By Sydney Tyler Photos by: Deniece Griffin
Product development is the core of any company; it all starts with an idea. On February 9, 2023, A.T. Gimbel of Atlanta Ventures facilitated a workshop hosted by the Entrepreneurship & Innovation Institute at Georgia State on how to build a company from the ground up, both collaboratively and intuitively.
Gimbel noted that one of the major mistakes entrepreneurs make is building a product too soon in the process of developing a startup. According to Gimbel, identifying a problem other people are already trying to solve is step one. There must be an “authentic demand” and a growing niche market. Next, determine if a solution can benefit the business and customers while considering key risks in developing a product.
He encourages entrepreneurs to enter a space they are passionate about, as one will be more motivated to put energy into solving problems and creating an innovative product. However, he further encourages everyone to be sure not to be overprotective of their idea, as feedback from the market is more important than privacy. One’s execution of an idea determines success.
He introduced the 4 Ps as a way for entrepreneurs to stay on track in their product development journey and ensure they do not jump into the deep end. He explains each here: Building a product is challenging to do independently. Find development partners that are willing to support the iterative process. Carefully consider the product’s pricing and the overall ROI (return on investment) or value delivered. One must create a space for their product to be seen through marketing media channels such as, social media, referrals, or paid advertisements. Finally, the promotion of the product will ensure that people are getting through the sales funnel.
Gimbel reiterated that product development is all about the problem rather than attempting to create an immediate solution, as the process is iterative. However, he left parting words for entrepreneurs and encouraged trusting the process: “Things are never as good or as bad as it seems; it is always somewhere in the middle.”
Learn more about A.T. Gimbel and Atlanta Ventures.
WATCH VIDEOS AND SUBSCRIBE TO OUR YOUTUBE CHANNEL:
The Entrepreneurship & Innovation Institute exists to help you develop your ideas, build your business, and seize opportunities. Visit eni.gsu.edu to find out more.