There is only one way to know 100% how the market will react to your product. That is to get in the game and sell something. Market research and customer discovery, at best, can only hedge your bet.
So don’t waste your time and limited cash perfecting your product. Sell your prototype and then react to the feedback.
Save your powder for your pivots.
Jim Collins says, “get good people on the bus, even before you know where it’s going.” It’s true. You have to balance the right skills with the right fit in your culture.
The opposite is true as well: Get bad people off the bus – QUICKLY!
Not every key hire works out and small companies don’t have the luxury of burying their hiring mistakes on “special projects”. One unmotivated, unfocused and bitter person can paralyze a company and poison the culture.
You have to be willing to share credit…and upside… with the people that are key to your success.
Witkowski’s Laws were given a speech at Bridging The Gap 2012 at the Oak Ridge National Lab.
Great movies and great music go unappreciated because the artist can’t get the art in the hands of the customer.
The time and cost of building a sales channel can exceed the development itself. Spend ample time and resources finding the right distribution channel with the relationships to your market.
Get started early. If it takes two years to get the product ready, it could take two years to build the sales channel…
There’s only one way to validate your product in the marketplace… SELL IT! Primary market research is extremely helpful but you have to get your product in the customer’s hand as soon and as cheaply as possible.
Witkowski’s Laws are from a speech given at Bridging the Gap 2012 at the Oak Ridge National Lab.
…at least when it comes to market size. Smaller markets will limit the ultimate growth opportunity your company will have. You’ll do well to capture 5% by the time you have an exit opportunity. 5% of a billion dollar market is better than 5% of a 10 million dollar market.
Witkowski’s Laws are from a speech given at Bridging The Gap 2012 at the Oak Ridge National Lab