You don’t want to follow Microsoft’s footsteps and release an inferior smartphone 4 whole years after the iPhone changed the game.įinally, it’s time to get down to business and start solving the problem. You may find that developing an integration or partnering with another company is the best solution.ĭon’t try to enter an established market without a key differentiator. If you’re trying to solve problems for an existing product or service, starting from scratch isn’t always best. Can you use existing technologies - open-source or otherwise - to solve the problem?.How much are customers spending on similar products?.Do these solutions offer niche-specific versions?.Are these failing to meet customer needs in any way?.Do current solutions exist that try to solve the problem?.Research the problem in-depthĪt this stage, you’ll figure out the market state, whether any competing products exist or are on their way, and what user needs competitors neglect.Īgain, a few simple questions can help you get to the bottom of things. Project managers highlight poor requirement gathering, upfront planning, and lacking vision as top reasons for project failure, according to PMI data.ĭon’t neglect the upfront legwork. A lot of new projects fail before they even start.
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