The Balance of Innovation and Market Value

Photo by Aaron Burden on Unsplash

The Line is Fine and Blurry

In today's highly competitive market for attention and customers, entrepreneurs have to be creative and innovative to stand out among the rest. Yet, they have to keep in mind the basics of business:

1. Is this an idea that people will pay for?
2. Is the target market large enough to sustain?
3. Will this idea stand the test of time?

While it may seem simple enough, this is a very tricky balance to manage. To demonstrate this idea further we'll examine some young entrepreneurs and their start-up concepts that were featured in this Inc.com article.

Codemoji

I wanted to start out with my favorite idea from the list and the one that I think is the most feasible and sustainable. This idea is one of the most developed on the list and it is something that I wish I could have used as a kid. As stated on their website, "Codemoji's computer science curriculum for schools allows 1st-8th grade students to learn the basics of web development and coding" with the fun twist of emojis and a kid-focused approach. It is a very valuable skill to know how to code and it can be used in a variety of professions. The creator was also very smart to create this with a school curriculum angle because schools can and will spend a good amount of money for a program as innovative as this. Codemoji satisfies and exceeds the three questions I asked earlier and I cannot wait to see this start-up succeed.

Ralve

This young start-up states on its website that "Ralve helps destinations get discovered and increase bookings through the lens of top travel creators," which is a statement that could only exist today. I say this because this company relies and is capitalizing on influencer marketing, and more specifically travel influencer marketing. I am much more skeptical of this start-up than Codemoji because I struggle to answer the three magic questions from earlier. I assume that they receive profits from the travel companies, hotels, etc. that partner with them, but I wonder how they balance that and the typically high influencer rates. Secondly, one of the most frequently asked questions on their website is "What target market does your company focus on?" which was my initial thought when I first read about them. They provide a good answer, but I worry that the number of travel agencies/hotels and the customers who are inspired by influencer marketing may not be enough to sustain the company. Also due to the nuance of influencer marketing, I don't think it is something stable enough to base a business off of.

Gaia

This next start-up touched my heart as I am sure it does thousands of other people across the world. Gaia's intent "is to create wearable smart apparel and an app system that monitors bio metrics that are indicative of stress, wireless transmitting data to our associated app for early detection and notification of meltdowns." Besides being a genius and innovative idea geared for a market that is large and in need of something like this, the story of the start-up and the personal connection to the customer is what really makes this stand out. Gaia was started by Brent Chase whose brother suffers from Autism Spectrum Disorder and their mom Shari, which shows that they are passionate about helping those who have similar experiences. I cannot wait to see the impact that this start-up will have on the ASD community and beyond.

Sweetbud

This last start-up is the one that I am the most skeptical of. Sweetbud is "a lid that will make your coffee sweet without the sugar." The basic idea behind this concept is one that sounds great, Americans consume too much sugar so let's trick the taste buds into liking food without the sugar. Unfortunately I do not think that it is practical enough to make a big enough impact in the market. Also, I worry about the presence of electricity and technology being that close to my mouth and how easy it is to clean. Nevertheless, I would like to see what this idea sparks and if it can be made more practical.