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You love data science, but you also love business.
You intend to mash those both together but you have no idea what kind of data science business can be profitable by doing this.
Does this describe you and do you need some ideas for data science-based business?
Not to worry! In this article, I’ve compiled some profitable data science business ideas for you to toy with, in 2023.
You’ll then can make the judgment if you want to build them for your next highly profitable data science-based startup!
Read on for more information:
What are the Best Data Science Business Ideas?
1. Data Integration Tool
One data science business idea is to create data integration tools that make it easy for companies to securely collect and analyze data from multiple sources.
This could include data from internal databases, cloud computing platforms, social media sites, sensors, customer data, and other sources.
Many startups currently rely on data integration tools to collect and ingest data from various different sources such as Google Analytics, their own databases, and from other external sources from machines.
The data that is collected can be in various forms such as unstructured data or data without the proper mapping for a data warehouse that they want to store in.
Data integration tools assist to write code – APIs and SDKs or even an interface that clients can use to easily connect data to their current data warehouse. You’ll basically be playing as a pipe connector in a data pipeline.
As data sources can be finicky and change their APIs, your work will be to ensure that the connectivity is robust and your client’s uptime is solid!
A data integration tool is one of the most useful data mining services that a digital marketing business hoping to adopt a modern data stack will appreciate!
2. Metadata Management Tool
Another one of the great data science business ideas to explore is the creation of metadata management tools.
Metadata describes data, and data about data – it’s basically a set of data that describes other data. Metadata management tools help companies organize and structure their data so that they can better understand it and incorporate it into their products or services.
Many companies analyze their data well – that’s a given, but now many know how to analyze how they are analyzing their data. Or what their data actually mean in business. Metadata management tools help companies with that.
Given the widespread data-driven nature of modern business, having robust metadata management tools is essential for companies to be able to effectively leverage their data.
As businesses have more metadata and the resources needed for analyzing customer data, they will better be able to act on problems that arise from data analytics pipelines.
Some potential features and functions of a metadata management tool include data discovery and classification, data governance workflows, data lineage tracking, data quality assessment, etc.
If you’re interested in data science and data-driven business, creating a metadata management tool could be an exciting data science business idea for you to pursue your startup!
3. Data Science Education Business
A data science education business makes a whole lot of sense. When there’s a gold rush, don’t rush to buy the gold; sell the shovels that others will use to dig the gold!
What this means is that by offering a business that allows easier entry into the data science industry, you will be riding on top of the data science wave at this rapid adoption phase. When companies upskill their employees, you’ll be there to conduct data science courses for them!
Data science has emerged as one of the fastest-growing fields in recent years, and data scientists are highly sought-after by many companies and organizations.
In response, data science education programs have been popping up all over the place – from boot camps to data science degrees and certifications.
You can either choose to begin with YouTube, a boot camp, offer an online data science course, a data analytics blog, data visualization education, or a data science consultancy.
If you’re interested in data science and data-driven business, starting a data science education business could be the perfect way to capitalize on the data science trend!
My blog is an example of a data analytics blog 🙂
4. Biomedical Data Science Software
A data science business idea that is gaining a lot of traction today is the development of biomedical data science software. This is one of the lesser-known data science business ideas.
Biomedical data, refers to data generated by researchers in the biomedical field (including clinical data and research data). This data can include things like proteomic data, genomic data, drug response data, patient health records data, etc.
Given the vast amounts of data generated in biomedical research, data scientists and software developers who can create platforms to help researchers analyze and interpret this data are in high demand.
The biomedical data science industry is currently making huge leaps in using deep learning algorithms to create predictions of protein folding – perhaps even better than how an experienced scientist can identify and guess.
You can consider providing a protein folding or genomics prediction software that researchers can use to figure out probable functions of proteins and genes. These discoveries will then be able to create a great impact on the world when researchers invent new biotechnologies.
You could also create a biomedical data science software platform. Some potential features and functions of a biomedical data science software platform could include data visualization and exploration tools, data mining tools, data analysis tools, database management capabilities, data sharing and collaboration tools, data curation tools, etc.
These are currently underdeveloped in the biomedical data science space, given that many who know biology or medicine well are not experts in data science or know how to utilize computing well.
If you’re interested in data science and want to provide data mining services, developing a software platform for biomedical data analysis could be the perfect data science business idea for you to pursue!
5. Artificial Intelligence Video Generator
Artificial intelligence (AI) video generators are another data science business idea that is becoming increasingly popular in the data science space.
AI video generators can paint/create an entirely unique and creative video based on text or a current video that’s fed into their algorithm. This taps on the popular algorithms out there that have seen great success, such as the GPT-3 model by OpenAI, which understands natural language really well.
