An often overlooked place for new business opportunities is within mature industries.
Banking is a great example of this. Many communities have seen bank after bank merge into fewer and fewer large bank holding companies. But these banks do not address the specific needs of local communities or demographic groups. For example, a group of bankers are creating a new bank in the Middle Tennessee area to address the unmet banking needs of Hispanic and African American communities in the region. It will create small banks that are built around the specific needs of those communities, making use of state of the art banking technology.
The music industry is ripe for such innovation and opportunity. It is now dominated by large companies, and yet is faced by a sea of change caused by technological revolution, legal fights, and demographic shifts. All of this creates market space for entrepreneurs to enter this industry with innovations that embrace all of this change. Even though it seems like another dying industry, it is really an industry that is ready for rebirth, like a forest after a large fire.
