Top Traits of a Successful Startup - Top traits of a successful startup
Why more People are Choosing to Start their own Business - Why you should go it alone
This is an advertorial, the participants are actors and there is no startup and/or algorithm.
By Austin Fields - Published July 20 , 2015 - STARTUP365
The best innovations are often created not by looking for an innovation but by coming across problems that people care about. These are problems which customers are willing to pay to have solved. Consumers are known to be driven by emotion, therefore, understanding the emotional role behind a purchase is key to any innovation development model.
Emotional ‘pain’ is normally easier to drive consumers to act as opposed to a positive experience. That is because ‘pain’ makes people feel helpless. Once problems and the negative emotions associated with them have been identified, there a variety of ways entrepreneurs use to establish new solutions to the problem. The following are four methods used by great inventors:
1. Analyzing Product Performance: one of the ways inventors investigate a problem is by analyzing the performance capabilities of a particular technology that has reached a plateau stage and an enhanced performance is required.
2. Reframing Existing Problems: by conducting an in-depth review of a problem and its solutions, one can often recognize areas that have been overlooked in the current offering that can be used to develop the next innovation.
3. Working Backward from a ‘Far-in-the-Future-Vision’: at a time where developing an appropriate solution or innovation to an identified problem, or customer pain, may point to a long development process. In such times innovators sometimes use mini innovations with the aim to create the main innovation further down the track.
4. Use Other Domains for Insight: when innovators identify a problem, they do not immediately identify an appropriate solution. Yet, if they are certain a solution should be found and is worthwhile pursuing they will try and gather information from a variety of resources in order to develop that solutions. Such resources may be: conversations, focus groups, looking at creative references and perhaps even searching for ideas globally.
While those four methods are definitely popular amongst innovators – there are additional methods and models that can be adopted to recognize and develop new product and services ideas.