Your idea is not about you

One of the hardest things to do when you’re trying out an idea for a new venture is to separate your own feelings from the data.

After all, you probably came up with the idea because you thought it was great – perhaps even the greatest since sliced bread. And now you’re bringing it doubt and jeopardy by subjecting it to some sort of validation in the actual real world.

Frightening.

But fear not. Because chances are that not everything is wasted.

Your idea might still be great. But the present application of it is not the optimal one. Wouldn’t it then be rather nice to get that insight through data, so you can change the application and move towards the iteration that gives both you and your future customers most ‘bang for the buck’?

Of course it would.

But still; the idea of finding out that your initial idea wasn’t the optimal solution for your customers can hurt and sting. Just make sure you realize that that’s ok; it is all part of the plan.

After all it is about the application of the idea – not you as a person.

If you think it’s too much to deal with, and – more importantly – you’re in danger of closing your eyes to the data and just venture on with what you originally had in mind, consider getting some sort of outside help or perspective. Someone with a clean slate and a fresh pair of eyes, who can help put it to you more gently – but nonetheless put it to you.

It might prove to be one of the best investments, you can make.

(Photo: Pixabay.com)

Understand the root cause

Sometimes you can be so blinded by a specific solution to a problem that you completely forget what the root cause of the problem was.

When people are facing challenges of some sort, they seldom jump straight to very specific solutions to the problem.

Instead they dwell at the problem for a while – short or longer depending on problem, person and context – and then they start looking for A solution.

Now, the ‘A’ here is important. Because it implies that most times there are more than one potential solution to any given problem, someone might have. And every possible solution is an opportunity for you to be relevant.

It may very well be that you don’t have the most fancy solution. That your technology is not the most unique. That your solution is not the cheapest.

But does it ultimately matter if you’re the one of the options who have understood the root problem best? Are best at showing empathy? Best at using that empathy to lead people in the direction of your particular solution, when the search for a solution kicks off?

Maybe? Maybe not?

The point here is not to be too fixated and even fall in love with a particular solution. Chances are that before you’re able to get that fabled solution out in the market something will happen that makes it less relevant, non-happening or it just gets overtaken by someone else.

Someone who just understood the root problem better.

The above is not to say that you shouldn’t be focused and bold on bringing new solutions to market that can change how big problems get solved for real people. Of course you should.

But it is to say that you should never forget to make sure you understand the root cause of the problem, and by doing that keep your options for viable solutions open and pursue them as you see fit.

Doing that will greatly increase your odds of succeeding and – most importantly – drastically reduce the risk of running into a dead end.

(Photo: Pixabay.com)

The cue from Disney+

Disney+ has gotten a really strong foothold in my household, since it launched in September last year.

Where Netflix is just a plethora of content with hits and misses, the basic premise for firing up the Disney+ app is that when you do so you’re immediately immersed into a content universe, where the production value is just super high.

It rarely disappoints. The experience is key.

There is a lesson here for the rest of us;

Going forward I am not sure the winning argument will be the abundance of choice, the lazy-ness of ‘The Long Tail’.

Rather I think it will be about the immersiveness of the experience. That we feel well taken care off. That someone has our backs and goes the extra mile to make sure that we get the best of the best.

Storytelling will play a big part of this. Storytelling that can – if you look at it with strict content lenses – move into franchises that can then again be expanded and added onto almost endlessly for the foreseeable future.

Strong, open ended narratives, where we feel at ease and at home.

I think part of what will also be driving this is a need to go more slow with some things. The rapid pace of change has been killing us for a long time, but the pandemic has shown us that a great fallback option to pick ourselves up and find our feet is just going slow for a while.

Just. Going. Slow.

Immersive experiences with strong open ended narratives will help us sit back, take a break, feel at ease and give us the sense that we’re not just pawns in somebody else’s chess game but actually in control of the game ourselves.

Businesses that can operate natively in this space and cater to that need for a greater experience will prosper well.

