Solve existing problems

When building new products, the best way to ensure that your product will be adopted is to solve existing problems.

If that doesn’t sound glamorous, consider these companies:

Netflix solved three existing problems: the pain of return fees, lack of video selection, and the chore of driving to the video store. The iPhone solved the pain of using a tiny screen to do anything on a mobile phone. JetBlue solved the problem of in-flight entertainment and onboard snacks. Facebook solved the problem of getting to know people and staying in touch. Zappos solved the problem of poor customer service. These are not exciting problems! But when we solve frustrating problems it is exciting!

In our attempt to create world-changing products we often want to create something the world has never seen. But product innovation isn’t about new products that solve new problems. Product innovation is about new products that solve existing problems better than they’re currently solved.

And the best way to find existing problems? Look for investment