Emerging industries are those that are just coming into being. Some examples are interactive television and genetic therapy. In these types of industries, there are no rules initially. Instead, technical uncertainty exists until the major technology developers enter the industry and it becomes apparent which technology is the best.

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Consequently, in the beginning, there is no standardization of products or processes for some time, and. as a result, costs to produce are high. Securing sufficient raw materials may also be difficult.
Buyers in an emerging industry are, for the most part, considered early adopters.

They will pay a premium for the product at its introduction but will usually see that price decline significantly as competition increases and standardization of technology occurs.
For entrepreneurs, an emerging industry' is at once exciting, challenging, and extremely risky.

Certainly the strongest position is to own the technology being introduced and be able to enter the market with sufficient resources to establish a firm market share and brand identity—to create the killer application that causes a technology shift and sets a new standard. If, however, others are also entering the market at the same time with similar proprietary technology, resources will have to be directed toward promoting the benefits and superiority of the entrepreneur's technology.

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This was the case for Microsoft's Windows, which ultimately overcame the threat of IBM's OS/2 technology.
If major companies from other compatible industries are entering the new industry, the task is that much harder. That is the situation for new ventures fioping to garner a piece of the action in the telecommunications industry, where they are competing for market share against the likes of AT&T and Nortel Networks.