Hey innovation entrepreneurs… stop what you are doing and go listen to this podcast from the Entrepreneurial Thought Leader lecture series at Stanford. It is Steve Blank, the serial entrepreneur behind companies such as ZiLog, MIPS, and SuperMac, among others. At the 13 minute(ish) mark on the MP3, he says something that I’ve been saying for a long time… its not the technology, stupid, its the execution.
He’s a bit more eloquent than I, and states it this way (paraphrased):
“Of all the businesses that fail, only 10% do so because their technology was inadequate”
What is he saying? 90% of the companies that fail have technology that meets or exceeds customers expectations. So, just because you can build a great product doesn’t mean you can build a great business around that product.
Ultimately, it is the business that matters, not the technology. Let me know if you need some help.
Here is a great presentation by Steve Blank that aligns with the content of the podcast I linked to.
Finally, if you haven’t seen this, after you listened to Steve Blank, watch this… its Steve Jobs describing the market for NeXT workstations.
There… I’ve done my community service for the week. Now go build something with actual market value!