MINDS w/ Dr. Yulun Wang 05/27/2010 Summary
MINDS w/ Yulun Wang May 2010 MINDS a Catalyst for Thought.
“Ideas are eons away from products and products are eons away from a viable business.” –Dr. Yulun Wang, founder of InTouch Health.
Eons away.
Have you ever had a great idea and never wanted to share it with anyone for fear of the idea being stolen? It is your idea. You don’t want anyone going off and building it out before you are able. So you keep the idea to yourself. You share it with only a few of the people closest to you and request even they keep it in confidence. Then you wake up five years later and the idea is still an idea. No serious product or even project has come out of it. The only thing that happened in the interim is a couple more people in your sphere know about this “brilliant” idea.
I know I have.
This is quite silly isn’t it?
If you believe Dr. Wang’s comment that “ideas are eons away from products”, then what are we really scared about? He founded InTouch Health nine years ago and states, they are still in the “product phase”. Are they growing? Yes. Are they the best product on the market? Yes. Are they forming long-term strategic partnerships? Yes. But he still believes they aren’t quite to the viable business tier.
Eons away.
Those of us that haven’t ventured into the entrepreneurial realm and continue pitching great and brilliant ideas to our closest confidants are not getting it. We don’t truly understand the work and effort that goes into turning this idea even into a product. We don’t understand that most people don’t have the tools, energy or space in their life to act upon this great idea we just shared. Then again, maybe we are scared of what telling the world about our idea will do. It will mean we have to act upon it. We will have to live up to our word. We won’t be able to hide behind the fact that we never really put much energy into it. Yes, this is why it never took flight. You never put focused energy into it.
Dr. Wang would encourage you to change your frame of mind. The only way the idea will ever get off the ground is by telling people and not just those closest to you.
You need support. You need a team. You need capital. You need resources.
So next time you have a good idea, that fires up your belly, consider the many great ideas you’ve had in the past and what you’ve done with them. Most of us, nothing. Then consider a new way of living out this idea. Tell the world. See if talking about it with those outside your sphere inspires you. You will notice most don’t see the opportunity. Others will think you’re crazy. And a few will really take a liking. Then get ready to work.
Might then, we have more great ideas turning the world round through tangible products and viable businesses.
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Other Points to Ponder:
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When getting your product to market, it is recommended you initially find a niche market consisting of "early adopters".
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For a small company a small market can still be extremeley fruitful for many years.
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Build out your sales and marketing at the same time as building your product. This will ensure you have communication lines open with your end user.
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Using someone elses sales channel can be a mistake.
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Using independent sales reps can be a huge mistake.
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Confidence: There is no shortage of money. There is no shortage of good ideas. There IS a shortage of confidence. Confidence is the bridge between new ventures and money.
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When evaluation a business consider three things: a) the People leading the business b) the Product which they are selling. c) the Market in which they are selling their Product.
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People are the number one ingredient. Are they passionate? Are the competent? More than likely the product and market will change in some form.
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For your business technical expertise can come from a great education. You can have very young super stars. Whereas, business expertise can only come from experience. Young super stars aren't found in this arena.
Books Recommended:
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Start-up: Silicon Valley Venture Story by Jerry Kaplan
