How do you find, create or invent a niche market?
Niche markets are often created by innovating in spaces outside of the mainstream. It generally involves innovating in intersections of two different disciplines.
One of the biggest challenges is that you also have to be able to sell your potential customers on the importance of engaging with your niche market. Generally, this occurs by engaging people starting out (students, young people) who have not fallen into habits or fixed ways of doing things. You have to have the charisma to be able to convince Margaret that she cannot live without this new shiny widget that you have created. It can be done – think mobile phones, the Internet, etc. but is not easy or simple.
You need financial backing to carve out your niche. This involves convincing potential investors that your niche market has a future. Again, this is difficult because your will be working outside of the mainstream where business cases are harder to make out, but again it can be done.
