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In this paper we analyze the business feasibility of mobile broadband access services using secondary access of spectrum in the TV bands. We use a capacity-cost analysis considering costs for radio equipment, base station sites and radio spectrum. We compare network deployment by a market entrant and an existing mobile operator using either licensed spectrum or TV white spaces. In addition, we compare the impact of high and low spectrum prices using examples from Sweden and India. The analysis shows that market entrants will be in a more difficult position than the established actors. No matter the cost-capacity performance of cognitive radio equipment, a new operator needs to invest in a new infrastructure with sites and transmission. If the spectrum costs are “high” (like in India) the use of TW white spaces is more cost efficient for both existing operators and new operators.