What is an innovation marketplace?
It’s an e-commerce platform for indie manufacturers.
As much as e-commerce has been transformative for consumers, many manufacturers and inventors have been left out of the technological retail revolution. It could be particularly challenging for indie manufacturers and inventors. They often find it difficult to make the leap from the design phase as a garage startup to manufacturing and making their way to the market.
This is where innovation platforms come into play. They allow inventors to bypass traditional product lifecycle hurdles, having to compete with established manufacturers and retailers.
Innovation marketplaces allow them to sell directly to their end-buyers.
How does a Blockchain-powered innovation marketplace work?
It connects buyers to niche manufacturers.
Such a platform gives product inventors and niche manufacturers cheap access to their target market. It connects buyers and manufacturers directly in a decentralized environment, where they can trade on their own terms.
Buyers have access to a wide selection of original novelty items at near-manufacturer prices.
Product owners, in turn, can promote and sell to an eager market, without large upfront investments and commissions.
How are they different from regular e-commerce platforms?
Well, you can buy directly from inventors and manufacturers.
Regular blockchain marketplaces connect buyers and sellers, pretty much as any online platform does. Unlike them, innovation marketplaces are intended to help specific target groups of buyers and sellers.
Vendors are indie manufacturers, selling their products in a young, unknown niche. Buyers, in turn, are adventurous early adopters interested in innovative products.
With Blockchain, marketplace participants can monitor and moderate products and watch for counterfeit or illegal items and knock-offs. This allows the creation of a safe and transparent marketplace with original products sold at fair prices.
How do buyers and sellers benefit from such marketplaces?
Prices are low since platforms cut out the middleman.
Traditionally, inventors and manufacturers of new products have needed large marketing budgets and business savvy to reach their buyers. In addition, they need to freeze substantial financial resources in “accounts receivable”