When conceptualizing a new product, there are essentially 3 paths:
- Come up with a new (hopefully revolutionary) idea that has never been tried or tested before
- Improve upon an existing idea with a new twist or by reshaping it for a new vertical or market segment
- Build A Better Mousetrap--that is, take an existing product (yours or a competitive offering) and reinvent it
There’s a lot of talk these days about “lean startup methodology” and producing a “minimal viable product.” And that’s great because we need new ideas and innovation--it’s the only way we move forward.
However, innovation isn't solely about cracking the code for the next big thing. Innovation can be rooted in taking an existing idea and rethinking it for today's market needs.
The term “Build A Better Mousetrap” came about because of the sheer number of patents issued for mousetraps. Depending on who you ask, there are nearly 5,000 patents for something as deceptively simple as a mousetrap. There are even collectors who are obsessed with collecting every old mousetrap available (it takes all kinds to make a world).
So why did so many inventors design mousetraps during the late 19th century through the 1950s any beyond? The reason is simple: I can do better.
And in doing better, I will make more money, get more recognition, and gain greater respect.
Nowadays, many entrepreneurs frown upon this way of thinking. They don’t want to be labeled a “me too”, copycat or worse, a thief. While there are no shortage of knockoff apps out there, they are spawned from a cycle where a new idea becomes successful, then copycats stream into the marketplace trying to gobble up pieces of the pie. The difference here is that (most of) these copycats are not building a better mousetrap. They haven’t created a meaningful differentiation from the market leader. Sure, maybe they have a few more features, or their UI is slightly better, or they’re cheaper so they can cater to a more price conscious audience. Perhaps they are ingenious marketers, and in nascent markets good design and marketing can win the race to the top.
Knockoffs are just part of the business ecosystem and they always will be. They are good because it often forces market leaders to innovate by making the product better. These innovations often lead to new discoveries that sometimes change the world.
Building A Better Mousetrap is different. Done strategically, it involves identifying where an established product is not meeting the needs of the modern consumer (and we’re ALL consumers folks--whether the application is for our personal or business lives) and (often completely) rethinking that idea so it not only meets the needs of its target users, but the foresight to evolve with their needs. Sometimes this also means improving the idea to appeal to a different type of audience.
For example, as much as 37Signals is written about, let’s face it, their flagship product Basecamp was getting pretty long in the tooth. While still a great product--reliable, well supported, responsive--the UI was beginning to look dated and its feature set wasn’t keeping up with the challenges people face in managing complex, fast-moving, multi-tiered projects. Further, a bazillion competitive offerings began to surface, many of them cheaper (some completely free) and in my opinion, many just as good or better than Basecamp.
I began to wonder what the hell was up with the folks at 30 North Racine. For as much as they were heralded, and had done some updating along the way (new calendar app, etc.) why were they letting the product that had undoubtedly made them so successful fall behind?
Then they announced Basecamp Next.
The new version of Basecamp is light years ahead of “Basecamp Classic” as it’s now referred. It is an absolute joy to use, and in my opinion, leaves the copycats in the dust.
What 37Signals did was completely rethink their own product. They took an established product with millions of users, and dare I say a bit boring one at that, and completely reinvented it to not only be incredibly sexy and easy to use, but to specifically address what people need to manage projects effectively.
I use this example not to encourage existing companies to reinvent their products, but to open the eyes of entrepreneurs looking for the next great idea to build their startup. Ask yourself, “what established, boring, cumbersome products do people use in their everyday lives that everyone hates but tolerate because ‘that’s what you use’?”
An immediate reaction might be, “well sure, I know I could build a better version of [insert product here] but isn’t it hard to unseat a market leader? And they have so many features, I’d have to raise a ton of cash and a small army to compete with that.”
The idea isn’t to concentrate on what the market leader has, it’s determining what people most want--or more importantly, what the core product does to solve the user’s problem(s). If you’re buying into the lean startup wave, isn’t it easier to map out a Minimum Viable Product based on a market you know people already exist in? And if you can convince an investor that your approach is genuinely better and you have a built-in audience that hates the solution they use now, isn't that better than not knowing if you'll have an audience at all?
Also consider the fact that established players get complacent and mired in their own inefficient processes and closeted thinking. You’d also be surprised at how many well-known software apps look great on the outside, but you lift the hood and it’s a mess of wires and duct tape. New software frameworks, APIs and other innovative technologies put startups in a position to be more nimble, innovative, and creative--all the right stuff to build better mousetraps.
I realize it’s more exciting to invent the next Instagram than to build business management software for dentists, but think of all the happy dental employees who’s lives you’ll markedly improve by making an app they use everyday not only more productive and efficient, but a joy to use.
I truly believe 37Signals could have taken a huge hit if a startup with the right backing designed something similar to Basecamp Next (read: remarkable) and then put the right marketing behind it. Fortunately for 37Signals, they did it first. So if you’re thinking of creating project management software, that one’s covered... :-)
David Albert is a principal at GreyGoo Media a company dedicated to helping startups and innovative companies build beautiful, functional websites and applications designed with people in mind. Learn more at http://greygoomedia.com
