Innovation Marketplaces, Explained
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” with long-term payouts and allocate large budgets to storage, fulfillment, etc.
Due to such challenges, many innovative product owners have struggled to reach their audience, and their products have remained limited to a local market.
In addition, middlemen inflate the product cost at every step of the chain. When it finally hits the shelves, the end-user ends up overpaying.
Blockchain can fix many of these flaws. Innovation marketplaces eliminate middlemen, acting like a conduit between manufacturers and end-buyers.