NEW PRODUCT DEVELOPMENT
Not all good ideas are good businesses.
The conventional model of product development is broken because each step is disconnected from the last, leading to myopic answers from each vendor along the way.
Most people focus on the wrong IP. At Venn, we know the real value is the other IP, the Implementation Plan. You must understand the marketing, the Intellectual Property, the finance, and the manufacturing of your product of service on a high level in order to have an effective Implementation Plan. And that plan allows you to use your two most valuable resources, time and money, most efficiently.
Focusing on the wrong IP leads to the 5 fatal flaws.
5 Fatal Flaws
When developing a new product, service or even a technology, most people run into trouble with 5 Fatal Flaws:
- Not distinguishing the difference between a good idea and a good business.
- Misunderstanding or not realizing what Intellectual property is and can and cannot do.
- Failing to carve out the P&L of the product or business.
- Not validating your concept early enough (and spending too much money on the wrong things).
- The only person that’s going to make your business successful is you!(You’ve got to be the captain of your own ship.)
Venn is about education and empowerment.
Combating the Flaws
Do you have an implementation plan? A road map that will get you where you want to go? Did you have all of the important information when you put that plan together?
Not sure? Contact us to schedule a call