We begin in a market space where there is a demand for new information. Lots of varied information providers come to this space with their wares. The most prolific providers offer information that is so new, that it is new to everyone and gets called the latest "news". Others provide new information that is targeted to specific niches in this market space that need cutting edge data in their fields of endeavor. The remaining provide information that is new to those consumers who are getting an education or preparing themselves for new pursuits, but not new to others who are already informed. All the entrants to this market space take the demand for new information at face value. The market demands new information and so that's what the providers deliver consistently, reliably and unquestioningly . The value is presumed to be in the newness or in the information itself. The value is considered to be "extrinsic", meaning it's external to those users of the information or the newness of it.
Innovators create new market spaces. The established market spaces appear to be overcrowded. The value propositions appear flawed, limited, shortsighted or bogus. The journey to create a new market space begins with a trip to a space of inquiry and discovery. The value propositions, delivery systems and market demand all need to be questioned in this space. Assumptions get challenged, Nothing gets taken for granted. Possibilities get explored as if different what-if questions will reveal new avenues of adventure. Suspiciousness generates new theories, hypotheses and scenarios.
My own exploration of this inquiry space has uncovered a bunch of possibilities. Here's a few of them:
- The demand for new information disregards the contexts of end usage or the idiosyncratic functions of that information for those who consume it.
- Many are using the new information for thrill seeking, escaping their inner conflicts and distracting themselves from what's on their baggage-laden minds.
- New information is easily forgotten if it does not get followed by personal reflection, application or conversation.
- New information is not nearly as useful as more accessible, memorable or engaging information.
These hypotheses lead to be new market space with a different demand profile. In this space, people don't need new information so much as they need information that:
- comes at a good time for them personally
- ties into well to what they are already considering or trying to resolve
- gives them more to think about and relate to their current understandings
- spawns new inquiries and discoveries in their intrinsically motivated quest for new comprehension and capabilities
- sets them up to be helpful to others in their network who have made requests, revealed needs or posed problems
- supports unlearning what they've incorrectly assumed or over-simplified in their minds
- relieves the stress of getting bombarded with too much information of no immediate use, relevance or connections
Meeting this demands calls for non-print, non-broadcast and non-news providers. The value will be created intrinsically, in the eyes of each beholder. The uses of will be extremely varied, timely and appropriate for each user. Each user will be inclined to tell their friends. The demand in this market space will likely fit a pattern of increasing returns where more demand gets created by the initial demand. The new market space will get co-created with all the participants.