This document discusses the concept of "blue ocean strategy", which involves creating new market space by exploring opportunities outside existing industry boundaries to make competition irrelevant. It provides an overview of the key principles of blue ocean strategy, including researching historical examples of blue ocean creation, focusing on differentiation rather than competition, and breaking the traditional value-cost tradeoff. Frameworks like the strategy canvas and four actions model are presented to help visualize and implement blue ocean strategies. Risks in both formulating and executing these new market approaches are also outlined.