Duncan Signals From The Trenches

Duncan throws out some questions during his product development phase;

On Feb 2, 2010, at 6:53 AM, Duncan  wrote:

But seriously, John, you said something really important- 'I personally would have this as an add on sale...  it's interesting to talk about a lot in theory, but I would de-emphasize it in practice...'

Doesn't what you say underline the idea that it's really difficult to come up with a product, and one that passes the 'good idea, doesn't exist' test?

***No it underlines that the only hard thing in this business is getting the product (or service) right.  The only way to get it right is by working with the customers.  Working with the customers you learn pretty quickly it does not take much to get it "right enough" to get enough orders to cover the suppliers minimum production run.  Then, based on more customer feedback, you ever improve the item with each iteration.***

If i speak to people about coming up with a product, they say 'oh you're trying to invent something' and then they may go on to say 'all the ideas like that have already been done, it's impossible to invent a new product nowadays'. I think it's true, the marketplace is more competitive than before. It may have been harder to bring long matches to market in the 50's, but now it's difficult to come up with an idea nobody has done. Teams of R&D people are looking at industries and allied industries checking for opportunities.

***Matches in the 1950's was an example of this fellow creating a more refined division of labor.  There is no end to the process of efficiencies of division of labor.  The more your work improves the world, the wealthier it is, the more your specific offerings are needed. Nothing has changed from the 1950's or 50 BC for that matter.***

What I really like about all your courses, books and so on is the attitude that it's possible, even easy, to come up with a new idea and import and sell it. I have a nagging doubt that it requires being deep into an industry or a craft in order to see the opportunities. I'm sure you see the world full of opportunities people aren't acting on; I'd love to have that view. On the other hand, some of the ideas you mention such as the suitcase aren't in industries you're working in,and as you say shouldn't be acted on, so perhaps it requires having a background in a particular industry to come up with an idea

***Passion and joy trump all, becuase you can learn about anything, but you cannot add passiona nd joy unless it is naturally there.***

I think that instead of utilitarian products... e.g. a suitcase that doesn't get stolen, that instead aesthetic products present the most opportunities.. picture frames done a little differently, ornaments... things a retailer can say... hmmm! that's different, I like that. Any new invention or gadget is usually already done. Everyone I speak to says it's impossible to invent nowadays.

***At the exact same time the lads at google were realizing that it is links to a website, not keywords that make for accurate website ratings, a Chinese kid interning at Goldman Sachs (or some such place) came up with the exact same idea and applied it to financial websites, giving his employer an edge on web based info.  The kid went on to start baidu.com, the chinese google.  There must of been some 300,000 software engineers who had the exact same idea.  These two acted on the idea.  There is the game.***

On the positive side I've got dozens of ideas to test.

Another point... I've found it difficult to get a manufacturer to invest in a product that requires a lot of R&D, even if the design is good.

***You cannot know if the design is good unless you have orders in hand.  What makes you think it ever takes a lot of R&D to come up with a design that is good enough to gain enough orders to cover a suppliers minimum production requirement?  Get the orders in hand. Find out under what conditions they will invest. the seek orders enough to warrant those achieve the conditions that warrant the investment.***

I get your point about William McGowan and devoting your life to some idea, but as you say let's make money right now. Shouldn't we pursue markets and ideas that are easily realizable?

***Like luggage?  Sure!***

 

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