Innovation Doesn’t Always Pay
With the exception of mobile social applications (that I see too many of), I tend to see many entrepreneurs concentrating on new innovative ideas for mobile. Their thinking is that there’s no competition in that particular space so they have a good chance of success. However, the problem with a new idea is that it’s sometimes difficult to get investors (and end customers) to understand. I see some mobile ideas fail not because they were flawed but because they weren’t able to be explained to the average person.
You may actually find that some investors will be more interested if there’s something similar out there that is already selling, but not very good. A successful strategy might be to create a better application/service, at the right price and with better marketing. There are many examples of IT companies, including Microsoft and Oracle, that in their early days prospered this way.
