Existing market: bootstrap and niche down

– A 2x better solution priced the same than existing alternatives – A solution that offers much more value to a subset of the customers of existing alternatives

Resegmented market: craft a value proposition

– Find a gap in the existing value proposition of existing, dominating players – Offer what they can’t – Look for the smallest set of unhappy customers for those incumbents ready to buy an alternative

New market: figure out a commercial use case

It makes sense to look for funding, because, potential investors can validate your idea in the first place (if they’re willing to put money it might be the first sign of a potentially worth it commercial application).

Clone market: borrow whole or part of the successful business model

When applying and modeling what works you need to add a twist, which is often what makes the business model sustainable. Copycat alone won’t work for long.

Key takeaways

– Entering a new market requires also a basic understanding of the structure of that market – Some strategies depend from the market type we’re entering – There isn’t a definite strategy to enter each market, however, we can draw from some examples in the business world and apply it back to our business