The Secrets to Creating New Markets
Barry O'Reilly
Co-Founder and Chief Innovation Officer at Nobody Studios | Launching 100 Companies Over the Next 5 Years | Keynote Speaker | Bestselling Author of "UNLEARN" and "LEAN ENTERPRISE"
Have you ever wondered what it takes to transform a bold idea into a groundbreaking business to create new markets?
Ever wonder what it takes to convince the majority to see the world differently??
This month, I delve into the exhilarating journey of pioneering new spaces in the business landscape, driven by vision, innovation, and the courage to be the first to figure out something truly new.
From the joy and impact of introducing innovative products to overcoming challenges and leveraging technology as an enabler, we uncover the essence of market creation.?
I’ll share lessons from helping corporate giants to audacious startups discover and empower customers with new superpowers, reshape industries, and make a lasting positive difference.?
Let’s celebrate the innovators who challenge the status quo and redefine what's possible when Creating New Markets.
Creating New Markets: Vision, Innovation, and Impact
Creating a new market goes beyond just developing a new product or service; it requires shifting the majority’s perspective.?
For many entrepreneurs, pioneering a new market and building a successful business from scratch is exhilarating, representing the pinnacle of intellectual and industrial innovation.
Similarly, the prospect of creating new markets is enticing because it offers the opportunity to transform lives, societies, and economies.?
We celebrate the visionaries, from Estée Lauder to Jeff Bezos, who saw the world differently and created the markets we now take for granted.?
Yet how did they see, and start the road less traveled to create new markets??
What to Unlearn When Creating New Markets
Creating new markets involves more than just improving products or deploying new technology. The key is to empower people in ways they never imagined possible.?
For instance, homeowners didn’t realize they could host guests and earn extra income before Airbnb.The idea of strangers driving others around seemed odd before Uber.?
Novel innovations create new markets by giving customers unprecedented agency, challenging their identities, and transforming their expectations.
Yet as innovators try to push the world forward, much of the majority instantly push back.?
Regulatory hurdles, finding the niche new market users, educating the next wave of customers, even cultural differences all play a part in hindering success yet it’s essential you understand these dynamics, their challenges and opportunities to successfully create new markets.?
Remember, Airbnb had to convince travelers to choose homestays over hotels through clever marketing and user testimonials. Uber navigated complex regulatory landscapes and engaged with policymakers to operate legally in various markets. The founders famously slept outside government buildings to get papers to operate signed.?
Flipping Customer Behavior
Take inspiration from Jack Dorsey’s founding of Square (now Block). By recognizing the barriers small businesses faced in accepting credit card payments, Dorsey and his co-founder? Jim McKelvey developed the Square Reader.?
This simple, portable device allowed individuals and microbusinesses to process transactions easily.?
Square’s innovation gave? small businesses a new superpower without disrupting established players, creating a new market and growing into a billion-dollar company.
If you haven’t, listen to my UNLEARN podcast with Jim McKelvey, in which we dive into their story in greater detail. Leave a review too.
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Technology Is Not the Answer, It’s the Enabler
While technology is a powerful enabler, it’s not the sole answer to market creation.?
Too many companies and startup founders see technology innovation as the path to market creation. They focus on how to shoehorn the latest technologies into new market offerings they hope will take off—I’m looking at you now AI companies! (whatever they are).
Successful market creation involves leveraging technology to offer significant improvements in cost, speed, or quality.?
One great example of technology enabling market creation is Evalify, a revolutionary platform that allows investors to streamline the process of evaluating startups by using intellectual property, particularly patents, as a benchmark to assess the potential and originality of early-stage ideas from just uploading a pitch deck.
Give it a try —?you’ll be amazed!?
Timing Is an Art
The final piece worth noting is the most elusive of all: timing.
You can be too early. You can be too late. Yet nothing beats being on time. The magic of catching a wave in shifts in technology, regulations, customer needs or emerging trends is a powerful force. Yet the hardest to anticipate.?
It’s continuously making bets, seeking out inflection moments, and being ready to respond when they happen.
Getting Started Creating New Markets
In my recent episode of the Unlearn podcast with Elliott Parker, CEO of High Alpha Innovation we explore how corporations can regain the innovative spirit of startups to drive growth and transformation, and it begins with changing how they think about traditional metrics and strategies.
Are you ready to transform bold ideas into groundbreaking markets? Now is the time to embrace the exhilaration of pioneering new spaces in the business landscape.
Also get clear on what problem you are trying to solve? Is it even the right one? Renee Hawkins, my former colleague and pioneer of Fractional COO work, discussed problem solving, aligning business strategies with purpose, and how to pivot your organization successfully.?
All these points add up to help you innovation, have impact and create new markets.?
Join the conversation, share your thoughts, and let’s inspire each other to create the future.?
Visit Creating New Markets - Barry O'Reilly (barryoreilly.com) to read more, and don’t forget to subscribe for more insights and updates. Let's make a meaningful dent in the universe!
Call to Action:
Thank you for being part of our journey to innovation and impact!
Best,
Barry