No doubt “IP” (Intellectual Property) is important… but there are 2 considerations proven time and time again in the initiation and continuation of successful new products in the market place.
The first is “speed to market”. Meaning to get the new innovation in commerce and selling. Often times innovators focus on filing for and bolstering their “IP” They spend countless hours and lots of capital working to “protect” their innovation. Again, this is not to say that IP protection can be, or is not worthwhile. But… an actual released product grabbing attention, continually being refined, and carving out its niche in its market category is very important. It (the product) by being first “owns” the new innovation category and has its identification. This is an incredible distinction and asset.
The second important consideration is price. Price the new product introduction correctly at launch. Don’t be fooled in to thinking you can launch at a “higher’ than ideal price point and then when volume allows lower your price. Too many new innovations launch at high price points, identify a new niche category, garner attention….. and are then quickly surpassed by a competitor that hits the right price point for the product need at their product introduction, leaving the originator perceived noncompetitive.
Speed to market and correct pricing… two very important prerequisites to a successful new product introduction. Ideally, in our estimation, as important as “IP”