Every time a new consumer market emerges a few new billionaires are created. Due to the increasing popularity and demand for the smart watches I think the same might be true for this market.
Here is a summary of how it happens.
- Be the first one in (establish expertise)
- Create a platform (preferably to serve ads or launch apps)
- Establish authority (do what you do really well)
The great thing about new markets is that there are very few to zero experts. Becoming an expert in a young market is fairly easy since there is not much that is known about it.
This is purely theoretical because I've never done it, but it's interesting to think about. What do you guys think?