Innovation isn’t always about being first; it’s often about executing ideas effectively and adapting to changing landscapes. A CEO I worked with once remarked, “The presence of similar products doesn’t imply a lack of opportunity. In fact, it confirms that there’s a demand for what we’re offering.” Some of the biggest, most innovative companies didn’t invent the wheel – they just made it better, and more user-friendly.

Google – Search engines existed before Google. AltaVista and Yahoo!Search are prime examples.  But Google’s algorithmic approach, clean interface, and focus on relevant results propelled them to the top. Google expanded into various areas like advertising, maps, and mobile operating systems.

Netflix – Blockbuster dominated video rentals, but Netflix’s innovative subscription model and online delivery made it more convenient and affordable. Netflix later transitioned to streaming, further disrupting the industry and becoming a major entertainment player.

Facebook –  While not the first social media platform, Facebook outpaced earlier sites like MySpace and Friendster. Its constantly evolving platform, broad appeal, and acquisition strategy (including Instagram and WhatsApp) helped it become a leading player in social media.

Apple – Apple was not the first to come up with an MP3 player.  iRiver and Sony were there way before them. But when the iPod came out it won the market with its simple and easy-to-use design. Similarly, Apple was not the first to the cell phone market: Motorola and Nokia well preceded Apple. It was not even the first company to come up with a smartphone: Blackberry deserves this title (although some may say Nokia or IBM). But when Apple came with the first iPhone, it completely disrupted this market and changed the concept of the mobile phone forever.

Late entrants encounter challenges, such as penetrating a saturated market and altering established customer habits.

But as these examples demonstrate, riding the second or third wave of innovation offers significant advantages. Newcomers can learn from the initial forerunners, understanding the strengths and weaknesses of existing solutions, and introducing unique value propositions, features, or user experiences.

So don’t be intimidated by established players in your field. It’s your turn to innovate, to improve, and to redefine the standards. Whether you’re enhancing existing technology, reimagining a service, or transforming user experience, the potential for impact is immense. So, take the leap, embrace the challenge, and be the next game-changer in your industry. The world awaits your innovation – it’s time to step forward and show what you can do.”