I have a great job.
Inventors who are exploring entrepreneurship come to see me and discuss their dreams. They are without exception interesting and exciting people. They swell with enthusiasm as they describe their visions for the future. And almost all of them have something that is truly unique and intellectually fascinating - cool stuff. I get to share in that excitement.
Unfortunately, many of them are missing a solid reason for taking their inventions to market; and it's also my job to point that out, to take some air out of the balloon. They have mistaken "everyone can use my invention" for "my invention solves a very serious problem for a certain group."
Quite often everyone (or at least a significant number of people or companies) can, in fact, use the invention. That they can use it, does not guarantee that they will choose to use it. The inventor believes they need it; but they may not agree.
Successful product/service introductions typically address a compelling end-user need.
Here are two important questions:
- Do your targeted end-users clearly express an urgent need to solve a problem that they consider to be serious? Key words - clear, urgent, serious.
- Does your product/service address that problem powerfully and directly? Key words - powerful, direct.
If you can answer "yes, absolutely" to both these questions, then you may, in fact, have identified a solid Market opportunity. There are other questions and answers that must follow, but you're probably on a path worth exploring, at least for a while.
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