A Quote by Fred Wilson
Internet and mobile product development cycles are measured in months, not years. And the capital required to get a product built and into the market is less than $1 million. And the returns, when things work out, can be enormous.
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'Product life' is measured in months, not years, and as soon as you introduce a 'product,' understand that others in your business are going to reverse engineer it to duplicate the results after they circumnavigate the patents, the trademarks, and the intellectual property.
Launching a successful product or startup has little to do with luck. Any business that gains traction on the market is the result of very careful strategizing and market analysis, not to mention the development of an original product or service.
In the domain of pharmaceuticals, we need a metric for health impact, and with this metric we can then assess the value of the introduction of a new product and pay its innovator accordingly, say on the basis of the product's measured health impact during its first ten years on the market. In exchange, innovators must of course renounce the usual rewards they are otherwise entitled to, namely the patent-protected markup on the price of their product.
I've always believed that the best way you combat intellectual property theft is making a product available that is well priced, well timed to market, whether it's a movie product, TV product, music product, even theme-park product.
All the businesses from the beginning of history have struggled with product development (assuming there is a market, doing the market testing and so on). But now they start with customer development. Get the customer who says, "Yes. I want that. I need it. I wanna use it. I'll pay for it." And then you go back and work with your engineers. It is changing the world!
The product has to work. It has to be a good product. An enormous number of them are all hype with no value at all. People get into them because they want to make a lot of quick, easy money.
Pandemic-proof means the mobile phone has to be used and it has to be used in such a positive way that your next invention has to say, 'You know what, I am going to get another 30-40-50 million users that are out there onto my product through my mobile phone and that's going to help me sell what I do.'
You have to make a decision whether it's a new product or you integrate it with an existing product. It takes time to work these things out.
No product is an island. A product is more than the product. It is a cohesive, integrated set of experiences. Think through all of the stages of a product or service - from initial intentions through final reflections, from first usage to help, service, and maintenance. Make them all work together seamlessly. That's systems thinking.
The tricks and artifices of advertising are available to the seller of the better product no less than to the seller of the poorer product. But only the former enjoys the advantage derived from the better quality of his product.
New product and new types of service are generated, not by asking the consumer, but by knowledge, imagination, innovation, risk, trial and error on the part of the producer, backed by enough capital to develop the product or service and to stay in business during the learn months of introduction.
The most common way customer financing is done is you sell the customer on the product before you've built it or before you've finished it. The customer puts up the money to build the product or finish the product and becomes your first customer. Usually the customer simply wants the product and nothing more.
In the wake of digitalization megatrends such as mobile Internet, the Internet of things, and big data, digital innovations are creating development opportunities faster than ever.
The worst thing that you can do in terms of bringing a product up to the market is to be two days after someone else has brought a similar product to the international market-It's dead.
In the practice of any craft, we are less concerned with the quantity of the product than with its quality, and less concerned with the product than with the artisan.
When you think of a movie, most people imagine a two hour finished, polished product. But to get to that two hour product, it can take hundreds or thousands of people many months of full time work.
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