Have you spent hours and hours slaving to create some innovative new technology.
Countless late nights and early starts to produce a master piece of tech.
Grinding away for incremental improvements and enduring the process on trial and error.
Now, after months or maybe even years of hard labour you have created a working design. You are ready to release your creation into the world when you realise something… You’ll need to sell the thing.
Stop! You’ve got it wrong. Selling something that no one wants is something late night informercials do. I’m sure you’ll want to avoid going that route, and you can. Instead you’ll want to change your focus from where you decide to start in the creative process.
Tech entrepreneurs that become successful don’t sell technology. Why? because people don’t BUY technology. People BUY products. So what’s the difference?
Tech entrepreneurs that succeed look out into the world to find the inspiration for what to create. They don’t try and push technology that people won’t buy. Instead they look at what the world needs and then go into the lab to develop a scalable solution.
“I find out what the world needs. Then I go ahead and try to invent it” ― Thomas A. Edison
Innovation is not only inventing technology that people need, it is also the art of packaging and distributing that solution. This is why people buy products not technology. People buy the technology once it has been placed in a form where it can be easily consumed.
It’s interesting because it’s not only consumers that buy products.
So do investors.
To impress investors you’ll want to not only display innovative technology but also show the overwhelming value to your selected customers. You’ll want to show that you actually have a marketable product, not just some innovative technology. In addition to this you’ll want to appeal to the greed of investors…
Tom is a regular writer for Forbes.com and InvestorPlace.com. His articles have also appeared on TechWeb and BusinessWeek. Tom has launched several startups during his career, including Hypermart.com, which sold to InfoSpace in 1999.
Specifically you’ll learn….
- The importance of timing in launching a business
- Why you should focus on creating products rather than technology
- The importance of the 10x value proposition for new tech products
- How to appeal to investors in silicon valley
Take a look at Tom’s Books, here.
To win one of 3 copies of Tom’s new book “How to Create the Next Facebook” comment on this blog post. The comment must be something that you have learned from this interview. Tom and I will select the most insightful response and award you a copy!
Thanks for watching this episode of ECO founder TV!