The beauty of your solution is not only is it underserved in that people can’t get the coffee from their own local market but it’s also too expensive, so you’ve got two problems that you’re addressing. – Harvard Innovation Labs
Delving into the critical aspect of a compelling value proposition, this podcast from Harvard Innovation Labs discusses why many startups fail and how to create a product that customers will actually buy.
The conversation explores frameworks for identifying pressing issues, the importance of urgency in a value proposition, strategies for addressing underserved markets, and the significance of defensibility, disruption, and discontinuity in product development.
Table of Contents
- Identifying unworkable problems for impactful solutions
- The role of urgency in a value proposition
- The power of disruption and defensibility
- Emphasizing customer-centricity
- The Gain Pain Ratio framework
- Overcoming customer inertia and risk aversion
- Importance of founder-market fit
- Continuous refinement of the value proposition
- Addressing underserved markets
- Defensibility in a value proposition
- The 3DS framework
- Flexible platforms for innovation and adaptability
Identifying unworkable problems for impactful solutions
Startups often fail due to a lack of a compelling value proposition that fails to prompt customer action and sustain a business.
Identifying unworkable problems, such as social divides hindering education access, can lead to valuable opportunities for impactful solutions.
When addressing unworkable problems, gather data, show real consequences, and focus on the root cause by asking users for feedback.
The role of urgency in a value proposition
Health challenges, such as the COVID-19 pandemic, create urgent needs spawning new businesses like mask production and testing services.
The perception of the solution’s importance and immediacy by the target audience defines urgency in a value proposition.
Startups need to demonstrate why their solution is worth investing in, amidst competition for customers’ finite time, money, and resources.
