![]() ![]() It’s one thing to think we understand our customer’s needs, but oftentimes that understanding is superficial, over-simplistic or just plain wrong. When developing a novel product or service, product-market fit has to be front and centre in the entrepreneur’s mind. There are lessons to be learned from our opening example that run deeper than the obvious. In so doing, we are focusing on the need to be fulfilled - the job to be done - as opposed to getting carried away with the solution for its own sake. JTBD lays down a framework by which we can understand the value proposition of the product or service we are bringing to market. However, the danger is that by thinking too far outside the box, we find ourselves the proud custodians of solutions that are looking for problems to solve. In today’s commercial landscape, we hear plenty of talk about “blue sky thinking,” and three is certainly a need for “high risk, high return” research - as demonstrated by the government ploughing £800 million into a Blue Skies research agency. JTBD methodology eliminates the risk of businesses and startups falling into the same trap as our scientific researchers synthesizing a chemical that, to all intents and purposes, nobody needs. ![]() When they approached the pharma company, they were greeted with open arms and told they could expect an order of two pounds of the chemical every year. Seeing a business opportunity, a research firm came up with a way to synthesize the chemical for just $50 per pound. There is an apocryphal story about a pharma company that was paying $5,000 per pound for a particular chemical. ![]()
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