By | Aytekin Tank | www.entrepreneur.com
Looking for new ways to innovate? The good news is: you don’t need to be harboring a secret technological breakthrough in order to do so.
Consider Peloton, the at-home exercise company whose sales grew 232% as of November, far beyond the company’s (or anyone’s) expectations. Intense cycling workouts are nothing new (see, e.g., Soul Cycle), and neither is breaking a sweat in the comfort of home. But combining the two during a pandemic, when millions were newly homebound and desperate for endorphins, and you get an exercise phenomenon—and that’s despite the bad press Peloton got at the end of 2019. In the wake of what some called a “tone-deaf” holiday promo, their stock instantly dropped 9%. Ouch. But it’s safe to say they’ve bounced back.
Of course, there was some streaming technology involved, but the real kicker was timing and a massive demographic change. According to Harvard Business Review author Peter F. Drucker, a demographic change is one of several surprising places where entrepreneurs can look for their next big idea. Here, a closer look at some of those areas, including one that led to my company JotForm‘s latest product release.