Product & Launch Strategies
Purely technical entrepreneurs too-often feel that the technical merit of their invention or product is by itself enough to drive the creation of a successful product or business. In reality, much more is required. Here is a partial list of key things to consider:
- Company Mission – What is the idea behind the product or business? Is it something sufficiently compelling to let you recruit colleagues and attract capital? Will it generate the alignment needed for personnel to work as a team?
- Product Hypothesis – What, exactly, is the proposed product? What are the assumptions inherent in this? Have they been tested? What job does it accomplish?
- Customer & Problem Hypothesis – What, exactly, is the proposed market? What is the customer problem that the project job is proposed to address? Has the validity and importance of this problem been tested? How valuable is it?
- Adoption Hypotheses – How will users be made aware of, and persuaded to, adopt this product?
- Market Hypotheses – What is the intended market, and how attractive is it? What assumptions go into that assessment and how can they be rapidly tested?
- Competition – What are the incumbent and alternative solutions? What are their strengths and weaknesses? How does the value curve of the proposed product compare with those of the incumbents and alternatives?
- Business Model – How, precisely, will the business offering a new product monetize it?
Research on the adoption and diffusion of innovations has repeatedly shown that while technical merit is helpful, technical merit alone is often not enough to drive adoption. Recent thinking in ‘lean startups’ has demonstrated the value in identifying and rapidly testing assumptions. And, recent experience with innovations like software as a service shows that choosing the right business model can have important impacts on revenue, profits, and adoption.
Accordingly, ScienceSmith Consulting has developed a proprietary set of tools to help clients craft new products that create compelling value for customers, in unique and attractive ways, with concrete strategies for how these innovations can be adopted.