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|Insights are the Most Valuable Ideas for Product Managers - GrandView|
This week’s GrandView guest post is by Scott Sehlhorst, who has been helping companies achieve Software Product Success for more a dozen years. Scott consults as a product manager, business architect, and business analyst. He has also worked as a technical consultant, developer, project manager and program manager. Scott has managed teams from 5 to 50, and delivered millions of dollars in value to his customers.
by Scott Sehlhorst
Intellectual Property. The legal jargon definition of this term has come to effectively mean “something I’ve patented, copyrighted, or hold as a trade secret.” A more general interpretation is “an idea.”
The Value of Insight as Intellectual Property
The main idea in the presentation is that your understanding of your market is the information that is most valuable.
The Contentious Idea
I’m a former engineer (electro-mechanical controls design), and I hold 4 patents. Each of those patents represents a body of “protected information” describing a solution to a problem. A very specific solution. Those patents have value. But those patented solutions are not the only solutions to those problems.
When I was taking economics classes in college, I learned about the notions of substitute and complementary goods. Once I became a design engineer, and learned how patents work, I also learned how to get around patents - by designing perfect substitutes.
The patenting process:
Every problem can be solved in many ways. And when those alternatives all solve the problem equivalently, those solutions become perfect substitutes. That makes any single solution effectively a commodity. You can’t intentionally create a valuable solution to the problem without understanding the problem.
The value is in the understanding of the problem, and your market’s willingness to pay to solve it. Not in having protection of one of the infinite number of possible solutions. That’s the point I make in the webinar, before quickly moving to examples that show ways of developing insights about your customers [(note: the examples are influenced by my approach using a customer-centric market model).
Be sure to check out the Value of Insights as Intellectual Property webinar.
|Last Updated on Wednesday, 20 April 2011 15:43|