Should You Be Ideating On the Next Uber or Netflix?
If you have ever thought ‘I had this idea…’ after looking at a successful enterprise, then you are a part of millions of people who dream big ideas every day! But should you move forward in your pursuit to build another Uber or Facebook?
While it is true that being a second-mover in an established domain is disadvantageous, history is the proof that you can succeed too. The simplest explanation for this theory is that you get to learn from other’s mistakes if you are not a pioneer in the field. We should understand that even if a said industry is burgeoning, there is always room for another player!
Monster Ztudio/Shutterstock: The next big idea
Drawing the First Blood – Boon or Bane
It is natural for companies to receive all the buzz and recognition when they are the first-movers. Usually, there is a phase that involves setting standards and is followed by growth and money. In the next stage, the business model is scrutinized for scalability.
For second-movers to make it work, they must deal with these three phases carefully.
Disrupting the Game
Tero Vesalainen/Shutterstock: Creating “Uber” impact on the market
Fueled by the gig economy and ease of transportation, Uber made great strides in the market. It is an example showing that disruption does not mandate the need for a completely new concept. An overhaul of the existing processes or industry norms is a sure-shot way to give tough competition.
While starting with a minimum viable product is a popular opinion, it is also essential to come up with better iterations.
There is no doubt that second-movers have the opportunity to learn from other’s mistakes without actually facing the music. Bettering the existing norms and gaining traction in the market should be a primary focus. It gets much easier if the industry’s first player hasn’t got a lot of visibility.
Once the industry matures and there is a fair amount of consolidation in the market, the more prominent companies become a part of our lives. At this juncture, it is vital to answer questions such as – ‘Are you constantly innovating’ or ‘Can your model weather crises.’
Studio R3/Shutterstock: The “Netflix” life
The first-movers in any industry have to go through the arduous task of marketing a concept before selling their product. They often lose a lot of time in gaining consumer trust and drumming up interest. People were already paying for watching movies at home when Netflix made a foray, and they knew how social networking worked before Facebook’s revolution. These companies have gone on to show that innovation triumphs the time of entry every time!
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