4 Innovative Specialist Businesses That Spotted a Gap in the Market
Successful entrepreneurs often spot innovative opportunities that mere mortals overlook.
They have a knack for recognizing the potential of an inventive product or service. Or they develop an entirely new way of marketing things that already exist.
But the vision to view a situation from a unique angle isn’t always innate. It sometimes sharpens after a career that’s more of a roller coaster ride than a rocket trajectory.
Whatever their particular journeys, here are 4 specialist businesses that spotted a gap in the market.
Sheila’s Wheels differentiated itself from its car insurance competitors by exclusively targeting female drivers.
The firm’s foundation was recognizing that women’s premiums are lower because they’re statistically safer drivers than men.
And after capturing its target market, it diversified its offering to home and holiday insurance.
The company is part of the Esure group. Its success was also boosted by a creative and colorful TV ad campaign that introduced it to the British public.
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Finding a wheelchair for an ailing relative is often difficult.
If you don’t need the device long-term, you won’t want to purchase it outright. But few suppliers offer short- to medium-term rentals.
Giles Donald’s personal experience with this conundrum motivated him to establish Wheelfreedom. This firm offers short and longer term hires of mobility scooters and wheelchairs at outlets across Britain.
The minimum rental period is 2 weeks. However, Giles reduces his rate for long-term hires. Customers with the wherewithal are also encouraged to look into purchasing wheelchairs from the company.
He prides himself on speed and customer service. If you order a chair by 4 p.m. the company will deliver it by lunchtime the following day.
And because customers aren’t always sure how long they’ll require the devices, they can make payments every 2 weeks until they tell the company they no longer need the wheelchair. Then the company will conveniently pick the chair up at the customer’s door.
The quality of much of the food we eat is dependent on the quality of ventilation, air conditioning and process cooling in the farms, factories and processing plants which form vital parts of the supply chain.
Specialist design firm Penmann recognized the need for experts who could design and install these solutions for a diverse clientele that includes dairies, bakeries and ice cream manufacturers.
This is a great example of a B2B business that solves customer pain points through constantly innovating with highly technical products.
Agritech entrepreneur Sharath Loganath created Ninjacart after a visit to a local market. During that trip, Loganath was dismayed to see just how much valuable food was being discarded as waste.
The online platform enables farmers to sell their vegetables and fruits directly to retailers.
Ninjacart facilitates fresh and timely deliveries by way of an efficient high-tech supply chain. In addition, every order is tracked precisely in real time.
A year after its 2015 launch, the Bangalore-based firm was already supplying a network of more than 400 businesses in the local area. What’s more, it allows farmers to enjoy a fair price for their produce. No longer need they miss out on the fruits of their labor.
Is There a Similar Gap You Could Step Into?
Take a leaf out of the book of these 4 innovative specialist businesses that spotted a gap in the market. Perhaps your firm could enjoy similar success.