Who is Your Fiercest Competition While Creating a New Category?
Category creation is extremely difficult and in any category creation endeavour your most fierce competition are not the other startups who are building similar capabilities, it is non-consumption that is the most worrisome failure mode. The most critical aspect of creating any new category is the ability to cross the Chasm and reach the second half of the technology adoption curve. It requires sellers and marketers to spend millions of dollars to educate and create awareness among early adopters. In fact, in most cases having competition is actually a blessing in disguise as collectively there will be enough capital available to expand and enable startups to cross the Chasm.
Amarnath Vannarath is an Entrepreneur, Hustler, Growth Hacker. He currently works as a Product Owner at EdgeVerve Systems, an Infosys subsidiary. He loves to travel, is a street food connoisseur and a passionate Soccer player. Blogs mainly on marketing, growth hack techniques and startups. You can reach him at [email protected].
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