(Photo: Pixabay.com)

When love becomes fatal

One of the things we’re constantly looking for, when we’re talking to potential co-founders, is the ability to fall in love with the problem, we’re looking to solve. Either straight off the bat – much preferred but rare – or as something to grow easily into.

But is love of the problem always that great? Or does it need to be balanced out in some way?

The questions are valid insofar as one of the key contributing factors to startup failure remains building something nobody wants. And doing precisely that is what you’re very much in risk of, when you have fallen in love with the problem.

Why?

Because you want to solve it so bad that you jump for your first idea, give it your all, get it released and then…nothing.

When you have fallen in love with the problem, the hardest part is to remain true to a good and thorough discovery process.

You need to always think that even if you think you have already figured everything out, you know essentially nothing. And the path to that knowledge runs through lots of hypothesis, experiments and iterations while working into your offering what you learn along the way.

While it is easy to say, it is super hard to do in real life. I know; I struggle daily. But nonetheless I still try to be fully aware that the best way to ultimately help solve the problem, you have fallen in love with is to do it the right way.

And not fall of a cliff due to pure love and passion.

(Photo: Pixabay.com)

Customer loyalty during a crisis

A lot of people say that there is never a time as good to start a new venture as in a time of crisis.

Maybe it’s true. I don’t know. But lets assume it is. What are the things that makes it different and perhaps even better?

Normally, most would suggest that the reason it is a good time to start is that you can put pressure on the ressources you need to get going; vendors are hungry for cast and talent may not have the opportunities and bargaining power they had before.

I am not sure that goes for the tech sector, though.

But what I do find interesting is when it comes to customers and customer relationships. Maybe that’s where the real differentiator is?

When I look at my own personal spending patterns during the Covid-19 pandemic, they have largely gone one way: Down. I have cut out a lot of the day-to-day personal operating expenses – the little guilty pleasures – that I have been used to. Simply because I haven’t been able to venture out in the same way.

Now that my spending has been cut back, I am using the opportunity to assess my future spending with bigger scrutiny. I think more about what I spend the money on, and I think more about making sure that I get the value I pay for. And that I relentlessly cut out excess spending.

Case in point: I have become a cable cutter. Goodbye flow TV and big packages. Hello, select streaming services. Net effect? Minus 50 percent in cost. Per month.

I am not assuming that I am the only one who have experienced this. And let me add more to it:

It’s not that I think I am worse off than before. I think what I have now suits my needs better and more precise, and all the stuff I have cut out were things, I could easily live without.

Let’s go back towards the point about a time of crisis being a great time to start a new venture:

Perhaps it is not so much about the short term propensity towards trying to squeeze your suppliers, partners and employees.

Perhaps it is more about making damn sure that you deliver real value to your customers based on what they define as real value – not you.

Maybe it is about making sure that every single time one of your customers contemplate whether they can live without what you’re delivering, they will quickly move on to the next item on their list, because what you’re doing is an evident ‘keeper’.

If you get that out of starting a new venture during a time of crisis, I think you might just have something that will not only be able to make it through the crisis but actually thrive during and afterwards.

You’re welcome.

(Photo: Pixabay.com)

A roadmap of experiments

Currently, one of the things I am trying to do on our new MedTech venture is to build a roadmap of experiments to run before we get to the MVP itself.

Why am I doing that, you may want to ask?

Because I think it is super important to do whatever it takes to make sure that we can deliver some sort of tangible value from day 1 with our MVP. Nonetheless so because we’re in MedTech and because we’re dealing with a serious medical issue. We simply need to get it right.

But also because I think it makes overall sense as an approach. In fact I think it might even make better sense than to work on a more regular product roadmap at this stage.

Why?

Simply because at the stage we’re currently at there are so many unknowns and associated assumptions about where we might take this that the most robust roadmap, we can have, is the one articulating what we don’t know and thus need to find out more about.

But does that make it easier to do a roadmap of experiments than a more normal product roadmap?

