From Idea to Delivery

One of the biggest questions I get from current and potential customers is, “What do you think about my idea for a product in light of this suffering economy?” Yes – it’s true that we are living through the worst economic times since the 1930’s. But hard times don’t equate to bad times unless you use them as an excuse to become complacent, stifle creativity and give up.

One benefit to a rotten economy is that it forces creativity and a focus on efficiency. When resources are limited, companies cut back and consumers clench their wallets. In order for companies to survive, we must come up with things that inspire, excite and shake up the traditional approach. Often these ideas displace current products in the market and this leads to dramatic advances and breakthroughs in industry.

An industry usually arises when we see entrepreneurs succeeding while defying tradition. And this involves creative thinking, bold steps and often big risks when others are paralyzed by fear.

Can you imagine if the founders of General Electric, Procter and Gamble and IBM would have shied away from pushing forward and developing revolutionary products during tough economic times? In fact, all three of those companies were born during economic downturns.

Troubled times spark innovation. I continually tell people that even though it might seem counterintuitive to develop and launch a new product when the economy is in the dumps, recessions often provide the best opportunities.

What’s the secret formula? There is a process, but it starts with recognizing a market need and filling it. Identifying that need and validating demand – whether it’s related to technology, healthcare, travel, entertainment or simple business operations – is the key to beginning a successful endeavor regardless of the economic climate of the day.