The Biggest Innovations never solved any problem!

Being an entrepreneur is exciting. And one question you hear often is – “What is the consumer problem that you are trying to solve?

We try to reserve our weekend lunches for some awesome conversations over products, companies and where the world is heading in connected world. Last Saturday, Anupam Mittal (Founder & CEO of People Group, Entrepreneur behind, my co-founder and myself discussed this over lunch – “Did Google or Facebook ¬†solved any consumer problem?

Our interaction inspired me to write this post –

Solving a problem and creating a market are two different ways to look at any company or any product idea. Products or Companies that solve a problem are the Million dollar companies, while products or individuals who look at the industry from a radically different approach – are the most disruptive, innovative and create Billion dollar opportunities as they grow.

My conclusions were –
– The biggest innovations never solved any consumer problem
– The founders or entrepreneurs had a different approach to the industry
– In almost all cases, the entrepreneurs did not belong to the industry, had little or no experience in that industry.

Further thoughts are embedded in this SlideShare presentation –

Have a different approach. Think different!

  • Santosh

    Wasn’t cloud computing addressed the problem of ongoing hardware space need ?

  • bikram

    The logic that you are presenting appears a bit flawed even though there is some truth involved. For eg, pre mobile era, people did not need it. Life was still going on. People never needed beer or wine. Life was still going on. You should have presented it according to needs- basic and required,good to have and wishlist need. Electricity falls in the first category and wine falls in the second category. However disruptive companies falls in the last category. And yeah you sound a bit myopic in your vision. If you look at companies outside the 14 inch screen presence, you will find a whole lot of companies creating value. Between valuation and buzz is not the yardstick to judge a company. Typical syndrome of internet infested business man to judge a business. Creating value is not so easy and it takes years. Ask 3M

  • bikram

    Lets stretch your logic. In 2007 I did not find the need for an online grocery shop.Life was still going on. But today I see a lot of online grocery shops. So should I consider each of these as disruptive???

  • pj

    While I shared my view and you have yours; the only difference of opinion I have is – its a fast paced world now. If a company cannot create value quickly, its on road to collapse.

    I spot trends in technology (web / mobile) only. Never claim expertise in other industry verticals.

  • myth17

    Just want to add :
    There are startups which are medical pills ( dropbox for the file sync issues? ) and then there are startups like vitamins ( foursquare to check in to places?).