Greg Leman discusses a program that helps businesses fine tune their product ideas.
(New installments of the Business Review are on hold due to Covid-19. This is a repeat of a previously aired segment.)
Product research and development can take years - but what if the timeline could be accelerated? According to Dr. Greg Leman, accelerated commercialization can save small businesses a lot of time and money.
“It’s very predictable what kinds of things could derail you. There’s technology risk, you know, your contraption might not work. You have market risk. You could misgauge the size or the urgency or the
willingness of the market to spend money…and of course, that can ruin a business. And then the third one is team risk. Even if you have a massive problem that desperately needs your solution… if you don’t have the right team to pull that off, then it can fail for team risk reasons. What we do at Launch is to try to help people get to the bottom of understand what their risk really is, and how to mitigate it.”
The Launch program teaches clients how to fine-tune product ideas, and has a network of experts to provide feedback — resulting in a rapid acceleration of business growth.
“It turns into so much more productive dialogue, because you have people who are seasoned in the right spaces and they know everybody in town and you start getting to the bottom of the issues faster. When you get to the point of resonance, what will happen is people will start leaning in and saying, “Let me tell you how exciting this thing is that you have here!” When you start getting more energy coming back at you than you’re putting out, then you know you’re on to it.”
The Business Review is a production of KWBU, Livingston & McKay, and the Hankamer School of Business at Baylor University.