So, now that the pitches are done and the venture groups have been formed it feels nice to start working for real.
We’ve decided on which of our different ideas we’re going to pursue.
My idea for this blog post was to recommend reading this article on Blue Ocean Strategy: https://hbr.org/2004/10/blue-ocean-strategy, which in short can be described as making your competition irrelevant by finding new uncontested market space.
Then i came across this (part of the recommended reading): http://www.businessinsider.com/10-ways-to-find-out-if-your-idea-is-actually-brilliant-2011-3?IR=T, saying that you should “avoid the blue ocean strategy and make something average and more affordable”.
From an entrepreneurial standpoint i guess it’s easier to prove to potential investors how you can improve an exisiting product, rather than arguing for an idea/product/service that you believe would create a new uncontested market.
With that said I do think that there is a possibility of creating blue ocean, but if that is your plan you better be ready to back it up with more than just a vision.