Developing a Product Around an Unknown Concept

Imagine trying to explain the value of the transistor radio to the general population back in 1954. How could manufacturers convince consumers that they would meet needs customers weren’t even aware they had? A tough sell, but once it caught on, it changed the world.

Being an innovator always comes with the huge challenge of educating potential investors, developers and end users on the significance of a totally new product or service. When bitcoin hit the market, its leaders struggled to answer the same question: “Why is this necessary?”

Bitcoin shares initially sold at a mere $.003 each, thanks to public unease about this fresh concept. Seven years later, shares are nearing $2,200, according to recent estimates. But many companies find it cost-prohibitive — not to mention painful — to wait so long for their innovations to take hold.

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