There are plenty of examples of reinventing (or at least reimagining) something with great results. Apple has a great track record with the iPod (not the first MP3 player, iPhone (not the first smartphone with apps), and the iPad (not the first tablet PC). Google was also not the first search engine, and Facebook was not the first social network. If you can do it better or more profitable or even just different, do it.
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There are plenty of examples of reinventing (or at least reimagining) something with great results. Apple has a great track record with the iPod (not the first MP3 player, iPhone (not the first smartphone with apps), and the iPad (not the first tablet PC). Google was also not the first search engine, and Facebook was not the first social network. If you can do it better or more profitable or even just different, do it.