Any business is based on a product. This can be anything: a device, tool or substance. Besides, this includes any service or method. The main thing is that a product is always idea realization. This is what underlies any business.
New ideas can be divided into two types - discovery and invention. Breakthrough innovations are impossible without discoveries. However, as a rule they cannot be put into practice right away. Before turning into a product, discoveries have a long road ahead.
The opposite is inventions. In contrast to discoveries, they result from purposeful search of the solutions to applications. All great businesses normally appear on the basis of inventions. Though not every invention provokes business success. Everything depends what was the starting point for a problem statement.
According to this, there are two idea types that can become a business foundation - ‘product ideas’ and ‘market ideas’.
‘Product ideas’ are the concepts of a product. There is a loads of such ideas as they suddenly appear in one’s mind. For instance, an engineer does care whether or not the idea is applicable or profitable in real life. They are keen of the process of
looking for a solution. Hence, they can work on this for a while. Only 1 product out of 10 will survive as others don’t match to the current demand etc. Despite ‘product ideas’ are wide-spread, it’s a real challenge to build a business on them.
All prominent companies, that managed to carry their business throughout years, were based on ‘market ideas’. Even IPhone’s success happened thanks to the approach of what actually a consumer wants instead of what a product should look like. People’s needs change much more slowly than the ways of satisfying them. Therefore, a business based on a ‘market idea’ will be more sustainable by default.
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