“When I have fully decided that a result is worth getting I go ahead of it and make trial after trial until it comes.”1
Thomas A. Edison, inventor and businessman
When I went back recently for my first visit since childhood to Thomas Edison’s West Orange, New Jersey, lab, I saw evidence everyplace of why Edison is viewed as one of the greatest inventors of all time. The 1,093 United States patents bearing his name are central to his legacy. What further struck me as I wandered through the facility was his dedication to prototyping, and how it was Edison’s way to discover ideas and translate them into commercial products.
Remarkably, Edison kept on hand thousands of samples of just about every kind of material imaginable. He continuously enlarged his collection, which he saw as a source of inspiration and enablement. He focused on turning new ideas that might lead to functioning, feasible models into prototypes that could eventually be manufactured, distributed, and sold at scale.
Edison role-modeled the behavior and mindset that drive ideas to prototypes and then to commercialization. Beyond working in the lab, he was committed to figuring out whether business models supported his inventions. He addressed operational and manufacturing requirements, and never abandoned testing and learning to uncover new breakthroughs and confirm fit with the market.
Section I presented the basics of a change maker’s wiring:
Section II tackles the skills, tools, mindset, and capabilities that get concepts to take hold. Seeding means change makers will test market conditions to see if they are right, and be willing to adapt. They will experiment, commit to trial and error, face down ambiguity, and surround themselves with people who amplify their vision and purpose. They will work on getting a mix of many elements right, so that their concept stands to meet its potential to become a business that:
Change makers move quickly and iteratively to validate their concepts. Can it be built? What are the right skills, perspectives, materials, equipment, technology, and talent? Do people want to buy? Who are these people? Does the concept work for users? And who are they? What is the best way to get the product or service into their hands? How do they value it, so what should it cost? How do the answers to these questions lead to a business model? Will the financial outcomes be convincing to investors and provide a good return on effort?
Chapter 4 shows how to make progress. The short answer has three pieces:
To begin, accept that perfection is not the goal. The right standard of performance — whatever is “good enough” — is the place to begin.
Prototyping generates clues to shape the business model — the focus of Chapter 5.
A business model must convince investors. But the dollars don’t come your way because of polished financials. They don’t depend upon the inevitable year-three growth hockey stick. In fact, conveying excessive certainty early on will backfire. Savvy investors will see inexperience and naivete in overly precise financials that cannot possibly be calculated early in the game.
More important is to figure out how to get stuff done — quickly, intelligently, pragmatically. Well-conceived execution plans increase the odds of forecasting and achieving reasonable financials. Strong financials are the outcome of sensible execution plans that capture the “must do’s” and “how’s.” They have nothing to do with clever manipulation of a spreadsheet.
Building a business that tweaks an existing offering is relatively straightforward. The change maker’s challenge is to figure out what might happen when a concept is unprecedented. How much evidence do you need? How do you convince yourself and then convince investors? How do you make up for the lack of a rearview mirror’s worth of data?
Guaranteed, whatever goes to market will lack perfect insight. There will always be room to improve and adapt. On top of persistent ambiguity, there will be complications and unexpected problems. The change maker will be better equipped to stare down surprises with planning and project management that account for a nonlinear and unpredictable world.
Chapter 6 addresses how to deliver in a world where there is no such thing as a crystal ball. The alternative? Sharpen your ability to see problems before they happen, be ready with contingencies, and capture unexpected opportunity. Getting these instincts and behaviors right comes from understanding yourself and building the support system to complement and expand the strengths and assets that got you where you are.
Farmers who plan to seed a field with a new crop, or plant in a new field, go about their work differently than if they are replanting last year’s crop in last year’s field. You are introducing a new seed, perhaps to a new market. You are engaged as an explorer, you have established your purpose, and are reaping the benefits of resourcefulness. You are ready to apply the tools and recommendations of Section II so your concept can take hold.
1. As quoted by Theodor Dreiser, “A Photographic Talk with Edison,” Success, February 1898.