EIX Editor Emeritus
Interest: Innovation Venture Capital Research Methods Family Business
Industry: Telecommunications & Internet Professional, Scientific, Technical Services Management of Companies & Enterprises Accommodation & Food Services Health Care & Biotech
Interviewee:
Lifesaving discoveries can fail if reimbursement, adoption and customer needs are considered too late. Market insight should shape biomedical innovation from the start.
Entrepreneurs spend most of their productive time in negotiation. It is inherent in the entrepreneurial process (ideation, resource assembly, resource allocation, deal making etc). In this talk, Ury makes the point that "Getting to Yes" is not about getting only what you want. It's achieving the goal that everyone walks away with something they need.
This is a great video to explain the concept of dynamic pricing using the airline industry as an example. The reason this is a useful resource is that it gets entrepreneurs away from the idea of one price or one size fits all pricing. This is a common mistake, even with single product companies. The idea that a product or service has different value to different customers is one of the most powerful strategic marketing insights for new startups that are struggling to figure out a breakeven pricing strategy. This idea also means that one does not think of a product in a monolithic way but rather as a bundle of attributes with different weights for different customers. This forces entrepreneurs to be more sophisticated in product design, positioning, and ultimately pricing. This means that they need to build a ‘product story’ that is naturally adaptable to the evolving customer segments that they might encounter at business launch and growth.