Definitely not.

After all there are a ton of different experiments, you can run at any given point in time, and the trick is to figure out – or at the very least have an idea – which ones are going to give you most bang for the buck at any given moment in time. And where you take it from there – depending on how the experiment goes.

It’s a super interesting exercise in doing a blueprint for your activities while trying to make sure that you get to that ultimate goal of the experiment series; feeling pretty confident – on a data based basis – what should go into the MVP and hopefully set you off on a good trajectory for startup success.

(Photo: Pixabay.com)

The negative value proposition

Is creating value as a startup with something new always inherently positive for everybody concerned?

Maybe not.

What if part of the value creation you offer is to help take away the uncomfortable pain of someone having to confront someone else with a problem, the first one really just want to be rid off? Is that a positive for everyone concerned?

Case in point:

If a healthtech startup as part of it’s value proposition offers doctors the ability to spend less time with patients, is that a net positive for all? Why it may help drive down cost for the health sector as such, wouldn’t it be a loss of value instead to a lot of the patients affected by being less able to actually meet an expert?

I am not saying here that it’s wrong, and you shouldn’t try to deliver that kind of value. I am just suggesting that what you may offer as a positive value to one set of stakeholders might be seen as the opposite to another. And you need to be aware of that and own up to the fact that that is what you (also) do.

Especially so if you’re dealing with vulnerable people.

(Photo: Pixabay.com)

Cakes, laptops…and news

Despite every intention otherwise, I keep returning to commenting on the industry, where I got my education and served a significant part of my career:

The media industry.

I just can’t escape the fact that I get almost emotional every time someone within the industry makes an argument that only serves to prolong the suicidal pain, the industry is putting on itself by not squarely facing up to the real market realities they exist within.

Latest example? Paywalls. Or rather; the customers lack of love for them.

Whenever a new survey comes out indicating that customers don’t want articles behind paywalls, you will hear a version of this argument from the industry:

“Oh, but this and this industry also has expectations that you pay for what they are offering”.

I have seen a lot of analogies for this with laptop-resellers and bakeries being just the latest. So let’s latch onto those and just briefly examine why this analogy is both flawed and – ultimately – downright stupid:

No matter if you went into a computerstore or bakery back in the 80’s or even today, there has always been a constant: The merchandise was sitting on the shelves with a nice price tag onto them, and the ONLY way you could get to walk out of the store with something in your hands was by forking up the cash to pay the price on the tag (or haggle yourself to a slight discount, but that’s beside the point here).

How about in the media industry?

Through 20 years the media industry have said to people coming to their ‘store’, aka news websites: “Look, everything here is free. Just feast yourself to your own delight.”

That advertisers paid for the privilege of offering the product to customers for free was a point lost on the consumers. To them it was just great that they could get something without paying directly. Who doesn’t like that idea?

Fast forward to today. Media entities are now busy putting (much needed and long overdue) paywalls up.

Now, naturally when you start demanding something from your customers in the way of payment rather than just offering it for free, a chunk of your customers will object to it. After all the feeling is that you’re talking something away from them.

But trying to reason that argument by comparing it to other industries, where you ALWAYS had to pay out of pocket is just misplaced. It’s like comparing apples to cheese.

And where it IMHO gets downright stupid is that as long as media people insist on blaming the customers that they just won’t all accept the change, the more time it will take for these same media people to focus on the things they need to do from their end to get out of the misery they’re in:

Developing the product into something customers find it natural to pay for, because it has that value to them.

As hard as it is in reality, as basic straightforward solution it is.

It is the only way this industry will ever be able to move out of this quagmire they’re in. And if blatantly stating when they are misusing their time on worthless arguments can help push things in the right direction that alone is a reason to keep on bringing it up and commenting on it.

Only trouble with that is that I am not confident they will ever really understand, let alone accept, it. Which probably also means that this won’t be the last time I feel the strong urge to comment on it…

(Photo: Pixabay.com)