Chasing Cool Ideas vs. Solving Consumer Needs - By Woody Bendle

Thomas Edison's insight into innovation was to create products that people want, need, and are willing to buy. This approach is still relevant today, as many new products and services fail due to the lack of understanding about customer needs. Edison's focus on solving large-platform, persistent needs, like the invention of the electric light, was a magic behind his genius. Successful innovation lies in understanding desired outcomes and designing products that meet predictive criteria to ensure success. The failure rate of new product development is around 60%, but by focusing on understanding customer requirements, companies can improve their odds of success.