E.g. “Cat piss so bad, I’m ashamed to invite guests home”
or “I don’t like either sugary drinks or artificially sweetened drinks. What should I have?”
– None of them started with a technology insight
Rather they started with a customer insight and searched for the right technology to satisfy that job (sometime for years).
Like, what if you could provide Michellin 3 star salad experience at home, for everyone?
The report emphasizes the importance of getting it right for breakthrough innovations. You simply can’t rush your way into $50million dollar year-1 sales. (Besides relying on luck)
– Fund category-creation innovation
– Change incentives for teams working on innovation to not focus on short term
– Not encourage pet-projects but encourage innovation process
– Patient for results, impatient for iterations
– Solid consumer insights and market research team
What are they struggling with can only be answered if there’s a rich understanding of what context do they find themselves in?
These firms realized that scaling an idea to production is no trivial challenge. Even panaceas need sourcing of ingredients.
Getting distribution right is perhaps an equal (if not bigger) contributor to breakthrough product success as product is.
Hope you enjoyed the thread. If you have specific snippets/insights from the report, that caught your eye, share them in this thread.
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