When it comes to new ventures, the advice to avoid “diving into a crowded pool” is sound. The problem? It’s not always enough to just recognize a need and create a new product or service that fills a vacuum. Even if you’re operating within a niche, you still need to be innovative.
But bringing innovation to large, crowded markets can be incredibly difficult. True, creating the next iPhone or Facebook has the potential for a huge payoff, but that doesn’t mean that going mainstream is a surefire path to success. Often, it’s more worthwhile to focus on a specific, if smaller, market