New Product Idea but Out Dated

[curran]

So Basically I have this new product idea that is currently not out on the market in the way I have thought it up.

What is currently is in development do, is a smart version, such as a touch screen with widgets that will have much more options than my idea.

I'm a little confused on whether I should push ahead anyway or will I just be outdated when the competitor launches there product.

Has anyone ever been in this position before? would it be worthwhile pursing an idea that would have less functionality compared to competition in the future?

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Mark Anthony Le]

Sounds like you're going to be left in the dust when the idea comes out.

Unless you have a better angle I wouldn't pursue it.

Have you tested the idea on the market yet? V

 

[curran]

Sounds like you're going to be left in the dust when the idea comes out.

Unless you have a better angle I wouldn't pursue it.

Have you tested the idea on the market yet? V

I haven't tested or built the product yet myself, just wanted to see if it has been done before by anyone?

The angle I am coming from is that my product should be cheaper to produce and so hopefully cheaper than any future better products as they will all the smart components. Or than that maybe the simplicity of the product.

 

[Mark Anthony Le]

What I found out is that if price is your only determining difference, it's likely to fail. There will always be someone out there willing to drive even lower margins

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[jesseissorude]

So Basically I have this new product idea that is currently not out on the market in the way I have thought it up.

What is currently is in development do, is a smart version, such as a touch screen with widgets that will have much more options than my idea.

I'm a little confused on whether I should push ahead anyway or will I just be outdated when the competitor launches there product.

Has anyone ever been in this position before? would it be worthwhile pursing an idea that would have less functionality compared to competition in the future?

Have you talked to any potential customers yet? Verify that your twist on the idea is valuable to your potential customers.

Also, maybe your idea isn't a new widget similar to the one coming out, but a way to market it, or an addition to that platform.

 

[BeDoHave]

Research what your competitors are developing and try do develop something better, otherwise it's only a matter of time before they launch and crush you. It's always a good idea to build your product or business with a projection in mind - think about where it is today and stretch your imagination to predict where it'll be 5-10 years from now.

Think of it like shooting a moving target - you must shoot where the target is going, not where it is.