Best Technology? First to Market? So What...

Are you consistently waiting to find a revolutionary technology or abandoning a project early because a competitor has already released something similar to your project?  I know I’m guilty of doing both of those things.  And I know dozens of entrepreneurs that have the same tendency.  Take a quick look at the following video that examines Beta vs. VHS:

 

 

Having the best technology can make things slightly easier (esp. when looking for funding), but it never guarantees success.  In fact, it’s usually a watered-down version of a new technology that gets most of a market.  And the reason is simple: most people don’t want to learn how to use a revolutionary product –they want to learn “just enough.”  All those bells and whistles don’t impact a new market as much as you’d think.  So, stop waiting to find a completely revolutionary technology, or for your new tech to be completely flushed of all its minor bugs and issues.  Find what your target market can use now, and make that to start.

And being the first to market can sometimes be the tougher road.  If somebody is leading the way, take a look at all the things they’re doing wrong, and be the first to fix it.  Because they’re leading the way, they’re first to make mistakes but often too committed to make quick changes.  The second and third to market have the opportunity to make fixes quicker and adapt faster.

Don’t get caught out by waiting for a revolutionary product. And never worry about being first to market.  It all comes back to the basics of making a successful business.

 

Steve Cook