In a previous blog post, we discussed the difference between blue oceans and red oceans. As a very brief recap, red oceans are the “what is” of the industry; it’s what is being done. Blue oceans, by contrast, are an open frontier. They are the unknown. They are the space where companies create their own new markets.
The benefits of blue oceans are apparent. There’s no competition yet. You invented the market and are in many ways a monopolist. Given the benefits of blue oceans, every business would operate in them if they could; however, it’s not that easy. (more…)