The Hierarchy of Needs for new product ideas:pic.twitter.com/vKJPOXITwr
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As a founder, you'll need some "unfair advantages" in your market. If you've been building up skills, reputation, and connections in a category, you have a competitive advantage. (In the same way that Tony Hawk has a built-in advantage in the skateboard industry)
As a new founder, you can have all the conditions for success, but ultimately your vision for the product has to resonate with the market. Your product/brand needs to have attributes that make it attractive to customers in that category (and provide enough reason to switch).
To give your product a chance at success, you are going to need enough resources to: - built it - launch it - promote it If your financial runway is 3 months, and someone else is launching a similar product but has 3 years... it's likely they'll win. (Survival of the richest)
The success of your product will be the culmination of all these factors: - How strong was the "pull" from the market? - What advantages did you have going in? - Was your hypothesis? Did you execute on it? Were you right? - Did you have the resources to build + promote it?
- Folks asking you to build it
That's the blue, foundational part of the pyramid.https://twitter.com/mijustin/status/1367559357689257985 …
How would you know there’s a demand for a product before creating it? Does building audience come first?
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