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Now that you know what your spark and passion is regarding your idea, use the worksheet on page 14 to determine how your product or service will meet new or existing needs in the marketplace.

A concept’s success often hinges on whether it does something newer or better than anyone else. Being new or better can take many forms:

Something new. A new product, service, feature, or technology.

Something better. This could be an improvement on an existing product or service—encompassing more features, lower price, greater reliability, faster speed, increased convenience, or enhanced technology.

An underserved or new market. This is a market for which there is greater demand than competitors can currently satisfy, an unserved location, or a small part of an overall market—a niche market—that hasn’t yet been dominated by other competitors. Sometimes, markets become underserved when large companies abandon or neglect smaller portions of their current customer base.

New delivery system or distribution channel. For example, the Internet enables companies to reach customers more efficiently, creating opportunities for businesses to provide products or services less expensively, or with far greater choice, to a wider geographic area.

Increased integration. This occurs when a product is both manufactured and sold by the same company, or when a company offers more services or products in one location.