As an advisor to startups and entrepreneurs, I often hear the myth that all new businesses must start with a great idea. I have to disagree. I believe the best entrepreneurs start by finding a large opportunity, and only then use good ideas to capitalize on that opportunity. The best opportunities are recognized from painful […]
Product Development
Paradox of Product Persistence
Paradox: On one hand, to keep a business healthy you have to be able to cut mediocre products. On the other hand, some successful products require sticking to them for a long time, stubbornly, to get either the product or the marketing right. Take a minute and think about it, and you’ll find examples of […]
Why You Should Use 3D Printing for Your First Prototype
Even for smart entrepreneurs with a great new product idea, an extensive business background, and a spot-on sales pitch, the manufacturing process can be unfamiliar and even a bit intimidating. Don’t be confused, however, into thinking that your first steps into manufacturing need to be difficult or expensive. Step one of any manufacturing cycle should […]
Go Agile with a Product Innovation Platform
Disruption is afoot in the manufacturing industry. But you already know that, whether you focus on consumer products or industrial applications. You also know that customer demands are shifting, production tools and techniques are evolving, and products are getting smarter. You know quite a bit, it seems. But do you know how to stay ahead […]
Pricing Strategy Guide for Product Businesses
It’s obvious that the price of your products have a lot to do with the profitability of your business. Exactly how to price products in a way that maintains or increases your profitability is a little less obvious. Here are the first two steps toward developing an effective pricing strategy for your small business. Do […]
Successfully Launch a New Product with Practical Strategies
If you’re planning to launch a new product, you have to keep many different factors in mind. It obviously helps to have a great product, but there’s a lot more to it than that. You have to make sure there’s a strong demand for your new product. You also have to create a strategic new […]
Ice Cream Entrepreneurs: Phin & Phebes
Crista Freeman, an entrepreneur with an art degree and background in e-commerce, started making ice cream with her partner Jess Eddy in their kitchen. Now, it’s sold across the country. The ice cream market is tougher than it seems. Making it and shipping it to suppliers requires a large-scale operation: the product demands unique industrial […]
Forget the Consumer Internet of Things: IIOT is Where It’s Really At
Billionaire publisher Malcolm Forbes coined the saying, “He who dies with the most toys wins.” And upon his death, Forbes certainly had a lot of toys. But in 2016, not all consumers agree with that sentiment when it comes to Internet of Things (IoT) devices. Product manufacturers may be banking on consumers trampling over each […]
Evaluate All Your Products and Services Each Year
“Cut your losses and let your profits run.” ~Proverb Many businesses fall into the trap of assuming that products or services generating great sales revenue are also profitable. Truthfully, you cannot tell which products and services should be continued or eliminated unless you look at the profitability of each one. For this reason, I strongly […]
Why a Design-Make-Use Convergence Means Better Products and a Healthier Planet
Before the Industrial Revolution, people’s shoes and clothes were made by hand—to their exact size—by local cobblers and tailors. Although that was something the middle class could afford, it was also exclusionary; the poorest people of the era owned only two or three outfits in their adult lifetimes (which they likely made themselves). With the […]
