Cheryl Cheng: Solve a Problem That People Care About
By Ms. Cheng, blogs.wsj.com
Tech entrepreneurs and investors are always looking for the next big
thing. Most reference the “next Facebook” or nascent technologies such
as Oculus Rift. It’s not just about the next big exit or cutting-edge
technology — the next big thing fundamentally changes economies.
Identifying the next big thing is tricky because there are so many
variables that go into a startup’s success or failure: market timing,
team, product market fit, adoption, etc.
Identifying tomorrow’s hot
trend is extremely difficult, but whatever it is, it will likely change
the way consumers interact with the physical world and will be widely
adopted.
The next big thing will disrupt how an existing industry does
business. Industry value chains develop over decades, and inertia
becomes the biggest barrier to innovation. Startups that force
traditional businesses to change the way they operate by removing
inefficiencies and friction will develop products and services that
people love. Waze did this to maps and navigation and Airbnb is doing
this to hospitality. These companies democratized data, removed friction
from transactions and provided choice and access that was previously
unavailable. They created new alternatives for consumers, and in doing
so changed the value proposition and economics of entire industries.
In addition to solving an industry problem, the next big thing needs
to solve a consumer problem that people care about. People cannot always
articulate what problems they need solved, but they can be observed in
everyday life – booking travel, going shopping, taking classes, driving
to work, etc. Consumers are willing to part with a lot (money, personal
data, etc.) if your product solves a real problem. The mobile era is a
particularly opportune time to solve meaningful consumer problems
because smartphones are now ubiquitous, highly personal and always
connected. They are the ideal platform for entrepreneurs who are trying
to solve real-world problems through scalable technology solutions.
Identifying industry opportunity areas is just the tip of the iceberg
for companies trying to come up with the next big thing. Building a
product that consumers will flock to and stay with is just as important
as identifying the opportunity area. Consumers today are bombarded with
options, and cutting through the noise requires elegant design and user
experience. Simple products that can do powerful things will delight
users and change behavior. Particularly on mobile, consumers demand
product elegance. For example, Uber and Tinder may not have been able to
disrupt legacy industries if they had not designed for simplicity to
create a memorable consumer experience. They have achieved tremendous
growth and widespread adoption, due in no small part to their designs.>>>
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