the dominant form of mental-health treatment in the coming years. Like blockchain, however, psychedelic investments have been hit hard in 2022 but are poised to come back in 2023.
As the world continues to open up to cannabis, the cannabis industry will continue to grow into a massive sector. Delays in US legalization efforts have slowed the growth in this industry but as countries like Mexico, Thailand, and Germany move to liberalize access, cannabis companies will continue to grow."
Abbode
Abigail Price, the founder and CEO of the vintage-home-decor shop Abbode
"I think the new-fashion industry is struggling, but the secondhand market is continuing to boom. Consumers are getting sick of fast fashion, looking like everyone else, and buying secondhand items has become completely normalized. Craftsmanship and quality is constantly declining, so to get items at an affordable price that are also made well, everyone is looking to shop vintage."
If you're a founder with a prediction to add to this list, please reach out to this reporter at jortakales@insider.com.
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