Successful companies are able to satisfy consumer or customer needs by providing goods or services that are better (either in reality or merely perceived as such) and/or that are cheaper than that of their competitors. In effect, they are fulfilling a need by doing it better or cheaper than anyone else does. Among these companies are a select few who take things one step further—they create a need where there was not one before.

Perhaps the best contemporary example is Apple Inc. (AAPL). Several years ago, the company turned the cell phone market on its head with the iPhone. At the time, no one thought they needed an all-in-one phone, computer and media device, which today is known as a smartphone. Now, it is unusual to encounter someone who is not carrying a smartphone. Apple created a niche that others quickly entered. The challenge is remaining the innovation leader in a niche you create, and some would argue that Apple has slipped in the last few years as Samsung and others push the technology envelope.

Recently, Apple started taking pre-orders for its much-anticipated Apple Watch, the latest offering in the rapidly growing smartwatch category of wearable technology. The Apple Watch has received a lukewarm reception thus far, namely because of its limited battery life, high price and somewhat confusing interface. That being said, research firm Slice Intelligence reported that there were nearly one million pre-orders in the U.S. on April 10, the first day the watch was available for sale. Each Apple Watch buyer ordered an average of 1.3 watches, at an average cost of nearly $504 per watch, according to Slice Intelligence. Perhaps the most amazing statistic is that only 720,000 Android Wear smartwatches were sold throughout all of 2014, according to research company Canalys.

I like to consider myself on the bleeding edge of technology, but I am not yet sold on the notion of smartwatches. Apple and other companies have a ways to go to convince me there is a need that I did not think existed. However, Apple has done it before, so there is no telling whether they can do it again.

Best of the Web

This month we continue to build out our Best of the Web segment by covering mutual funds and exchange-traded funds, or ETFs. Mutual funds are a popular investment vehicle for many individuals, as they offer instant portfolio diversification without having to spend the time researching individual stocks, bonds, etc. Given their popularity, there are hundreds, if not thousands, of sites that offer mutual fund data, screening and analyst recommendations. This month, the CI staff has chosen its top picks for mutual funds and ETFs in the categories of data, ratings and recommendations and screening.

Mortgage Refinancing Calculator

With the Federal Reserve signaling that an interest rate hike is on the horizon, many homeowners are capitalizing on the historically low interest rates to refinance their home mortgages, myself being one of them. Jaclyn McClellan has created a spreadsheet-based mortgage refinance calculator that offers a simple illustration of how refinancing your mortgage may affect your cash flows. Jaclyn’s spreadsheet gives you the ability to calculate the difference in periodic payments, cumulative interest and net present value between your current mortgage and alternatives. Refinancing costs and taxes are factored into the equation, as well as a simplified version of mortgage discount points and their related tax benefits.