From Mind to Market

My good friend Professor Martin Felix first introduced me to "From Mind to Market" a few months ago. We were discussing various ideas I had read on the blogosphere and trying to merge them into a coherent strategy.

Essentially the concept is simple:

1. Define a problem
2. Develop a solution
3. Bring it to market

The typical business cycle taught to MBAs the world over calls for a multi-step approach to bringing concepts to market. We're proposing that, in the beginning, you skip the phases for market research, development, branding, marketing, advertising, manufacturing, accounting, legal entities, licenses and so forth.

Why spend precious capital on all those other steps when you don't even know if you have a product/service that will sell?  Doesn't it make more sense to determine the viability of the idea before you invest too much time and money into it?

From Mind to Market is all about rapid development -- moving from the idea for a product/service to the market as quickly as possible. By bypassing all the normal steps involved you quickly determine if the idea is viable. There is plenty of time afterwards to spend money on all the other steps.

Obviously this is a concept that I hope to develop further.

Martin, did I miss anything? What do you think?

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