Have you run out of ideas about new businesses? Do you think that everything that was to be invented has been already invented? Well, even if I was to agree with that (God, I don’t!) you can’t convince me that this is the reason you don’t start a business.
You see, successful new ventures are not only those that come in with an innovative product or idea. Innovation is important but you can be innovative in other aspects such as the business model for example. Then sometimes you don’t even need to be innovative at all; many people have just started a business that is similar to the one next door and they still do fine.
The range of new business ideas is limitless. Period. But OK. You can argue that having a new product idea or launching something in a new market can lower the risk. I’ll give you that. Also you might actually have tried hard but you just can’t think of a breakthrough product or you can’t think of a market that is not to reach its saturation point soon.
Well, sounds to me like you are waiting for some magic to happen that will bring the world upside down and everything will start over from scratch.
Well…Abracadabra! You can now sell every product that has been already traded in our world as a brand new product in a brand new market: The Virtual Goods Market! Millions of virtual farmers in search of the next big thing in fertilizers are waiting for you. Social gaming has evolved into a market where product functionality is worthless compared to the emotional benefit of owning the most archaic ordinary goods.
According to eMarketer the Virtual Goods Market is expected to generate revenues of about $800MM in 2011, almost a 28% increase vs 2010. The outlook is even more promising. In fact these figures represent US only, however the potential is actually huge given the borderless nature of the digital world. Magic!
Bonus push: How to create a virtual goods market