💡 Start My Idea: Weekly Report 7/25/2024

Hey there,

Welcome to this week’s Start My Idea report, where we spotlight early-stage trends and emerging products that are grabbing attention in the market. Let's dive in!

TRENDS TO WATCH
📈 Weekly Trends to Watch

Trends on the Rise

• Slang AI: Slang AI is a voice AI tool that answers calls and takes reservations for restaurants. It provides an AI-powered voice assistant that frees up restaurant staff and eliminates the need for frustrating robo phone menus. According to company data, the AI tool can handle more than 50% of a restaurant’s calls without human intervention, saving an average of 200 hours per month. Slang AI emerged from stealth mode with a $20M Series A funding round in May.

• Charlie Health: Charlie Health is a virtual healthcare platform designed for teens and young adults, offering intensive outpatient programming that includes group therapy, individual therapy, and family therapy over 9-12 weeks. The platform currently operates in 30 states and treated 15K patients last year, with more than 60% between the ages of 11 and 17.

• Korean Sunscreen: Korean sunscreens are nourishing formulations that offer sun protection without leaving a white residue. They often contain niche ingredients like rice extract, niacinamide, and hyaluronic acid. Korean sunscreens specifically call out UVA and UVB protection individually. Videos with the hashtag #koreansunscreens have 28.4M views on TikTok. One highly-rated Korean sunscreen brings in approximately $187K/month on Amazon.

• SumSub: SumSub is an identity verification platform that helps businesses verify users, prevent fraud, and ensure compliance throughout the KYB-KYC process. The platform can verify users in under five seconds without requesting documents and blocks nearly 100% of fraud attempts. SumSub’s revenue was $25M last year and could top $45M in 2024. The platform is used by 2K organizations across four continents and 220 countries.

WEEKLY IDEAS
💡 Your Weekly Business Ideas

Based on this week's hottest trends, here are some quick-start ideas you could consider:

• Virtual Pediatric Mental Health Platform: Start a virtual healthcare platform focused on providing mental health services to children and teens, offering quick access to therapy and support, inspired by Charlie Health.

• AI Restaurant Assistant: Develop an AI-powered voice assistant service for restaurants to handle reservations and customer inquiries, similar to Slang AI, to help restaurants improve customer service and operational efficiency.

• Specialty Sunscreen Brand: Create a line of specialty sunscreens inspired by the Korean sunscreen trend, focusing on unique ingredients and comprehensive UVA and UVB protection.

• Unified Identity Verification Service: Launch a unified identity verification platform that automates and streamlines the KYC and KYB processes, drawing inspiration from SumSub’s success.

For next week, we’ll continue to explore fresh ideas and provide insights to help you start your own business journey. Stay tuned!

If any of these ideas sparked your interest, or if you have any feedback, we’d love to hear what you think. Follow us on twitter/x and join our reddit community at r/startmyidea.

“I'm not saying I'm going to change the world, but I guarantee you that I will spark the brain that will change the world.” - Tupac Shakur