5 Diverse STEM Enterprises You Could Emulate
The Science, Technology, Engineering and Maths (STEM) sector covers everything from augmented reality to crop yield monitoring and space exploration.
But a recent Public Accounts Committee report warned that in Britain there’s a STEM skills shortage that’s affecting emerging areas like artificial intelligence (AI) and cybersecurity — and according to the New American Economy Research Fund, this crisis is also apparent in the US.
So if you’re an entrepreneur looking for a promising place to invest, businesses that train the next generation of STEM workers or capitalise on innovative technologies are worthy of your consideration.
With that in mind, here are five diverse STEM enterprises you could emulate.
Doctor on Demand
In the US, getting a doctor’s appointment quickly can be challenging — even if your health insurance is in good shape.
So health app Doctor on Demand connects patients with approved physicians via video consultations — allowing them to get crucial medical advice from home.
It’s now covered by health insurance for more than 30 million Americans — if you can harness tech to solve this type of health provision problem, it can definitely pay off.
Russian student Evgeny Milyutin struggled with school maths until the one-to-one tutoring his mother paid for propelled him on a STEM path that eventually led to a PhD in Physics.
This experience inspired him to launch AI-powered maths education platform Happy Numbers — which now helps students in school districts in every US state.
When you want to help develop the next generation of scientists, EdTech is worth looking into.
While schools will adopt technology like apps where it’s appropriate, practical experiments are still central to scientific education and they rely on traditional equipment like test tubes and pipettes.
So laboratory equipment supplier King Scientific provides schools, universities and commercial labs with vital supplies like filtration paper, chemicals and PPE equipment.
If you can sell sophisticated scientific products with a simple and accessible business model, perhaps you can profit too.
Creating bespoke engineering solutions for everything from environmental projects to food manufacture requires excellent customer service and sublime technical skills.
And specialist engineering and pump distribution firm Tomlinson Hall has been solving problems since it was founded in 1919.
It just won engineering firm of the year in the 2018 NEPIC awards — perhaps its simpler to achieve long-term succeed by having a niche offering that’s constantly updated.
AI algorithms can be used by organizations to better predict the best candidates for a job role, extract the most useful intelligence from large databases and much more.
But unless you’re completely au fait with its potential, the application of AI to your business might not be obvious.
So Canadian AI service startup Element AI works with clients to develop a bespoke AI roadmap for AI implementation and executes projects to achieve excellent ROI.
The company has received $102 million investment from backers like Microsoft Ventures and Intel Capita — if you know how your specialized tech niche can benefit a wide range of clients, this type of outfit could become very profitable.
If you emulate any one of these five STEM enterprises, you can futureproof your own success.
Do you run a STEM venture? Share your thoughts in the comments section.