Test Before You Invest $85,000
The CBC carries a show called Dragon’s Den where inventors and entrepreneurs pitch their innovations to “big time” investors. As you would expect some ideas presented on the show are good and others are not. But one lesson everyone needs to learn is to test before you invest $85,000.
Entrepreneurs Lynden Salandy & Michelle King invented the Carry Comfort after discovering how un-hygienic public seats are. Carry Comfort is a hygienic seat cover for airplanes, buses, or other public seats. Now this is not the worst idea, as it has merit and solves a real issue. However, you must test before you invest!
Lynden was so convinced that the Carry Comfort would be a major success that he sold his house and invested his personal savings. He invested $85,000 with Carry Comfort and has zero sales!
Why will Carry Comfort never succeed?
A while back I posted an article called Five Common Assumptions that Kill Innovation. Not surprisingly the inventors of Carry Comfort made 4 out of five assumptions that kill innovation.
1. They assumed that people will want Carry Comfort. Realistically people do not perceive un-hygienic seats as a problem that isn’t solved by washing your clothing.
2. They also assumed that Carry Comfort doesn’t affect anything else. Unfortunately Carry Comfort is extra weight to carry around and makes it just that much longer for people to settle into their seats. Imagine if everyone on an airplane took the time to put a cover on their seat before sitting down. It would take an extra 30 minutes to fly anywhere.
3. They assumed that those who travel regularly need Carry Comfort. How many people are getting sick from sitting on an airplane seat? Even if people did get sick from airplane seats, the solution would be with the airline industry cleaning the seats more regularly.
4. Carry Comfort assumed their innovation added more benefit then it took away. See all the reasons already stated.
See a picture of Carry Comfort here.
Lesson learned… test before you invest!
November 24th, 2007 at 1:07 am
It’s really tragic when people invest so much into a product, only to have it fail on the market.
You hit it right on the head though. They were so enamored with the idea that they forgot to check if anyone else would love it too.
Innovation’s a tricky business, isn’t it? It’s hard enough to convince people to be creative, and to stop thinking all their ideas are bad. But then, after they’ve got the idea part, then they need to remember to evaluate their idea to see if it actually has legs.
Luckily, people are more likely to shut-down an idea right away because they don’t see the potential. But there are always the determined few who charge full speed ahead into disaster!
December 19th, 2007 at 5:08 am
Katie,
You are right! Few people really do pursue their ideas. In many cases this is a good thing. Yet I can’t help but wonder if people were educated in how to bring their ideas into a reality, and given the self confidence to move ahead, would things be different.
Best,
Corey