Innovation

The Missed Step That Dooms New Products

Entrepreneurs looking to launch a new product or service often miss a critical step

Written by Andrew Brown & Robert Gold

Who better to ask for advice about startup success and product development than Theresa Laurico? She built a successful brand in social enterprise sociaLIGHT, and then launched a solid product based on it. In 2011, the first annual SociaLIGHT Conference attracted 1,000 attendees. In 2012, Laurico won Innoversity’s Digital Media Story Telling and Transmedia award, as well as the Toronto Lean Start Up Machine award.

Laurico worked with Product Accelerators to apply the lean method to the way sociaLIGHT innovates, and says it’s crucial to start with a clear picture of who you want to serve with your product, and then test beta versions with that group—something many entrepreneurs with a new product in development fail to do.

In this episode of the PROFIT BusinessCast, Laurico talks about how to launch your next product. Whether it’s a tech app, a physical product, or a service, Laurico runs through the three things any entrepreneur needs to do when developing a new product.

1. Get out of the building. Don’t create in a vacuum. Talk to your potential customers and collect market intel.

2. Be agile—don’t be unwilling to change your idea. “A lot of entrepreneurs think they have the greatest idea and they end up spending all this money only to realize nobody wants it,” says Laurico. “That’s because they failed in the early stages to see that maybe it wasn’t such a great idea in the beginning.”

3. Have courage. Don’t fear failure—that’s what separates wannabe entrepreneurs from the success stories. With the proviso: get help! Know your weaknesses and your strengths and build a team that can move your dream and product forward.

Listen to the 12-minute episode for more of Laurico’s advice.

Available on iTunes

Originally appeared on PROFITguide.com