Beware foolโ€™s gold white space

๐Ÿ’Ž Beware foolโ€™s gold white space (when assessing new markets)

Fool’s gold looks like gold, but it isn’t.

It’s usually some other yellow mineral like pyrite or chalcopyrite.

White space is blank, and when it’s on a strategist’s market map, it makes them think there’s a gap to be exploited.

But they might be wrong, particularly when it comes to innovations.

‘Fool’s gold white space’ is an apparent gap in the market, but in truth it’s a failure masquerading as a viable opportunity.

Many an innovator has been fooled by it.

So next time you come across what appears to be an unoccupied area, ask yourself two questions.

Why is this space unoccupied?

What do they know that we don’t?

Excerpt from:ย The Smart Thinking Book: 60 Bursts of Business Brilliance by Kevin Duncan

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