Words of guidance and insight from an experienced entrepreneur and private investor to high-tech entrepreneurs, start-up companies, and fellow investors.
Thursday, September 30, 2010
Are you solving a real pain? Old-school versus New-school
My last two posts talked about product differentiation and the importance of having a product family. Now, I want to briefly discuss whether your product has merit. Old school says: "Is your product a painkiller or a vitamin?" It certainly is nice if your product truly solves a pain in the market you're pursuing, but with all of the social networking websites out there these days, I have to ask if these really are solving a pain, or are they just darn fun. Facebook, Twitter, Foursquare, SCVNGR, Zynga, etc. Are they solving a pain? I don't think so. Even Betty White said Facebook is a complete waste of time (lol). My point here is that if you are told (or you admit to yourself) that your product isn't a painkiller, perhaps there's still some merit if you have a unique twist, or a particular approach, or something that the market will embrace. So, perhaps the other old-school saying is still the best question to ask: "Will the dogs eat the dog food?"
Labels:
pain,
painkiller,
product,
social networks
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