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- Jun 26, 2014
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The Infinite Opportunities that Exist Part 1
If you step back and take a look, you will realize that every new innovation only creates room for more innovation.
This is because of the very human nature for a need of improvement and the fact that nothing is perfect, so it is possible that when people start using this new innovation, they will discover NEW problems that need to be solved.
You don't have to be the creator of a world changing innovation, but you can help make it better.
Let's have a little case study, two examples on how one innovation has opened up opportunity for new markets/ services and how you may take advantage of this:
Example #1 : iPhone - Builds a customer base of millions
New problem users are confronted with- glass shatters too easily - Phone scratches easily because of its pretty, yet delicate surface
New market caused by this innovation and its imperfection - iphone screen protector - iphone repair shop-Iphone case
Broken down into niches: Now let's just take one of the the new market created - Iphone case
Now you have: Construction workers who have an iphone or anyone who works/ spends a lot of time in a rough environment and need an even sturdier case. - Otterbox is born, million dollar company.
You have the average consumer who likes cases, but actually wants to spend money making their phone look nice on the outside. - Gelaskins is born, million dollar company.
It goes on and on and on..... not to mention the companies that came AFTER these companies and innovated on those innovations even further! For example, allowing users to upload images of their family and create an iphone case.
And this is just the iphone case market! I have only named 2 out of many successful businesses that have been created out of this need.
what about the apps that improve the iphone for example: battery life is also an issue.
Example #2: Fiverr.com , provide services for just 5 dollars.
New problem users are confronted with - How to make money on the site with hundreds of competitors now here ----- When you actually become successful, how do you manage all of the orders on time.
New market caused by this innovation and its imperfection - Fiverr ebooks and guides - Fiverr based blogs, software to keep track of orders, etc.
Broken down into niches: People who need to learn how to outsource to manage gigs - People who are designing on fiverr - People who are only looking for a side income- People who want to make it their career- People who want to become writers on fiverr, etc. etc.
These are just 2 business that spawned other innovations and businesses that allowed others to flourish.
JUST 2! out of literally thousands and thousands out there.
This is just to open your mind on the possibilities..
Keep an eye out for part 2
This is going to get fun and interesting.
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