Too many entrepreneurs develop a new product without regard to market demand, then build an entire strategy based on creating a need, rather than acting on an existing market need. Investors characterize this approach as a “solution looking for a problem.” These don’t get funded.
The best startups find a way to drive the market with their technology, rather than push their new technology-driven ‘solution’ on the marketplace. An example of market-driven technology is the basic automobile, but combining a car with an airplane is technology looking for a market.
New technology really doesn’t have any value, until it is integrated into a market-driven solution. Here are a few thoughts on a process that will keep you on the right track:
- Get real customer input first. Temper your product with actual market and customer feedback. Everyone's personal perspectives and interests are different, so the key is starting from market problems, and going from there to technology - not vice versa. Show your prototype to real customers, and listen.
To read the full, original article click on this link: Startup Professionals Musings: Solutions Looking for a Problem Don’t Get Funded
Author: Martin Zwilling
