Brand is the most important thing I think. You can have all the IP in the world but ultimately brand is what people buy into - not the shallow surface design/logo but the deep brand that drives customer service, quality, route to markets etc
While I agree that the technically best solution is a vey complex one there is an entrenched market, desperate for better central heating, who simply can't afford the "ideal" solution.
There are many markets which need a ground up overhaul but given the cost and time involved in doing that it simply won't happen.
It's all about developing ideas and products within the existing frame work.
Actally, tecnology should definitely be able to solve the problem as described, but the solution will not be as simple as one would wish. Doing it right will take more than that $14.95 fan add-on thing.
A really great marketing plan will sell even the poorest quality of junk, at least for a while. The big driver is perceived need of a product, which has nothing to do with any other aspect of it. Of coure, a really good product with a great marketing scheme has a much better chance of being a long term success, at least until the copycats get hold of it. That is where the brand comes into play, which is also as much a challenge as marketing, or maybe even more, because somehow quality, real or just perceived, gets into the mix. And they probably don't teach much about any of this in engineering school.
The success of a company relies on 3 things - great product ideas, exceptional marketing and streamline production.
For a short time, you have already understood the idea, putting out your perspective in words, sharing your adventure. I am looking forward to reading more of your experience.
I completely agree, something that takes a while to get your head around is that the best product won't sell without good marketing/sales people. Soft skills are just as, if not more, important that the hardcore technical skills
Very true, the manufacturing aspect of Radfan is really interesting and has lots of challenges with it that you don't consider on the suface before starting out. Central heating is indeed a mess and I think in the next few years there will be a lot of new companies and innovation in the sector.
Pricing is very tricky - I think the biggest difficulty is remembering that the perceived value of your product (and therefore how much someone will pay) is unrelated to what the product costs you, there is no simple 1.5x multiple.
As we unveil EE Times’ 2015 Silicon 60 list, journalist & Silicon 60 researcher Peter Clarke hosts a conversation on startups in the electronics industry. Panelists Dan Armbrust (investment firm Silicon Catalyst), Andrew Kau (venture capital firm Walden International), and Stan Boland (successful serial entrepreneur, former CEO of Neul, Icera) join in the live debate.