How do you find, create or invent a niche market?

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.

Mark Warburton About the author

The Intellectual Property Guru. His determination to protect innovation stems from a family legacy in which his grandfather, a genius inventor, had his innovations stolen and patented by someone he trusted, which led to his grandfather dying a pauper on a park bench. Mark is an international award winning lawyer and patent attorney and 3-time published author. His prowess in the court room sees him winning cases that others thought were unwinnable. Mark’s passion for protecting intellectual property shines through in his pro-bono legal mentoring, proactive legal workshops and 1-2-1 work with clients.