By Mohamed Sarr
I had the great honor today to introduce M. Alberto Savoia.
First thing i noticed is this gentleman wears two watches, one on each hand.
He raised $3 million for first startup and sold it at $100 million one year later!
Quite a great start isn’t it??
He then joined Google as the first technical director when it was only a startup and before leaving to create another startup of his own!
After that, this full of confidence and success engineer experienced his first total failure after having raised $25 millions for his startup.
He went back to Google and started thinking about failure.
He came up with 7 rules that help to bite back when one gets bitten by the failure beast.
He stated that 80% of new products will fail even if competently executed : the law of Market Failure.
However he clairly mentioned that we can beat the law, we just have to make sure that we build the right it before building it right.
First thing, don’t ever use OPD ( Other Peoples Data ) , they may have been collected in another time , for another project. Instead use YOD ( Your Own Data ).
Don’t trust market studies, experts opinions or numbers of likes or views on social media, nor everything related to thoughtland.
Remember that your product will not succeed because someone succeeded with a similar product a few months or years ago.
On the same note, your product will no fail because another similar product failed a few months or years ago.
You must collect your own data in a simple , quick and inexpensive way: PRETOTYPING
Do not BUILD IT
Do not PROTOTYPE IT
Then verify the following statement X % of Y will Z . Check figures lead to a profitable and sustainable business before launching it.
And last thing, if you have to fail, make it fast and cheap.
Never forget fail and fail again until you succeed!