This is the first of a series of short posts concerning a few experiences about traps when innovating. I've already posted a few, starting with my own failures.
A good innovator is able to imagine a product or service that clients need before they know that they need it. This implies uncertainties, because you don't have a history to rely on. It's all new.
But let us assume that the product is developed, it works and will sell…you have identified the market segment for leadership, there are no known product deficiencies, the pricing and licensing seems right, you know the position in the competitive arena, you have the right marketing resources, the sales force is fit…you even know your dream client and dream partners…
Look into the numbers
But don't forget looking into the numbers…the financing, the expected returns…to manage them you need partners…banks may work in a new regulatory scheme, want to pass on additional costs to you…in short, keep your books clean, take care what term sheets you sign…and most important know your options…or someone else may capitalize on your brilliance.
