Most great ideas will fail in becoming a product. Will mine fail as well?

When we hear about great products, often we would like to believe in them and keep them as examples of how things should be done. But the reality is different, as for every successful product, there are many failed ideas. In fact, the majority of ideas fail. 

Research by AltFi Data reveals that in 2016 there have been only five successful crowdfunded ideas out of 955 campaigns across more than 751 companies. All this is in the United Kingdom alone – companies like Rebus, the luxury shoe company Upper Street, the food delivery start-up Pronto. Prominent examples of bankruptcy after a lot of money injected into the concepts they represent.

Here are some unique ideas that never actually saw the light of ultimate success, and I tell you – there are some really great ones out there:

• The Induratus – Stephen Lauzon’s technologically advanced underground shelter system designed to mitigate CBRN, EMP, seismic & security threats. The starting goal was 4.958 million, raised – 1 (one) dollar.
• Crystal Wash 2.0 – a “Bio Ceramics”-based laundry system that uses antibacterial and anti-oxidant properties that don’t require detergents, chemicals, or perfume, along with a mobile app to boot. This one actually met its funding goal, but it turned out the whole thing didn’t work “any better than hot water.”
• Tiko – a miniature 3D printer. Raised more than 2 million dollars, but the company hit a rather common problem – the immense difficulty of going from prototype to mass production. They didn’t get passed the prototype phase, so in November 2017, the company closed without delivering the otherwise fantastic idea.
• Zano – another gadget company, Zano, was a hand-held drone photography device that even debuted at CES in January 2015. This one also hit the 2 million mark, but again – shipping just several such gizmos to backers isn’t what we call a success. After a message about excess spending, the company shut down.
• Ouya – a “new kind of video game console” – a tiny, Android-based console with an open development platform that was retailed for only $99. Raising over 8 million this little console actually delivered, but big players on the market like PlayStation 3 and Xbox 360 made it obsolete on its very public arrival. The company has been bought by Razor, and we are yet to see the triumphant return of Ouya.

All this being said, let’s explore the different stages and reasons behind the many various failures of ideas, start-ups, and crowdfunded projects.

Maintaining the right perspective 

Maintaining a wrong perspective is a prerequisite for failure. Your own point of view might be very different from that of your target audience, customers, and end-users. Get in the habit of making market research, coupled with top-notch surveys about your product. Asking the right people the right questions is crucial. Account for as many aspects of your product as you can, and set your strategies right!

Missing the target

Failing in making the right impression can cause losing the opportunity. Know if you are the one to present the idea or get professional advise in doing it for you. Your customers need to get the message of your product easy and straightforward. It must be clear, simple to understand, and provide high value. Make your customers want what you deliver, or even better – make them understand why they want a piece of your idea.

Controlling expectations 

You may have the best idea for the most excellent product, but failing to deliver expectations is failing overall. Do not promise more features in a product than you can actually deliver – better to offer less and surprise with more when the product itself is ready. Furthermore, notify in advance if you must cut on some of the initial features.

A clear message

Your customers need to get the message of your product easy and straightforward. It must be easy to use, simple to understand, and provide high value – educational value, quality of life changes, meeting the day-to-day needs. Control expectations to avoid failure, make your customers want what you deliver, or even better – make them understand why they want a piece of your idea.

Skipping steps 

Every new idea needs a proper process and pipeline to achieve its full potential and lead it to a fully realized product. Development and production, resource management, timelines, risk assessment – compromising or skipping any of these aspects will cost you much in the later stages, and it can easily lead to flat out failure. Do not skip your well-established routines; take the time needed to make the best version of your idea. Handle these steps one at a time and trust the process.

Choosing the right partners 

The next critical junction on the road to failure or success is selecting the right partners. As you most definitely cannot do all the needed things by yourself, you will need partners, or you will have to outsource. Getting the right advice is of great importance, so choose your partners wisely, get different offers, allow yourself time to research options.

“The most successful supplier is not necessarily the most suitable for you.”

Make the hard calculations 

Handling all those significant numbers is an entirely independent process of its own. Fail to calculate the selling price or the costs, make the “number mistakes,” and you are bound to fail. Often creative people – inventors, engineers, artists and even professional accountants and sales managers miscalculate or skip this critical step entirely. Then they fail, blinded by the assurance of success. If you want to do business out of your idea, your passions, then you got to work the numbers or find the right professionals to do this for you. Take into account your market research, the industry you’re in, the benchmarks and specialists, perform the calculations, and thus – make failure impossible.

Getting the timing right 

Maybe the most sophisticated action of all, timing is essential. It combines planning when to release, when to announce, the media schedules, the launch, and the selling start. You must plan your product for the right time, and this is your best assurance against failure.

Create your schedules accordingly and by the book – make them work for you, not against you. It is always important to allow yourself a suitable buffer and do not get overenthusiastic. Avoid creating high expectations regarding speed that can frustrate your targeted customers.

 

Despite all the precautions, the idea failed. Now what?

Take your failure with the good, as well as the bad. Failing can lead to success – build a better understanding of your idea, become more realistic about the day-to-day challenges that led you to your failure. Then, analyze them, overcome them, and succeed with your product. It might sound like a cliché, but there is always the luck factor involved in every endeavor. Sometimes, failing first is a good thing, as this will make you grow and pay attention to the details needed to achieve the best idea realization.

Remember – be aware of your failures, pay attention to the statistics when necessary, take the right steps to countermeasure. You fail only if you don’t learn from your mistakes!

The product development industry can be a harsh place, but keeping yourself optimistic, following good practices, and adapting is the best way to achieve success.