The paradox of business is that competitors are a tremendous asset. An existing market validates the very principle that customers are ready to spend and when you have a competitor, you have a built in audience to target with messaging about your superior value.
But the greatest innovators do not benefit from an existing market as their solutions are so revolutionary. Solving a real human need does not always mean being able to rely on existing market precedent. Evolutionary products have an established base of paying users, but revolutionary ones do not, and that presents a real challenge when securing capital.
Commenting, Gerald Irwin of Sutton Coldfield Licensed Insolvency Practitioners and Business Advisers, Irwin Insolvency said “Luckily, we live in an era filled with examples of innovators who built their own markets up around them. By looking at the challenges those businesses faced and the strategies they used to overcome them, we can all gain insight into leadership that turns world-changing ideas into fully realised businesses.”