Why Isn’t Somebody Else Doing It?
…if it’s such a great and obvious idea?
This is one of those pesky investor questions frequently asked of would-be entrepreneurs. And, sometimes, the answer is depressing. Come to find out – after a wee bit of research – somebody else is doing it and have an entrenched market position with towering barriers to entry.
However, just as frequently, the answer could be:
1. “They” may have thought of it, but can’t do it, due to company culture. (Elephants can eventually be made to dance, but it ain’t pretty…)
2. It’s so great it’s ahead of its time. (But is it too far? And, are you prepared to be a missionary?)
3. It’s so obvious people can’t see it. For example, why don’t all paint companies have containers like those of Dutch Boy’s “Twist n Pour paint”? Then there’s why did it take so long for someone to think of putting wheels on luggage? …who’d thunk portable telephones would ever catch on? (lug that thing around?)…and a personal computer was a silly idea (”There is no reason anyone would want a computer in their home.” — Ken Olson, president/founder of Digital Equipment Corp., 1977.)
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