simba

Keep It Simple

I recently had an entrepreneurial wake-up call!!  We conducted a focus group with academic leaders and they didn’t quite “get” our business.  After some probing, it turns out that they saw a need for the business, but the message was just too complicated. We were trying to do too much, and to be too many things for too many people.  What a valuable reminder to Keep It Simple.  Luckily, we learned this lesson before we spent a penny on designing the product!

David Pogue, New York Times tech columnist, and my former neighbor, did a great and timeless TED Talk, Simplicity Sells, several years back:

Too often, in the market development work that O’Donnell Learn does for companies, this lesson comes very late—after a product is built, and a product that has too many bells and whistles for its average user.

Many companies expand into new verticals before they have really nailed the first one.  We worked with a company a few years back that had a strong line of business education products.  Before they built market share in that area, they had expanded into science, social science and allied health.  Guess what?  They never got enough bench strength in any one area to solidify their business model.

Business model! That is what keeping it simple is all about.  Use your simplicity to experiment with your business model.  Figure how you are going to make money and how this will be a long-term sustainable business.  Build some market share—and then you can get complicated.  Or can you? David Pogue would say no, “simplicity sells”.

In the next few posts, we are going to explore the notion of building a business.

What’s Hot? What’s Not?

This week, three leaders in higher education told me that my new company idea is incredibly timely.  Wow!  It sounds like I have landed on something that is hot!

Being in the hot zone is no accident.  You don’t get there because you sit around a conference table and come up with the next big idea.  And, you don’t get there by falling in love with your product.  It takes hard work and persistence to have the three conversations that I had this week.  I have been working on my business idea for over a year.  I have invested a lot of time and money in determining what’s hot, and what’s not.  In countless discussions with trusted advisors and potential customers, I shaped my concept to fit the incredibly timely need.  And, I haven’t even begun to build the product yet.

Some of the things that you can do to make sure you are in the hot zone with your new business…

  • Get involved in an industry association.  I joined SIIA, an organization that has a big focus on educational technology.  And, I got involved in the organization, attending local meetings, joining a committee, mentoring and judging for their ed tech incubator.  This gives me regular access to other start ups and to see what they are up to.
  • Attend conferences.  In the past two months, I went to LearnLaunch in Boston and SXSWEdu in Austin.  Next month, it’s the Arizona State GSV Education Innovation Summit and then the SIIA Ed Tech Industry Summit.  While expensive, conferences provide you with unique access to other entrepreneurs, legacy companies that are interested in innovation, potential customers and investors.  Where else can you get all that access packed into a 2 or 3 day experience?
  • Conduct interviews with potential customers.  This is critical.  Visit customers.  Get them on the phone.  Listen to their needs, their pain points, and their reactions to your solution.  Record the interviews so that you can capture it all in their words.
  • Secondary research.  And more secondary research.  I spend hours every week trying to keep abreast of the trends, industry reports, and following the money in my industry (who’s buying or investing in what and how much).  I try to get my hands on whatever reports and information that I can.  Some leading providers of reports and analysis include Outsell, Simba and Eduventures. Media to read: Inside Higher Ed and Chronicle of Higher Ed and Edsurge.  There are also a ton of reports and government sites, depending on what you are looking for. For example, I always read the National Study for Student Engagement. If you regularly scan the media, you will hear about them as they are published each year.  Finally, check out the sites of the big industry players.  They often publish studies or white papers that can help you. For instance, my company, O’Donnell Learn, just published a study with Blackboard on Faculty Progression to Digital.

Get ready to roll up your sleeves.  This is hard work.  But, you have to put in the time to be sure you are HOT!!