As data science becomes more and more ingrained in our everyday lives, companies are looking for new ways to visualize concepts and make them more accessible to their staff. Their staff will then be able to rapidly create content that’s relevant to their products without much staff training.
In particular, businesses are interested in generating videos using AI that can replace creating content using another creative program such as After Effects or Lightroom.
Your startup can easily pick up this technology to tweak or create your own algorithm that will generate videos that are of high quality for businesses to create relevant content for their audience.
With online social media almost a necessity now for a successful business, this will put you in business for a long time to come.
6. Artificial Intelligence Voice Generator
Similar to data science business ideas like artificial intelligence video generators, data science startups have also created AI voice generators that will enable businesses and individuals to easily create quality podcasts or audio content.
This data science business idea taps into the same trend of data-driven automation that’s seen a lot of interest in recent years, as more data scientists realize that machine learning models can be used for good too; that is, content creation!
The AI voice generators that data science startups are creating use a data-driven approach to data analysis such as speech transcriptions, audio recordings, or text data, in order to create high-quality podcasts or audio content.
These algorithms are also able to modify the speaker’s tone of voice or voice data to make it sound more human-like in order to mimic speech patterns and audio data from a specific person.
Trust me, you won’t even be able to tell the difference between the output from a well-trained AI model and an actual person speaking!
This data science business idea is gaining popularity since many businesses are seeing the value in quickly creating large amounts of high-quality audio content that’s relevant to their customers. This can augment AI video generation and AI written content generation tools to bolster a content creation strategy.
Your startup could be at the forefront of AI content creation!
7. Blockchain Analytics and Data Science Tool
Blockchain data science is another data science business idea that data scientists and data-driven businesses are becoming increasingly interested in.
Of all the data science startup ideas I mentioned, this one has the most potential to be big!
This data science business idea involves building a data analytics dashboard for blockchain data, which can help users gain insights about the underlying blockchain data structure or how the blockchain data is organized.
Since blockchains are, by design, immutable data structures that are difficult to modify or access, there is a need for data scientists and data engineers who can analyze data stored in blockchains.
With this data science business idea, data scientists can build tools to parse blockchain data and help businesses understand the underlying structure of their blockchain data more easily.
As blockchains are a transparent tool to look at the data without any limitations and in large amounts, it is the perfect data source for you to build your startup on.
A blockchain analytics startup can be simply a dashboarding software that directly connects to different blockchains in the web 3.0 space.
An example of such an advanced data analytics company currently is Dune Analytics, which allows web3 projects to use SQL queries to visualize trends in the blockchain space to analyze their own data and their competitors.
However, I believe that Dune Analytics has still much more to improve on! Other data science/data mining/data analytics technologies have still not been tapped into in the web3/crypto/blockchain space.
You can make a better prediction tool than these that helps to look at how the performance of a certain project can be in the future.
If you develop machine learning algorithms that are trained well, they may very well be able to find hyperparameters that give the highest precision and recall to predict successful web3 projects that even humans can’t beat.
This idea will require lots of data mining skills and blockchain analytics skills.
What is Data Analysis?
Data analysis is the process of examining and interpreting data in order to extract useful information and insights. This can involve a variety of techniques and tools, such as statistical analysis, machine learning, and visualization. The goal of data analysis is to identify patterns, trends, and relationships in the data that can inform decision-making or support research.
What Can a Data Monetization Business Do?
A company that specializes in data monetization utilizes the information it has access to in order to create a source of income.
This can be achieved in a variety of ways such as selling access to the data to other businesses, offering data-related services like market research or predictive analytics, developing new products utilizing the data, improving existing products and services with the help of data insights, and creating targeted advertising campaigns.
The goal is to find ways to convert data into a profitable venture by providing data-driven solutions to clients.
There you have it – the data science startup ideas that are very hot now in the tech and business world.
As data science continues to evolve and data monetization business becomes more prevalent, there will continue to be a demand for data scientists who can solve complex data challenges.
Whether you are interested in building biomedical science data analytics tools or developing blockchain data analytics solutions, there are endless data science business ideas that you can explore.
So why not consider starting your own data monetization business today?
With the right data science data analytics skills and tools, you can help businesses harness the power of data to make data-driven decisions and drive innovation in your industry.
I hope this article has been helpful in helping you find possible data science business ideas for your next startup.
Thanks for reading and all the best in creating your own advanced data analytics company!
Justin is the founder and author of Justjooz. He is a Nanyang Technological University (NTU) alumni and a former data analyst.
Now, Justin runs the Justjooz blog full-time, hoping to share his deep knowledge of business, tech, web3, and analytics with others.
To unwind, Justin enjoys gaming and reading.