In this issue, you’ll learn:

1. How to make more money by making things people they did not think they would need.

2. This is called disruptive innovation.

Time to read: two minutes.

Types of value propositions

Today, we will talk about what's in bold in the list below.

• Price

• Cost reduction

• “Getting the job done”

• Risk reduction

• Customization

• Accessibility

• Convenience/usability

• Performance

• Design

• Newness

• Brand/status

Newness

There are some value propositions that fill a void in the market that clients didn't know they had.

This usually has something to do with technology but is not limited to that. With the advent of cell phones, for instance, the field of mobile telecommunications exploded.

Ethical investment funds and similar products, on the other hand, have little to do with innovation.

Jeff Hawkins introduced the concept of a viable personal digital assistant, which was not a thing before.

People just used their journals and diaries, which are still around today.

People, however, realized they were lacking backups and reminders and that this was important.

It developed into the Palm Treo, and then Apple took over.

And even then, people thought they either needed buttons or a stylus to interface with their devices. Steve Jobs demonstrated that fingers were a superior alternative.

Cars disrupted horses; Instagram disrupted Kodak; and TikTok disrupted Instagram.

Wrap-up

Do not worry about the competing firm down the street. Is there a competitor firm halfway around the world that could put you out of business? Do you know of any emerging technologies that could cause a dramatic shift in the way all businesses operate overnight?

This is the sort of newness that you need to come up with and lead.

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- Luqman