checklist: 10 common pitfalls why your business will fail. (by @nickdemey @boardofinno )

Why your business willFail

by boardofinnovation.com - int. innovation consulting office

common pitfalls.10

On a daily basis we work together with innovation teams & startups.

Next Big Thingstronger business models

better products new profit

...

Together we hunt down the

but most ideas pitched to us miss the mark.

Here are 10 examples:

Flickr: adam_jones

“An alert app for singles when they match as they pass by on the street.”

Take a second, think about it. What do you see as the most important pitfalls?

1.

What is the chance that 2 potential users have the app installed and would find each other?

Lesson Don’t focus on products or matchmaking services that could only work if nearly everybody needs to be a client first.

This is not just a Chicken & Egg problem. Offer value to your app even without a large user base.

Similar: Poken.com, Real-time niche expert matching,...

1.The-EverybodyWillLoveit-Guy

1.The-EverybodyWillLoveit-Guy

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Flickr: thundershead

“Traffic jam solution via Car-to-Car communication on highways. ”

Take a second, think about it. What do you see as the most important pitfalls?

2.

Do you really believe you could integrate your technology in every single car, signage, roads,...?

Lesson As a startup you just can’t turn a whole value chain upside down.

Have a clear view on the operational hassle to roll out such a concept. You’ll realize that already the planning of the first meeting with a big player (BMW?) is a burden.

2. The-I’llChangeTheWorld-Guy

Flickr: reallyboring

“Walls that change color depending on the mood of people.”

Take a second, think about it. What do you see as the most important pitfalls?

3.

How frequently do people ‘replace’ their walls?

Learning Don’t focus too much on slow moving industries (e.g. housing) where the sale of products only happens every few year.

Speed is crucial for your startup. If you target such an industry be sure to have a specific strategy to move quickly. (e.g. partnership for sales & marketing) Similar: Roads that generate electricity,...

3. The-NeedsaRealityCheck-Guy

Flickr: tuxthepenguin

“Small DVD renting machines for retail stores.”

Take a second, think about it. What do you see as the most important pitfalls?

4.

Will people start renting DVD’s again? - hell no -

Learning You can’t stop change with your startup. Don’t fight it.

Sounds obvious but still many ‘ideas’ presented to us are just small improvements on products for markets where customers already moved in a different direction.

Similar: Tweaked ads for television,...

4. The-BlindDenier-Guy

Flickr: mightyhorse

“A fridge that automagically orders food when your run out of milk.”

Take a second, think about it. What do you see as the most important pitfalls?

5.

It’s not because technology has a solution that people have a problem to solve.

Learning Check if your idea is based on a geek’s wet dream or a real demand in the market.

Smart fridges with build in computers (as an idea) exist already +50 years. There is a very good reason why our fridges aren’t robots yet.

Similar: Hologram meet-ups,...

5. The-TechFetisjist-Guy

Flickr: grumpy-puddin

“Device for patients to mix specific drugs at home.”

Take a second, think about it. What do you see as the most important pitfalls?

6.

What would it take to change regulation in your favor?

Learning If legislation needs to be updated to make your service work, you better kill your idea.

Some rules are not ‘official laws’ but existing habits within cultures. These unwritten rules or norms within society are similar obstacles.

Similar: new road signs, child monitor,...

6. The-ImTheKing-Guy

“Online platform for employees to make their own time tables.”

Take a second, think about it. What do you see as the most important pitfalls?

7.

Will the employees pay themselves?

LearningThe one who puts money on the table (the employer) is not the one who uses the service. There might be a conflict of interest. (Why hand over control to employees?)

Make sure that you understand the difference between ‘your clients’ and ‘your users’. You will need 2 different pitches, one for each group.

7. The-MoneyIsNoIssue-Guy

“iPhone case with built-in wireless charger! No more cables!”

Flickr: tyfn

Take a second, think about it. What do you see as the most important pitfalls?

8.

Will travelers stop carrying charging cables?

Learning Make sure you didn’t move the problem instead of solving it. If charging pads are not available everywhere, people will still carry their cables with them. = carry more stuff = worse.

Replacing one problem with another is a mistake linked to gimmicks & gadgets.

8. The-100%MarketShare-Guy

“Cart that automatically hands out food in an airplane. ”

Take a second, think about it. What do you see as the most important pitfalls?

9.

Will you reduce the number of staff?

Learning Always take a look at the whole process. Optimizing one part (e.g. food) will not make one flight attendant obsolete. = no costs being saved in the end.

This is a common pitfall. Often people focus on irrelevant problems and miss out the real bottleneck in the process.

9. The-LivingInaSilo-Guy

Flickr: ifrc

“Stronger emergency shelter for disaster areas.”

Take a second, think about it. What do you see as the most important pitfalls?

10.

How much budget does an NGO or government has available for you?

LearningPurely from a business perspective you should not target clients with limited budgets.

In the same domain: services that target young start-ups, students,... Although they might spend money in the end, there are often easier clients to persuade.

10. The-Idealist-Guy

Checklist: Did you miss the mark? 1. Do you offer value even with a limited amount of active users?

2. Do you expect that a whole value chain needs to change?

3. Do you have any idea on how fast ideas are rolled out in your market?

4. Are you trying to stop a change in behavior with your customer?

5. Are you driven by your love for technology?

6. Do you rely on a change in regulation?

7. Do you have a clear understanding on who will pay you and who will use your product?

8. Do you solve a problem or just replace one by another?

9. Aren’t you focusing on one part of a bigger problem?

10. Are you targeting a client with limited budget?

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