Beware: Innovation Wasted If Unneeded

2016 08 26   Peter Feinstein   IoT and Innovation    

The challenge for most inventors, whether they are working with ideas, products or technology, is getting out of their own way. They invent something they value, something that addresses one of their peculiar needs. Then they mistakenly think that everyone else has this same need.

We’ve all been there at some time in our lives. I started a company that grouped multiple radio stations together to make the media-buying process easier for advertisers. It was brilliant in every respect, except one: It was so ahead of its time that some stations and advertisers didn’t even realize they had the need.

The Internet of Things (IoT) is much the same way. There are so many possible things that can be connected that some of these devises look like they’re ideas wanting for a need … except there is none. The simplest approach to looking at who is going to win and lose in these games – and that’s all these are – is to identify who truly understands human psychology enough to bring relevant solutions to real problems.

Humans, by and large, do not consume preventive measures; they go wild for solutions to real problems. Find real pain points and, if an IoT solution presents itself, bet on it. That’s just the way it is.