New Horses for Old Courses

Combating entrenched competitors with their superior balance sheets, experienced management teams, strong brand names, well-oiled supply chains, access to capital, existing cash flow, and long-established customer relationships produces unpleasant roadkill of most new ventures. Attempting to redefine a crowded market by offering a novel service or product remains among the most challenging hurdles in the innovation arena. Only rarely do new concepts emerge with the power to gain enough traction to make a dent in established markets. Sometimes even when the idea is good, the implementation is a struggle and the business fails. Sometimes when the idea is good the competition proves sufficiently nimble to react, copying or modifying and then re-launching its own incarnation of the product or idea that eventually stifles the new entrant. Occasionally, however, an entrepreneur conceives of a new space in the marketplace or finds a way to turn the customer experience on its head in a unique way, giving the new business a foundation for growth and prosperity.