Product Innovation in Pakistan
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How do you create innovative products in Pakistan?
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Product Innovation in Pakistan
- 1. Product Innovation in Pakistan
- 2. Hi! I’m @Nash - nash@convo.com VP Engineering Convo, Cofounder Pring, ByteSense
- 3. Products Make The World Go Around
- 4. But we Mostly do Projects
- 5. Product Project Your own idea Work for someone Your own name/brand Someone else’s Your own customers Someone else’s You Control and Decide Someone else does High Risk Low Risk High Returns Low Returns Long Cycle Times Low Cycle Times Needs large Capital Needs Smaller capital
- 6. Great Products Start With Great Teams
- 7. Great Teams Are Attracted to: Great Culture, Big Problems
- 11. Why is the failure rate of products so high?
- 13. Great Product → Funding Finds You
- 14. Side Note: Make Products for Global Audience
- 15. Fund Raising •Just idea •Presentation •Prototype •Users who are engaged •Paying users
- 16. Side Note: Make Products for with Consumer Monetisation
Hinweis der Redaktion
- How to reach me; drop me a line!
- Products Are all Around you: Facebook, iPhone, Honda Cars etc It’s What makes the world go around
- Product vs Project Doing Projects is not bad, it’s what you can afford to do
- A good product is because of a good team A “good team” is simplifying it A good team will simplify architecture, deliver, make smart compromises. Makes 100 of great decisions which aggregate into a great company/direction First: have a great team
- Great culture is how you treat people How you work How you treat failures How you work on problems Convo things: 1. Almost everyone codes (19 years of programming experience) 2. Culture of nice. We actively root out jerks 3. We keep formalities to a minimum. We’re 50 in islamabad; only 1 support staff.
- Product teams generally work on tougher problems and have higher flexibility than project companies Convo example: Custom XMPP Extensions AngularJS Custom Framework Extensions That’s something which projects don’t do because they want to move to the next project s fast as possible. Where product companies work on something for 2-3 years These hard problems allow to hire the best and brightest
- Not Hypothetical Do you know someone who would pay you to solve this problem?
- Why is the failure rate of products so high? in order for you to sell something you have to create it That takes time and energy. What happens when you spend 6 months creating something that people don’t want? You’d fail because you didn’t have a good product market fit (no market, not a large market, not a high paying market) You can iterate but every iteration costs you. Every iteration is an opportunity cost So much of what you have to do is to get that crucial feedback early on into your product Don’t spend two years and appear with the wrong product?
- Lean Startup: MVP How can you cut down time or effort? Thats what Lean startup and MVP is about MVP: what is the minimal possible for me to create that could get people to buy Convo is the poster child for minimum for getting feedback. We created a demo. No code, people just loved it. We had a pretty successful launch with pings from VCs all across. But now it’s really easy to create a whole prototype without having to create just a demo
- If you of a great product, money will find you. Money is very good at finding opportunity
- If you of a great product, money will find you. Money is very good at finding opportunity Your goal is to reach that state with the minimum amount of money Another advice: be global. It’s a huge multi-trillion dollar market, online payments make the hassle of collection a breeze an everything just becomes easier and better No one cares if you’re a dog on the internet
- Fund Raising Draw an axis Just idea - do you have a track record? Presentation Prototype Users who are engaged Paying users This is all product maturity
- Advice: go in an area where you have to use less capital. Consumer Internet space takes a lot of capital as to two sided markets. These models expect you to create two models. Focus on consumer monetisation