Andrew Yang: The Next Big Startup Opportunity Is Reducing Living Costs

Entrepreneur and former US presidential candidate Andrew Yang has put forward his theory on the next big opportunity in the startup world. In his view, the focus should not be on profit, but on putting money back into the hands of consumers. Yang noted that he was inspired by Cost Plus Drugs, a project founded by Mark Cuban that sells medication at cost. This is reported by Techcrunch.com .

Yang listed areas where people spend the most money, such as housing, education, food, fuel, and communications. Last September, he launched the virtual mobile operator Noble Mobile, which offers services significantly cheaper than traditional companies and introduces a system to refund money to customers who use less data. According to him, at a time when AI is causing wage stagnation and job losses, reducing the cost of living will become the most profitable direction.

Projects like Noble Mobile, Light Phone, and Misfits Markets are the first examples of a new business category where the startup's core value is returning saved margins to the customer. Yang believes that once AI takes over many jobs, people will start worrying about how to meet their basic needs, and this is where a market for discounted services will emerge.

During his 2020 campaign, Andrew Yang also promoted the idea of Universal Basic Income (UBI) to combat unemployment caused by AI. While he is skeptical about government efficiency in this regard, he believes that direct help can be provided to people through market mechanisms. Currently, Noble Mobile has thousands of customers and is generating millions of dollars in revenue.