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

Why yourbusiness will Fail 10 common pitfalls.by boardofinnovation.com - int. innovation consulting office

On a daily basis we work together with innovation teams & startups. Together we hunt down the Next Big Thing stronger business models better products new profit ...

but most ideas pitched to us miss the mark.Here are 10 examples:

Flickr: adam_jones 1.“An alert app for singles when theymatch as they pass by on the street.” T a second, think about it. ake What do you see as the most important pitfalls?

1. The-EverybodyWillLoveit-GuyWhat is the chance that 2 potential users havethe app installed and would find each other?LessonDon’t focus on products or matchmaking services thatcould 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 alarge user base.Similar: Poken.com, Real-time niche expert matching,...

1. The-EverybodyWillLoveit-Guy Before you continue: All slides can be downloaded as PDF Pay With A Tweet

Flickr: thundershead 2.“Traffic jam solution via Car-to-Car communication on highways. ” T a second, think about it. ake What do you see as the most important pitfalls?

2. The-I’llChangeTheWorld-GuyDo you really believe you could integrate yourtechnology in every single car, signage, roads,...?LessonAs a startup you just can’t turn a whole value chainupside down.Have a clear view on the operational hassle to roll out such a concept. You’ll realizethat already the planning of the first meeting with a big player (BMW?) is a burden.

Flickr: reallyboring 3.“Walls that change color depending on the mood of people.” T a second, think about it. ake What do you see as the most important pitfalls?

3. The-NeedsaRealityCheck-GuyHow frequently do people ‘replace’ their walls?LearningDon’t focus too much on slow moving industries(e.g. housing) where the sale of products only happensevery few year.Speed is crucial for your startup. If you target such an industry be sure to have aspecific strategy to move quickly. (e.g. partnership for sales & marketing)Similar: Roads that generate electricity,...

Flickr: tuxthepenguin 4.“Small DVD renting machines for retail stores.” T a second, think about it. ake What do you see as the most important pitfalls?

4. The-BlindDenier-GuyWill people start renting DVD’s again? - hell no -LearningYou can’t stop change with your startup. Don’t fight it.Sounds obvious but still many ‘ideas’ presented to us are just smallimprovements on products for markets where customers already moved in a different direction.Similar: Tweaked ads for television,...

Flickr: mightyhorse 5.“A fridge that automagically orders food when your run out of milk.” T a second, think about it. ake What do you see as the most important pitfalls?

5. The-TechFetisjist-GuyIt’s not because technology has a solution thatpeople have a problem to solve.LearningCheck if your idea is based on a geek’s wet dream ora 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,...

Flickr: grumpy-puddin 6.“Device for patients to mix specific drugs at home.” T a second, think about it. ake What do you see as the most important pitfalls?

6. The-ImTheKing-GuyWhat would it take to change regulation inyour favor?LearningIf legislation needs to be updated to make your servicework, 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,...

7.“Online platform for employees to make their own time tables.” T a second, think about it. ake What do you see as the most important pitfalls?

7. The-MoneyIsNoIssue-GuyWill 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 aconflict 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.

Flickr: tyfn 8.“iPhone case with built-in wireless charger! No more cables!” T a second, think about it. ake What do you see as the most important pitfalls?

8. The-100%MarketShare-GuyWill travelers stop carrying charging cables?LearningMake sure you didn’t move the problem instead ofsolving 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.

9.“Cart that automatically hands out food in an airplane. ” T a second, think about it. ake What do you see as the most important pitfalls?

9. The-LivingInaSilo-GuyWill you reduce the number of staff?LearningAlways 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 outthe real bottleneck in the process.

Flickr: ifrc 10.“Stronger emergency shelter for disaster areas.” T a second, think about it. ake What do you see as the most important pitfalls?

10. The-Idealist-GuyHow much budget does an NGO or governmenthas available for you?LearningPurely from a business perspective you should not targetclients with limited budgets.In the same domain: services that target young start-ups, students,... Althoughthey might spend money in the end, there are often easier clients to persuade.

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?

We can train your team to come up with stronger business ideas.

< Change in mindset! Practical Tools <More on our Innovation Program & Bootcampswww.BoardofInnovation.com/Training

World wide in-house masterclasses “The workshop really brings together fun, content and learning by doing.” - Kutlu Istanbul Innovates “The two-day workshop is really inspiring and informative.” - Sao Hosoya, Qunie Corporation Japan“BOI delivered an engaging & insight-packed workshop on Business Innovation” - M. Benson PDMA, USA coffee@boardofinnovation.com @nickdemey - @philderidder by boardofinnovation.com - int. innovation consulting office

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

by Board of Innovation .com on Oct 15, 2012

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