Invention is defined as “discovery, finding” by The Mirriam-Webster Dictionary.
National Public Radio (NPR’s) On the Media reports this story about an inventive print newspaper:
Print newspapers are either dying, or dead. That is the common wisdom. Yet, El Diario, the largest Spanish speaking newspaper, is thriving .The reason why is because it has targeted an audience that mainstream newspapers have largely ignored: immigrants and working-class readers. As the editor of El Diario said in the NPR show:
“There are large pockets of our society that are simply not covered.”
What does this thriving ethnic-media case study teach us?
It teaches the value of filling a void in the marketplace and embracing a niche that cannot be readily served by competitors. Large print newspapers targeted suburban readers who later abandoned print news for free online media. Filling an under-served niche nimbly is something that large organizations often fail to do, leaving room for entrepreneurial firms like El Diario.
The fragmentation and localization of markets is happening all around us. It happened in the music industry, as listeners continually migrate to online communities. It has also recently occurred in finance, as people migrate back to their local credit unions and micro-loan sites to obtain financing no longer provided by big banks.
If you are an entrepreneur, there is no better time to capitalize on this growing go local movement.