Finding Diamonds in the Rough

How to create a product or service from a simple idea, by Mark Richards,

product developer

Product Development according to most people

• Idea: a sudden realization of what the world needs

• Spread: tell your friends/family/business partners and everyone is on board

• Prototype: create one or two perfect prototypes

• Hit the market: a business buys your idea• Profit: Book the penthouse!

In Reality

• Product Development involves many more steps than previously listed

• First: you must find your inspiration• Inspiration is not like a lightning bolt• Inspiration usually involves observation and

research; it’s gritty.

Internet

• These days, the internet can be a gold mine for two reasons:1. You can find almost any tidbit of information.

Just type into Google whatever it is you want to learn and you should be able to find anything and everything.

2. The number of internet users is so large that you can determine what millions of people enjoy, how millions of people like to spend their time and so forth.

Reviews

• Utilize consumer reviews on products in your industry

• Learn what customers expect from their products

• Learn which expectations are not being met• There may be thousands of reviews so start

reading and take notes on which complaints are legitimate

For example,

• Are drill bits breaking? – Offer durability

• Do cell phone chargers only fit in certain cars?– Offer variety

In Summary

• It’s not just knowing where to look but how to look.

• Negative reviews on Amazon and Walmart.com are blueprints for creating better products

• Use the information available at your fingertips and…

c r e a t e !

Mark Richards

• These are a few tips from Mark Richards• Mark Richards is an angel investor and

product developer• He has started over 12 companies• Has a penchant for helping others turn ideas

into businesses