How PVX Created a First of Its Kind Technology (*And How You Can, Too!)
One of the single hardest things about launching a new business is finding a business idea that’s not already taken. We’ve all come up with a brilliant idea before, only to find that someone out there is 10 years ahead of us, already turning it into a viable product.
The good news is, there are battle-tested techniques specifically designed to generate new business ideas that are strategically differentiated. Here are just a few:
Painstorming is the idea of observing people interact with a product or service and then identifying different pain points, or inconveniences, that they experience. By pinpointing inefficiencies or problems with current products, you can brainstorm new ways to remedy those pains and provide new solutions that offer better experiences.
Biomimicry is the idea of using nature as your inspiration for product design. Look at how strong bark is, how sticky sap is. The natural world is full of near-perfect designs. There are a ton of products out there, like velcro, which were inspired by planet earth.
Bisociation or trisociation is the idea of combining two or even three existing products or services to create a new offering entirely. The great thing about this approach is you’re not reinventing the wheel, rather, you’re building on top of proven stuff that already works. The early automobile was an amalgamation of a horse carriage and steam engine: two proven technologies that, when combined, resulted in even greater breakthroughs.
Lastly, deliberate differentiation is the idea of creating exactly the opposite of what’s readily available in the market. Think about what Apple did with the iPhone. At the time, smartphones like Blackberry offered a hardware keyboard with a million buttons. So rather than developing another phone with more buttons, Apple did exactly the opposite: they created a phone with a touch screen and just one button at the bottom.
At ProVantageX, we harnessed the power of bisociation to combine a demand side platform with a supply side platform. In doing so, we created the industry’s first end-to-end connected system for TV buyers and sellers. We also leveraged deliberate differentiation to ensure our value was unmatched by the competition. Today, PVX is the only fully end-to-end platform that activates true qualitative and quantitative data analysis to offer features such as smart program mapping and inventory estimating tools. It’s our unrivaled set of features that empowers buyers and sellers alike to transact in a single connected ecosystem.
There’s no doubt that even with these creativity techniques, you’re still going to come up with some ideas that are already taken… We are in 2019, after all... So, in addition to systematically generating new ideas with these creativity techniques, it’s important that you also do your due diligence to see if you could be infringing upon someone else’s intellectual property. Because the only thing worse than having no idea, is taking someone else’s.