Learner (Tekedia Mini-MBA): With reference to the table on Innovation Process (Chapter 8), how does one empathize and define, when designing a niche product (which customers have never used and do not think they need presently but may need in the future)?
Tekedia Institute: Great innovators are usually called “visionaries”. That means, they can anticipate a future which does not exist. Steve Jobs and Elon Musk are two good examples in modern time: they see a future that does not exist and move people into it. From iPod to iPhone, Steve created a new world. Musk invented the electric car market when no one really asked for it. The key is observation and awareness of technology shifts. At the moment, Google wants to create a new product with at least one billion users. To do that, Google has to shift customer behaviour. Essentially, you create a world you want to have, and then have the ability to predict it.
Learner (Tekedia Mini-MBA): Assume I have two products, product A is a great invention that has been tested in the lab and works flawlessly but has a low market value. Therefore investors are not willing to invest in commercializing it. Product B, however is a marginal invention, with high market value. Investors are willing to invest in the commercialization. From the notes, is it right to say that product B is innovative whilst product A, the great invention, is not innovative?
Tekedia Mini-MBA edition 16 (Feb 10 – May 3, 2025) opens registrations; register today for early bird discounts.
Tekedia AI in Business Masterclass opens registrations here.
Join Tekedia Capital Syndicate and invest in Africa’s finest startups here.
Tekedia Institute: Yes
More questions and answers at the Board.
---
Register for Tekedia Mini-MBA (Feb 10 - May 3, 2025), and join Prof Ndubuisi Ekekwe and our global faculty; click here.
This one is for the 1% superleague of innovators, because aside from intellectual, technical and visioning capabilities, many outside forces still need to align in your favour, to produce that big bang.
It’s not for conventional thinkers, and the world is dominated by conventional thinkers, they start by telling you that what you are trying to do cannot work; but the mistake is even letting them know, because they don’t think that way.