72% of new products, services, business models fail, Why? Anwser: Low Value Propostion
When you conceive of a idea for a new product, service or business model, how do determine its whether it should be pursued or that a patent should be filed to protect it? When you sell, license, or buy a patent or the rights to an idea for a new product, service, or business model, how do you determine its commercial value?
Most investors make this decision on the new product’s, service’s or business model’s Value Propostion. If its ‘Value Propostion’ is low, investors will reject the product, service and business model. We believe all inventors should use the same processes.
Decisions to purchase a product or service are based on the simple motivational principles that customers want to ‘move towards pleasure’ and ‘move away from pain’. To determine, the ‘Value Proposition’ of a new product or service you need to identify want pleasures do customers gain and what pain to the customer avoid when they buy or use your product or service. The product or service features than enable customers to achieve pleasure or avoid pain should be associated with the ‘inventive concept’ identified by the problem solving statement and protected by the patent protects.
We have a free matrix for clients to help them determine the ‘Value Propostion’ of a new product, service or business model, please contact us at info@nwpatents.com